China boosts financial support to spur consumer spending

"On 14/03/2023, the National Financial Regulatory Administration announced measures to optimize consumer finance in China. The measures aim to stimulate consumption and improve financial services by diversifying financial products, enhancing digital and green finance solutions, and increasing credit support for key consumption sectors." China's top financial regulator has called on banks to issue more personal consumer loans while ensuring risk control and to standardize loan contracts, clearly disclose financing costs, and facilitate payment services.