After the State Council executive meeting held on July 31 deployed the implementation of the personal consumption loan interest subsidy policy and the service industry operating entity loan interest subsidy policy, it was learned that several state-owned banks have taken the lead in expressing their commitment to effectively carry out the transmission and implementation of the personal consumption loan and service industry operating entity loan interest subsidy policies. In the eyes of industry insiders, the deployment of this conference is another important measure taken by the country to boost domestic demand, stimulate market vitality, and ensure and improve people's livelihoods. Policies focus on both demand and supply, effectively reducing the cost of consumer financing for residents and easing the financing pressure on service industry operators through fiscal and financial coordination, smoothing the economic cycle, and injecting strong momentum into consolidating the positive trend of economic recovery. The current interest subsidy policy reflects the coordinated approach of fiscal policy's' precision drip irrigation 'and financial policy's' live water fish farming', which can accurately activate consumption, cultivate new growth points for service consumption, smooth the domestic circulation, and effectively release the potential of domestic demand. ”Chief Economist of Caixin Financial Holdings, Wu Chaoming, stated. Wu Chaoming analyzed from three aspects: micro, meso, and macro. From a micro perspective, direct subsidies from fiscal funds for specific loan interest rates can lower the credit threshold for residents to purchase bulk commodities and improve their quality of life, thereby directly unleashing consumption potential; On the other hand, it helps alleviate the liquidity pressure on service industry enterprises, especially small and medium-sized enterprises, and provides low-cost financial support for their equipment updates and service upgrades. This two-way force of "demand side+supply side" helps to break through the virtuous cycle of consumption and production. From a meso level perspective, choosing the service industry rather than the manufacturing industry as the focus of the interest subsidy policy is a targeted correction of the current structural imbalance of "strong production and weak demand" in the economy, which helps to repair the cash flow and balance sheet of the consumption and service industries. From a macro perspective, the interest subsidy policy balances the effects of fiscal "precision drip irrigation" and asymmetric interest rate cuts in monetary policy. Among them, fiscal interest subsidies amplify the credit multiplier effect through leverage, while monetary policy achieves structural easing under the premise of overall stability, leading to a significant amplification of fiscal funding efficiency and alleviating the current problem of insufficient demand for real credit. A relevant person from a state-owned bank stated that offering interest subsidies for personal consumption loans and service industry operating entity loans will strengthen the coordination with the national consumption promotion policies through the linkage of fiscal and financial policies, and work together from both the supply and demand sides to boost consumption, providing strong support for high-quality economic development. Since the beginning of this year, with the implementation of a series of policies such as the special action to boost consumption, strengthening the expansion of consumer goods trade in, innovating diversified consumption scenarios, and implementing consumer subsidies, the consumer market has maintained a steady growth trend and fully played the role of the main engine of economic growth. Several commercial banks have conscientiously implemented the decisions and arrangements of the Party Central Committee and the State Council, and launched a series of activities to boost consumption and expand domestic demand. For example, Agricultural Bank of China has formulated and implemented a special action plan to boost consumption in the early stage, fully supporting the exchange of old for new consumer goods, continuously increasing the supply of inclusive finance, innovating financial products, optimizing service processes, carrying out financial relief, and continuously improving the quality and efficiency of financial services. China Construction Bank actively participates in the distribution of national consumer subsidy funds and explores the linkage service mode of "government subsidies+financial rights" based on the "China Construction Bank Life" platform. By comprehensively utilizing diversified consumer credit products, we will strengthen support for key consumer areas such as automobiles, home appliances, and home decoration that require trade in programs. After the introduction of the interest subsidy policy at the State Council executive meeting, many state-owned banks also took the lead in expressing their opinions. On August 2nd, Industrial and Commercial Bank of China (ICBC) announced that it is actively and orderly promoting the organization and implementation of interest subsidy policies for personal consumption loans and service industry operating entities in accordance with laws and regulations. ICBC will adhere to the principles of marketization and rule of law, optimize the processing procedures, simplify processing procedures, and promote the implementation of policies as soon as possible. Agricultural Bank of China stated that it will actively implement the conference deployment, further simplify the application process in accordance with the requirements of relevant departments, improve processing efficiency, strengthen the compliant use of funds, ensure that interest subsidy policies are accurately and efficiently delivered to consumers and service industry operating entities, timely transmit good policies to thousands of enterprises and households, and continue to contribute to stable growth, expanding domestic demand, promoting consumption, and benefiting people's livelihoods. China Construction Bank stated that it will effectively implement the policy of individual consumption loans and service industry operating entity loan interest subsidies in accordance with the relevant requirements of higher-level units, so that consumer market participants can more conveniently obtain national policy dividends, stimulate consumption potential, enhance market vitality, and use high-quality financial services to help expand consumer demand, enhance consumption capacity, and better play the positive role of consumption in promoting the circulation of the national economy and driving economic growth. (New Society)