China's financial regulator has instructed banks to promote consumer financing and credit card usage to stimulate spending, as many citizens save rather than spend due to economic uncertainties. This initiative follows a significant downturn linked to the pandemic, resulting in job losses and corporate failures. Additionally, the declining property market and rising living costs have further dented consumer confidence. In conjunction with these measures, the government is investing in programs to support purchases of energy-efficient products, aiming to address weak demand while stimulating economic growth.
China's government has directed banks to stimulate consumer credit usage amid fears over job security and economic outlook, crucial for boosting consumer spending.
In the wake of the pandemic, policymakers are taking steps to restore consumer confidence by encouraging financial institutions to lend more and assist struggling borrowers.
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