China will roll out new interest subsidy policies on certain loans to ease financial burdens on individuals and businesses to stimulate consumption, Minister of Finance Lan Fo'an said Thursday.

The fiscal interest subsidies will be provided to personal consumer loans in key sectors and business loans in industries closely related to daily life, such as catering, hospitality, healthcare, elderly care, childcare, and domestic services, Lan told a press conference on the sidelines of the third session of the 14th National People's Congress.

Lan said the policies will reduce financial pressure on consumers and lower the financing costs for businesses.