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As the Spring Festival approaches, the market is alive with a vibrant array of Fujian delicacies, including Liu'ao laver, Ningde yellow croaker, and Wuyi rock tea.

In Liu'ao town, Zhangpu county, Fujian Province, Liu'ao laver is undergoing a significant transformation. This product, recognized as a national geographical indication, is evolving from a traditional seafood into a premium delicacy for the New Year, as it shifts from local fishing ports to larger markets. Lin Wenhui, a local farmer, explains that 'In the past, laver was sold in piles, but now it's sold by the kilogram.' With advancements in financial technology, he has been able to upgrade his equipment, increase production, and diversify his product offerings, which now include laver candy and laver sausage, effectively turning this traditional item into a popular choice for the Chinese New Year.

As China experiences an upgrade in its consumption structure, consumers are expressing a heightened demand for high-quality, culturally significant, and unique products. Geographical indication products, which highlight local characteristics and cultural heritage, create vital links between farmers' incomes and the market supply chain. They are essential for rural revitalization and driving consumption. Nonetheless, many of these products still encounter obstacles, including financing difficulties and slow transformation processes, highlighting the necessity to address the hurdles that limit the translation of geographic advantages into market gains.

In response to these challenges, the Fujian Provincial Market Supervision Administration has initiated the Financial Empowerment Initiative for Geographical Indication Products, spearheaded by QFIN.

By employing AI risk-control models, multimodal sensing technology, and big-data credit assessment systems, QFIN has successfully integrated geographical indication certification, production and sales data, and e-commerce performance into its creditworthiness criteria. Consumer feedback has also become a key factor in determining loan eligibility. Lin, for example, was able to secure financing based on the potential of his geographical indication products and sales, allowing for significant upgrades in both his production capacity and product range. This 'Geographical Indication + Industry + Finance' model effectively mitigates the financing challenges faced by small and medium enterprises while facilitating the resolution of supply-demand bottlenecks.

Enhancing consumption involves more than simply boosting purchasing activity; it necessitates structural optimization and a high-standard alignment between supply and demand. The directives outlined in the 15th Five-Year Plan emphasize the importance of expanding and upgrading consumption, providing a clear roadmap for leveraging consumer finance to empower geographical indication products.

In the future, it will be crucial to focus on accurately aligning a wide array of consumer demands in terms of quality enhancement, structural optimization, and utility improvements. This focus will enable more entrepreneurs like Lin to invest with confidence, innovate, and secure sustainable income growth. Furthermore, it will assist high-quality geographical indication products in transcending regional barriers and reaching consumers across the nation, thus invigorating consumption-driven economic development.