Central Bank: There is already a good foundation for financial support for consumption, but there is still room for further efforts.

The central bank issued the report on the implementation of China's monetary policy in the first quarter of 2025, stating that there is a good foundation for financial support for consumption and there is still room for further efforts. Currently, China's multi-level consumer finance service system, including banks, consumer finance companies, and automobile finance companies, is relatively perfect, providing important support for the stable development of the consumer market. Financial institutions continue to innovate and introduce diverse consumer credit products and service models around scenarios such as trade-ins and winter sports, effectively stimulating market vitality and sustained growth in the national retail sales of consumer goods. However, structural contradictions in the consumption sector remain prominent, with gaps in personalized high-quality supply in service consumption areas such as culture, sports, tourism, elderly care, childcare, and healthcare, and inadequate infrastructure construction and logistics distribution systems for service consumption in counties. In terms of financial support for consumption, there is a high dependence on traditional credit, a low proportion of direct financing such as equities and bonds, and insufficient adaptability of credit products. It is necessary to build a financial product and service system that matches consumer demand, expand high-quality financial supply in the consumption sector, ultimately create a development pattern of mutual empowerment, deep integration, and virtuous cycle between consumption and finance, and continuously release the growth momentum of the consumer market.