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More support for the consumer credit sector

The central bank is stepping up its support for consumption in areas ranging from new-energy cars to credit products to support a slowing economy. The People's Bank of China said on Wednesday it will encourage financial institutions to be innovative with consumer credit products, as the bank seeks to expand the size of the consumer credit market. Car financing firms will be allowed to set their own down payment rate for green-energy cars and secondhand vehicles, the bank said in a document jointly issued with the banking regulator.