State Council: Strengthen fiscal, taxation and financial support, and increase credit support for key areas of service consumption

On August 3, the State Council recently issued the "Opinions on Promoting the High-Quality Development of Service Consumption". The "Opinions" propose to strengthen fiscal, taxation and financial support. Encourage qualified regions to make use of existing funding channels and actively guide social investment, support the digitalization of life services, the cultivation of industrial clusters and agglomeration areas, the construction of public service platforms and standardization construction, etc. Encourage government financing guarantee institutions to provide financing credit enhancement support for qualified small and micro enterprises in the service industry and individual industrial and commercial households. Guide Financial Institution Groups to optimize credit products and provide differentiated services, increase credit support for key areas of service consumption in accordance with the principles of risk control and business sustainability, and increase the supply of financial products that meet the needs of the development of new consumption formats such as the sharing economy.