On 24 March 2016, the People’s Bank of China and the China Banking Regulatory Commission jointly issued Guidelines on Increasing Financial Support in New Consumption Fields (“Guidelines”), with immediate effect. The Guidelines encourage financial support and consumption in certain consumption fields
According to the Guidelines, more financial support should be given to elderly care, health care, green consumption, tourism, and information and the internet. Financial institutions are encouraged to increase lending to consumers and to explore internet and other methods to review, approve and grant loans to consumers. Also, financial institutions are encouraged to improve mechanisms for credit risk identification and credit risk control.
For more information, see