On September 1, 2025, the personal consumption loan interest subsidy policy was officially implemented, valid until August 31, 2026. The personal consumption loan interest subsidy policy is the first time that the central government has subsidized personal consumption loans, aiming to reduce the cost of consumer credit for residents, stimulate consumption potential, promote the expansion of domestic demand, and consolidate the sustained positive development trend of the economy. Overall, this policy demonstrates precision and innovation: firstly, the personal consumption loan interest subsidy policy has been finely divided in the scope of interest subsidy, which can be regarded as precise drip irrigation; Secondly, in terms of funding, the central government bears 90% of the subsidized funds, while provincial governments bear 10%. This not only highlights the central government's leading role and firm determination in boosting consumption and stabilizing the economy, but also mobilizes local enthusiasm, allowing them to flexibly adjust policy implementation based on local conditions; Thirdly, this policy has established a sound dynamic adjustment and supervision mechanism. After the policy expires, the policy period can be extended and the scope of support can be expanded based on the research of its implementation effect. The author believes that the implementation of this policy is expected to activate new consumption drivers from the following three aspects. One is to reduce the cost of consumer credit for residents and increase their willingness to consume. The most direct impact of implementing the personal consumption loan subsidy policy is to reduce the cost of consumer credit for residents. Taking a consumer loan of 50000 yuan as an example, assuming an annual interest rate of 3% and no interest subsidy, the annual interest expense is 1500 yuan; After enjoying a 1 percentage point discount, interest expenses can be reduced to 1000 yuan. For families with large consumption needs, this undoubtedly reduces a considerable economic burden. When the cost of consumer credit decreases, residents' willingness to consume will naturally increase, making them more willing to convert potential consumption demand into actual consumption behavior. The second is to stimulate consumer demand and drive the development of related industries. From the perspective of enterprises and industries, the personal consumption loan subsidy policy can effectively stimulate consumer demand, thereby driving the development of related industries. Taking the automotive industry as an example, interest subsidy policies can not only reduce consumers' purchasing costs, but also drive the development of the entire industry chain, including automobile production, sales, and after-sales service. Consumers are more willing to purchase cars due to the decrease in loan interest rates, which promotes the growth of car sales. The increase in automobile sales will also drive automobile production enterprises to expand their production scale, increase employment opportunities, and drive business growth for related enterprises such as automobile parts suppliers, automobile dealers, and automobile maintenance. In the field of home decoration, the interest subsidy policy will stimulate residents' demand for decoration, thereby driving the development of industries such as home building materials and home appliance manufacturing. Residents may plan ahead for home decoration, purchase new furniture and appliances due to the preferential loan interest, which will drive innovation and development in the industry. The cultural tourism industry will also benefit from the implementation of interest subsidy policies, which will increase residents' willingness to travel and bring more passenger flow and income to hotels, restaurants, scenic spots, etc. The increase in tourism consumption will also drive the coordinated development of local specialty product sales, transportation and other related industries, forming an industrial linkage effect. The third is to promote consumption upgrading and drive economic growth. From a macroeconomic perspective, the policy of individual consumer loan interest subsidies is an important measure for fiscal and financial coordination to support and boost consumption, and has profound significance in promoting consumption upgrading and economic growth. With the support of interest subsidy policies, residents' consumption of high-quality goods and services is expected to increase. In order to meet market demand, enterprises will increase investment in technology research and development, product innovation, and service improvement, thereby promoting consumption upgrading and driving high-quality economic development. In summary, the personal consumption loan interest subsidy policy further activates new consumption momentum from three aspects: enhancing consumption willingness, stimulating consumption demand, and promoting consumption upgrading. Under the promotion of policies, China's consumer market is expected to usher in new development opportunities, injecting new vitality into the sustained and stable growth of the economy. (New Society)