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Beijing's original service-sector loan interest-subsidy scheme (Cai Jin [2025] No. 81, "服务业经营主体贷款贴息政策实施方案") ran 2025-03-16 through 2025-12-31, subsidizing bank lending to service-sector operating entities across eight consumer-facing categories. Cai Jin [2026] No. 5 rolls the program into 2026 with three changes: (1) the implementation window is extended through 2026-12-31, with loans issued in the 2025 window continuing to be governed by the original 2025 rules; (2) the per-entity cap on subsidy-eligible new lending in 2026 rises to RMB 10 million, subsidy period capped at one year at a 1-percentage-point annual rate, cost-shared 90% central / 10% provincial; (3) sector coverage widens beyond the original eight categories to add digital services (internet and digital-content services under the national industry classification), green services (property management under energy-efficient building standards, vehicle rental and other green-transport support activities, and loading/postal/ courier services under green-logistics standards), and retail. The notice also lengthens the list of authorized handling banks to include China Development Bank, Eximbank, Agricultural Development Bank, and the major state and joint-stock commercial banks.
This is a domestic demand-side fiscal instrument (subsidized credit, not a trade or investment restriction), consistent with Beijing's broader 2023-26 push to prop up consumption and offset the property-led slowdown via quasi-fiscal channels rather than direct fiscal transfers.
sectors previously outside the subsidized-lending net — modest incremental credit-cost advantage for domestic service operators in those categories.
as underpowered relative to the 2026 growth target, reinforcing the quasi-fiscal (bank-intermediated) delivery model over direct transfers.
US Section 301 proceedings, even though this particular instrument is services-focused and largely non-tradable.
not separately disclosed in the notice).
further sector or geographic targeting beyond the national notice.