According to the news on March 25 of China government network, the opinions of the State Council on implementing the key work division of the government work report clearly stipulates that the full implementation of the stock issuance registration system will continue to be promoted during the year, the work related to the raising of financial stability guarantee fund will be completed by the end of September, the tax collection and management system will be improved, and relevant policies will be issued by the end of September.
Source: China government website p align = “center” solidly promote the reform of the stock issuance registration system
In terms of improving the bond financing support mechanism of private enterprises, comprehensively implementing the stock issuance registration system and promoting the stable and healthy development of the capital market, the opinions clearly stipulates that the work is in the charge of the people’s Bank of China, the national development and Reform Commission and the Securities Regulatory Commission according to the division of responsibilities, and will continue to be promoted during the year.
When the Party committee of the CSRC recently held an expanded meeting to convey and study the spirit of the special meeting of the financial committee of the State Council, it said that it would spare no effort to maintain the smooth operation of the capital market, implement various tasks in the government work report, solidly promote the reform of the stock issuance registration system, improve the bond financing support mechanism of private enterprises, and promote the development of venture capital.
In terms of improving the bond financing support mechanism of private enterprises, the industry believes that the further improvement of the bond financing support mechanism of private enterprises will help alleviate the current problems of difficult and expensive financing of private enterprises, and more financing support tools or financing improvement measures may be implemented in the future. “The substantial improvement of private enterprise financing is difficult to achieve overnight. It still needs the continuous improvement of bond market structure, the diversification of investor structure, the establishment of correct risk awareness and the development of risk hedging tools to solve the difficult problem of private enterprise bond financing from multiple dimensions such as expanding channels, increasing demand and preventing risks,” zhongchengxin International Research Institute said in a report
When it comes to Solidly Promoting the reform of the comprehensive implementation of the stock issuance registration system, experts believe that this is the goal of the government work report on the capital market. “Through more than two years of practice, we have accumulated good experience in the establishment of the reform and pilot registration system of the science and innovation board and the gem, as well as the establishment of the Beijing stock exchange, and gradually have the conditions to comprehensively promote the registration system. We should improve various systems on the basis of the previous reform, supplement the shortcomings of the board and launch them in time.” Shenwan Hongyuan Group Co.Ltd(000166) Securities Research Institute chief economist Yang growth said.
In terms of fully maintaining the stable operation of the capital market, when the CSRC recently conveyed, studied and implemented the spirit of the national two sessions, it made it clear that we should adhere to the word “stability”, further improve the endogenous stability mechanism of the capital market, promote the solution of key and sensitive issues related to the expectation, ecology and environment of the capital market, and fully maintain the stable operation of the marketP align = “center” promote the development of venture capital
In terms of promoting the development of venture capital, innovating scientific and technological financial products and services, and improving the professional level of scientific and technological intermediary services, the opinions made it clear that the work is in the charge of the people’s Bank of China, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, Ministry of science and technology, national development and Reform Commission and State Administration of taxation according to the division of responsibilities. Relevant policies will be issued before the end of June and continued to be promoted during the year.
The industry believes that the capital market plays a vital role in supporting the development of venture capital. According to Tian Lihui, President of the Institute of financial development of Nankai University, the multi-level capital market provides more diversified standards for enterprise listing, also provides a more smooth project exit channel for venture capital institutions, and improves the enthusiasm of venture capital institutions for investment, innovation and entrepreneurship.
The implementation of the comprehensive registration system is also expected to better promote the development of venture capital. Chen Li, chief economist of Chuancai securities and director of the Research Institute, said that at present, China’s venture capital industry is relatively young, the number of head institutions is small, and the professional operation level needs to be improved. The efforts of early investment, small investment, long investment and high-tech investment still need to be improved, and the ability of investment value discovery and post investment management also needs to be improved. Under the favorable factors such as the in-depth promotion of the reform of the registration system, the venture capital industry is expected to play a greater role in boosting the development of direct financing and improving the financing structure.
In terms of promoting the development of venture capital and innovating scientific and technological financial products and services, the regulatory authorities have also repeatedly stressed that they will standardize the development of private equity and venture capital funds, and guide funds to increase support for key areas such as scientific and technological innovation, manufacturing and small and medium-sized enterprisesP align = “center” by the end of September p align = “center” financial stability guarantee fund raising related work
With regard to the establishment of the financial stability guarantee fund, the opinions made it clear that the relevant work of raising the financial stability guarantee fund should be completed by the end of September.
