Reveal six major news!, Rare Joint Release of Delayed Fees by Four Major Ministries | Economy | Six Major Ministries

On the morning of August 4th, the National Development and Reform Commission, the Ministry of Finance, the People's Bank of China, and the State Administration of Taxation jointly held a press conference to introduce "playing a good combination of macroeconomic policies and promoting high-quality economic development.".

The joint release of the four major financial departments mentioned above is not common. This heavyweight press conference has revealed at least six good news at once!

Message 1: The economy will remain stable and improve in the second half of the year

Yuan Da, Deputy Secretary General of the National Development and Reform Commission and Director of the Comprehensive Department, stated that since the beginning of this year, in accordance with the decisions and deployments of the Central Committee of the Communist Party of China and the State Council, the Development and Reform Commission and relevant parties have increased their efforts in implementing macro policies, promoted coordinated efforts to advance policies, and orderly implemented the "three batches". The system has played a "combination of punches" and effectively responded to the difficulties and challenges of increasing adverse effects of international environmental changes on China and the interweaving of domestic cyclical structural contradictions, effectively promoting the sustained recovery of the national economy and overall recovery.

From the latest economic operation data currently available, the growth rate of physical quantity indicators has accelerated. In July, the national unified regulation power generation increased by 5.9% year-on-year, which is 1.5 percentage points faster than the previous month; Market expectations have also improved, and the manufacturing PMI has rebounded for two consecutive months. Yuan Da stated that as the effects of various policies of "combination boxing" continue to emerge, the economy will maintain a stable and positive trend in the second half of the year on the basis of continuous recovery in the first half.

Message 2: Guide banks to make lawful and orderly adjustments

Interest rate for existing personal housing loans

Whether there is still room for reserve requirement and interest rate cuts in the second half of the year is highly concerned. Zou Lan, Director of the Monetary Policy Department of the People's Bank of China, responded that on the one hand, reserve requirement cuts, open market operations, medium-term lending convenience, and various structural monetary policy tools all have a total effect on liquidity injection, and need to be coordinated and flexibly used to jointly maintain reasonable and sufficient liquidity in the banking system. In the future, the official will comprehensively evaluate the reserve requirement ratio policy based on the progress of other tools and the medium - and long-term liquidity situation, with the goal of maintaining reasonable and sufficient liquidity in the banking system.

"On the other hand, it is necessary to scientifically and reasonably grasp the level of interest rates." Zou Lan said that it is necessary to timely and moderately carry out countercyclical adjustment according to the economic and financial situation and macroeconomic regulation needs, while also taking into account the balance between growth and risk, internal and external factors, preventing fund arbitrage and idle, improving policy transmission efficiency, and enhancing the stability of bank operations.

He said that in recent years, there has been a significant decrease in corporate loan interest rates, and in the future, we will continue to play a good role in the reform of loan market quotation interest rates and guide banks to adjust the interest rates of existing personal housing loans in an orderly manner in accordance with the law. At the same time, we must continue to play an important role in the market-oriented adjustment mechanism of deposit interest rates, maintain market competition order, support banks in reasonably controlling debt costs, and enhance the ability of finance to continuously support the real economy.

Message 3: Continuously planning and researching a batch

A more targeted and stronger reserve policy

The central government has set the tone to implement precise and effective macroeconomic regulation, strengthen countercyclical regulation and policy reserves.

Yuan Da said that the authorities will focus on expanding domestic demand, boosting confidence, and preventing risks. They will organize and implement the continuation of phased policies, continuously plan and study a batch of more targeted and stronger reserve policies, and timely introduce and implement them in batches according to changes in the situation.

For example, implementing a series of policies to restore and expand consumption, promoting bulk consumption such as automobiles, vigorously stimulating the vitality of private investment, and accelerating the promotion of 102 major projects in the 14th Five Year Plan and other major economic and social development projects. At the same time, we will strengthen policy reserves in better meeting the rigid and improved housing needs of residents, actively expanding effective investment, and continuously unleashing the potential of the super large scale market.

