As millions of Chinese pack into reunion banquets and splurge on holiday payments, the Spring Festival spending boom has become a high-stakes battleground for banks.

In the race to dominate these lifestyle scenarios, commercial lenders are sharpening their finely tuned operations to capture every transaction opportunity — injecting fresh momentum into the country's holiday consumption surge.

Officials said financial institutions are major participants in the 2026 "Happy Shopping" campaign. Expanding domestic demand and boosting consumption are key components of finance serving the real economy.

Under the guidance of China's central bank and top financial regulator, financial and payment institutions have joined merchants in rolling out various promotional measures. These initiatives focus on dining, accommodation, transportation, tourism, shopping, culture and entertainment, offering consumer-friendly benefits across multiple spending scenarios.

Industrial and Commercial Bank of China, the country's largest State-owned commercial lender, has partnered with e-commerce platforms such as Taobao and JD as well as thousands of well-known merchants nationwide to provide threshold-based discounts, energizing online and offline spending. It has also offered travel discounts on platforms including the online ticketing platform of China Railway and mobility technology platform Didi.

Bank of China has rolled out a Chinese New Year campaign featuring regionally themed cultural events, such as the Lingnan cultural festival, northern China's ice-and-snow season, and Maritime Silk Road-themed activities in Fujian province. Special events across Guangdong, Shaanxi, Heilongjiang, Jilin, Liaoning, Hebei, Henan provinces and the Xinjiang Uygur autonomous region have integrated financial services with local tourism and culture.

BOC Mobile Banking has introduced a consumer loan interest subsidy portal offering online agreement signing, inquiries and automatic deductions. Eligible credit card installment users can access fiscal interest subsidies on top of existing installment discounts, while shoppers buying government-subsidized products from JD receive threshold-based discounts while paying via JD Pay with a BOC credit card.

Inbound travelers can claim tax refunds of up to 9 percent and secure additional instant rebates through online applications on BOC Compass, the bank's one-stop service platform for overseas visitors.

China Construction Bank has launched a 2026 Spring Festival promotion offering dining, supermarket and food delivery coupons to wealth management clients, while partnering with Shanghai Disney Resort and 12 MixC ice rinks nationwide to tap family holiday spending through payment discounts.

The bank has also rolled out a renovation campaign, giving 500 yuan ($73) off on installment payments for spending above 5,000 yuan at designated merchants. CCB Consumer Finance Co is offering enhanced perks to qualified loan customers buying home furnishings and appliances, supporting trade-in programs.

Meanwhile, banks are intensifying competition in auto consumer finance with lower rates, subsidies and higher credit limits.

Ping An Bank launched exclusive car purchase loan subsidies for new vehicle loan customers on Feb 10. Loans disbursed between Jan 1 and Dec 31 are eligible for fiscal interest subsidies of up to 3,000 yuan, directly offsetting monthly interest payments. Apart from car purchase subsidies, Ping An Bank is offering qualified customers credit lines of up to 5 million yuan.

Beyond low-interest concessions, extending loan terms has also become a key strategy in auto finance promotions. Many banks have extended the repayment period for low-interest auto loans from no more than five years to no more than seven years, thereby easing monthly repayment burden on car buyers.

"A sound consumer finance environment is vital in helping to prosper the holiday market and stimulating consumption vitality,"Guo Wuping, spokesperson of the National Financial Regulatory Administration and director-general of the Policy Research Department of the NFRA, said at a news conference on Feb 11. He emphasized that financial services should be tailored to different consumption models to provide targeted support.

The NFRA has guided financial institutions in optimizing resource allocation, strengthening innovation in financial products and services, and focusing on key consumption areas and segments to provide efficient and convenient financial services that meet people's diverse consumer finance needs.

"Going forward, the NFRA will keep stepping up policy support, guide financial institutions to efficiently serve the strategy of expanding domestic demand, optimize financial services in key consumption areas, and continuously improve the quality and efficiency of consumer finance services," Guo said.