Establishment of Consumer Services and Elderly Re-lending by the People's Bank of China

Service consumption and elderly care re-loan amounting to 500 billion yuan, with an annual interest rate of 1.5%, a term of 1 year, and the possibility of extending it twice, with the longest period of use not exceeding 3 years. The recipients include 21 national financial institutions such as the China Development Bank, policy banks, state-owned commercial banks, China Postal Savings Bank, and joint-stock commercial banks, as well as 5 city commercial banks belonging to systemically important financial institutions such as Beijing Bank, Shanghai Bank, Jiangsu Bank, Nanjing Bank, and Ningbo Bank. The policy will be implemented until the end of 2027.