The relevant policies also include: increasing efforts to clean up outstanding accounts of enterprises, especially small and medium-sized enterprises, and strengthening financial and tax support for small and micro enterprises and individual businesses; Efforts will be made to strengthen the employment of key groups such as college graduates, accelerate the filling of supply gaps in public services such as elderly care, childcare, education, and medical care, strengthen the social security network, strengthen safety production supervision, and disaster prevention, reduction, and relief; Continue to implement phased policies such as supporting the "guaranteed delivery of buildings" work and assisting in the disposal of non-performing assets.

Message 4: Can be created if necessary

New monetary policy tools

Regarding how to leverage the role of aggregate and structural monetary policy tools, Zou Lan stated that overall, structural monetary policy tools have played a positive role in incentivizing and guiding financial institutions to optimize credit resource allocation. As of the end of June, the balance of structural monetary policy tools was approximately 6.9 trillion yuan. Among them, the balance of re loans and rediscounts supporting inclusive finance for agriculture and small businesses is about 2.6 trillion yuan, which is basically the same as the end of the previous year; The balance supporting green, low-carbon, technological innovation and other fields is about 1.2 trillion yuan, an increase of 516.6 billion yuan from the end of last year.

He stated that in the next stage, the People's Bank of China will play a dual role in both the total amount and structure of monetary policy, continue to implement effective tools, extend the implementation period for areas where structural contradictions are still prominent, take multiple measures to consolidate policy effectiveness, and if necessary, create new tools to continue supporting key areas and weak links such as inclusive finance and green low-carbon.

Message 5: It will be announced soon

Subsequent arrangements for tax and fee preferential policies

Currently, the economy is facing new difficulties and challenges, with insufficient domestic demand and some enterprises facing operational difficulties. Wei Yan, Deputy Director of the Tax and Political Department of the Ministry of Finance, stated that the Ministry of Finance will work with relevant departments to effectively implement a combination of policies, and promptly introduce and implement a number of targeted, combined, and collaborative policy measures.

He revealed that according to the deployment of the State Council executive meeting, the follow-up arrangements for tax and fee preferential policies will be announced in the near future to stabilize expectations and boost confidence. Focusing on technological innovation, key industrial chains, establishing a modern industrial system, promoting income growth and consumption expansion, actively planning targeted and practical tax and fee preferential policies, focusing on relieving difficulties for business entities, continuously enhancing development momentum, optimizing economic structure, and promoting sustained economic recovery and improvement.

Message 6: Newly added nationwide in the first half of the year

Tax reduction, fee reduction, and deferred tax refunds totaling 927.9 billion yuan

According to Luo Tianshu, Chief Accountant of the State Administration of Taxation, in the first half of this year, the country added 927.9 billion yuan in tax reductions and deferred tax refunds, effectively promoting the sustained recovery of the national economy and overall recovery. There are three prominent characteristics:

One is to strongly support the development of the private economy. In the first half of this year, private economy taxpayers, including small and micro enterprises and individual businesses, added 704.9 billion yuan in tax reductions and deferred tax refunds, accounting for 76%, and were the main beneficiaries of tax and fee support policies.

The second is to strongly support the development of the real economy. In the first half of the year, the manufacturing industry and related wholesale and retail industries added 381.8 billion yuan in tax reduction and fee deferral, accounting for the highest proportion among various industries, reaching 41%. According to value-added tax invoice data, in the first half of the year, sales revenue of foreign trade "new three samples" related manufacturing enterprises represented by lithium batteries, photovoltaic equipment and components, and new energy vehicles increased by 37.4%, 38.4%, and 54.5% year-on-year, respectively. The development trend of manufacturing industry, especially advanced manufacturing industry, is good.

The third is to strongly support innovation driven development. In March this year, the government raised the proportion of R&D expenses deduction for eligible enterprises from 75% to 100%, and implemented it as a long-term institutional arrangement. In July of this year, a total of 308000 enterprises in China applied for R&D expense deduction in advance, and can enjoy a tax reduction of about 230 billion yuan.