Policy release
On November 23, the general office of the State Council issued the notice on Further Strengthening the relief and assistance to small and medium-sized enterprises. The circular made it clear that it is necessary to strengthen the support of relief funds, encourage local governments to arrange relief funds for small and medium-sized enterprises, implement the policies of interest discount and reward and subsidy of entrepreneurship guaranteed loans, and make good use of the funds for financing guarantee, fee reduction and reward and subsidy of small and micro enterprises. We will further promote tax reduction and fee reduction. Small, medium-sized and micro enterprises in the manufacturing industry will delay the payment of some taxes in the fourth quarter of 2021 as required, study and timely introduce the continuation policies after the expiration of some preferential policies for enterprises, and continue to clean up and standardize enterprise related charges. (economic information daily)
Comments: small, medium-sized and micro enterprises are generally in the middle and lower reaches of the industrial chain. Since the first half of this year, the prices of bulk commodities and raw materials have increased significantly, the cost pressure of small, medium-sized and micro enterprises in the middle and lower reaches of the industrial chain has increased, and the production has been restrained. In addition, the frequent occurrence of sporadic epidemics around the country also puts pressure on the start-up of small, medium-sized and micro enterprises.
In order to support the normal operation of small, medium-sized and micro enterprises, China's regulatory authorities have frequently issued relevant preferential policies to vigorously solve the problem of difficult and expensive financing for enterprises. From 2020 to October this year, banks have delayed the repayment of principal and interest on loans of 14.4 trillion yuan, including 11.8 trillion yuan to support the delayed repayment of principal and interest of small, medium-sized and micro enterprises; A total of 9.1 trillion yuan of inclusive small and micro credit loans were issued.
Key macro dynamics
1. National leaders expressed the need to start the construction of version 3.0 of China ASEAN Free Trade Area as soon as possible, improve the level of trade and investment liberalization and facilitation, expand cooperation in new fields such as digital economy and green economy, and jointly build a demonstration park for economic and trade innovation and development. China has a huge Chinese market and will always be open to ASEAN countries. It is willing to import more high-quality products from ASEAN countries, including 150 billion US dollars Shenzhen Agricultural Products Group Co.Ltd(000061) from ASEAN in the next five years. （Wind）
2. In order to actively and steadily promote the reform of power sales side, establish and improve the market order of orderly competition, and protect the legitimate rights and interests of various market subjects, the national development and Reform Commission and the Energy Bureau issued the administrative measures for power sales companies. According to the method, Those with total assets ranging from 20 million yuan to 100 million yuan (excluding) can engage in power sales with annual power sales of no more than 3 billion kwh; those with total assets ranging from 100 million yuan to 200 million yuan (excluding) can engage in power sales with annual power sales of no more than 6 billion kwh; those with total assets ranging from 200 million yuan or more can not limit their power sales. (wind)
Risk statement
Epidemic change
Changes in monetary policy
Debt risk
