China's National Administration of Financial Regulation (NAFR) announced new measures on Friday aimed at stimulating consumption by optimizing consumer finance products, services, and market environment.
The NAFR issued a notice urging financial institutions to tailor products for emerging consumption trends, such as digital, green, and smart consumption scenarios, catering to diverse and personalized financial needs. Increased lending to sectors like retail, hospitality, tourism, education, healthcare, and senior care is also a key focus.
Banks are encouraged to expand personal consumption loans while ensuring risk remains manageable. This includes setting reasonable loan amounts, terms, and interest rates, as well as optimizing resource allocation. The NAFR also aims to explore online processes for opening and activating credit cards, provided that identity verification and risk assessments are effectively conducted.
To further support consumers facing temporary financial difficulties, banks are authorized to negotiate the repayment terms and frequency based on borrowers' credit histories and repayment capabilities. Qualified borrowers may also receive support for loan renewals following a thorough review process.
In its efforts to create a more transparent consumer finance environment, the NAFR has instructed financial institutions to standardize loan contracts by clearly disclosing the total financing costs. Furthermore, the agency plans to intensify joint enforcement actions against practices that disrupt market order or infringe upon consumer rights.
China's finance regulator unveils new measures to boost consumption
China financial regulator unveils new measures to boost consumption
The Ethiopian embassy in Beijing held an event on Thursday to mark the 55th anniversary of the establishment of diplomatic relations between Ethiopia and China.
Ambassadors from more than 60 countries attended the event.
In an interview with China Global Television Network (CGTN), Ethiopian Ambassador to China Tefera Derbew Yimam shared his views on China-Ethiopia relations and expressed the hope for further exchanges and cooperation between the two countries.
"Our bilateral relationship is deep-rooted and is based on mutual trust, respect and equality. The two countries have enjoyed their bilateral relationship over the past 55 years. Today, we are celebrating this strong, deep-rooted partnership so that we can use the existing solid foundation for further engagement, for further partnership," he said.
According to the Ethiopian Ministry of Foreign Affairs, the relationship between China and Ethiopia has evolved since the landmark visit by Ethiopian Emperor Haile Selassie to Beijing in 1971. Over the past more than five decades, relations between China and Ethiopia have been strengthened on the basis of the principles of equality, non-interference and mutual benefit.
"We can see how Ethiopia is taking off through its cooperation, very productive and fruitful cooperation with China. So, we are so proud of it as Africans, but as well as friends of China, so as diplomats and Dean of the African group," said Martin Mpana, Cameroonian Ambassador to China.
Siddharth Chatterjee, U.N. Resident Coordinator in China, said he visited Ethiopia's capital Addis Ababa about 20 years ago, gaining a firsthand understanding of the country's development. Speaking to the CGTN, he highlighted the relations between China and Ethiopia as a reflection of the broader relations between China and Africa.
"As a matter of fact, Ethiopia epitomizes the microcosm of the China Africa relationship. I have seen first-hand the kind of progress Ethiopia has made. And I went to Addis Ababa for the first time in 2001. I've seen the real effects of the Belt and Road Initiative, and how it's transformed the entire landscape in Ethiopia. So, in many ways, I welcome this sort of partnership that China has with Africa. As far as the United Nations is concerned, we want to see Africa progress," he said.
Ethiopian embassy marks 55 years of diplomatic relations with China