“Internationally, the establishment of a financial stability guarantee fund is a common practice for countries to deal with financial risks.” A spokesman for the CBRC said on the 25th that it is necessary to learn from international experience and based on China’s reality, establish a financial stability guarantee fund and improve the financial stability guarantee system with Chinese characteristics.
The spokesman said that the relevant work is being studied and promoted. It is preliminarily considered that the financial stability guarantee fund is used for the disposal of major risks with systemic hidden dangers, and the deposit insurance and industry guarantee funds that play the role of routine risk disposal are an indispensable part of China’s financial safety net. They are taken from the market and used in the market, and differentiated charges are implemented for different industries and different subjects to balance risks Benefits and responsibilities to avoid losses to the interests of the state and taxpayers. In the next step, we will pay close attention to studying and improving relevant laws and regulations and institutional arrangements, promote the establishment of financial stability guarantee fund as soon as possible, and accumulate reserve funds for major risk disposal.
As for the operation mechanism of the financial stability guarantee fund, Yang Chang, head of the policy group and chief analyst of Zhongtai Securities Co.Ltd(600918) Research Institute, said that internationally, similar funds include the European financial stability fund. He believes that from the experience of the European financial stability fund, such funds first intervene in the market when financial stability faces certain risks; Second, take actions based on preventive plans; Third, provide funds for capital restructuring of financial institutionsP align = “center” give full play to the dual functions of monetary policy tools p align = “center” aggregate and structure
In terms of giving full play to the dual functions of the total amount and structure of monetary policy tools, the opinions made it clear that the people’s Bank of China took the lead and continued to promote it during the year. Industry experts said that the follow-up monetary policy will intensify and pay more attention to maintaining the moderate growth of new credit.
Talking about how to give full play to the dual functions of total amount and structure, China Minsheng Banking Corp.Ltd(600016) chief researcher Wen bin believes that, on the one hand, in view of the current shortage of total demand, there is still room and necessity for reducing reserve requirements and interest rates, so as to boost the confidence of market subjects, increase effective credit demand, stabilize and expand total demand; On the other hand, we will improve structural monetary policy tools such as agricultural and small-scale refinancing, carbon emission reduction support tools and special refinancing for clean and efficient utilization of coal, focus on supporting key areas and weak links such as manufacturing, small and micro enterprises, scientific and technological innovation, green development and rural revitalization, further enhance the ability of financial services to the real economy and ensure that the economy operates within a reasonable range.
p align = “center” tax support policy highlights the guidance
In terms of tax support policies, the opinions clarify the time limit for the introduction of many policies.
For example, in terms of adhering to the combination of phased measures and institutional arrangements, tax reduction and tax rebate at the same time, the opinions proposed that the Ministry of Finance and the State Administration of taxation should take the lead to introduce relevant policies by the end of April and continue to promote them during the year.
The Ministry of Finance and the State Administration of Taxation recently issued the announcement on Further Strengthening the implementation of the tax rebate policy of value-added tax at the end of the period, which will be implemented from April 1. It is clear that the stock tax rebate will be arranged in batches and orderly according to enterprises of different sizes, first micro enterprises, then small enterprises, medium-sized enterprises and large enterprises, reflecting the accurate support for small, medium and micro enterprises.
In terms of policies such as strengthening the implementation of the policy of adding and deducting R & D expenses, the opinions requires the Ministry of finance, the State Administration of Taxation and the Ministry of science and technology to take the lead to issue relevant policies by the end of September and continue to promote them during the year.
The relevant person in charge of the State Administration of Taxation said that this year’s tax support policy will highlight the guidance and stimulate strong momentum of innovation. This year, China will further strengthen the implementation of the policy of adding and deducting R & D expenses, implement tax incentives for enterprises to invest in basic research, improve the accelerated depreciation of equipment and appliances, and provide income tax incentives for high-tech enterprises. Relevant policies will encourage enterprises to increase R & D investment, cultivate and expand innovation momentum, and better promote high-quality development.
In addition, in terms of improving the tax collection and management system and cracking down on tax evasion and fraud according to law, the opinions made it clear that the State Administration of Taxation took the lead and issued relevant policies before the end of September, which continued to be promoted during the year.
The relevant person in charge of the State Administration of Taxation recently said that it would improve the tax collection and management system and crack down on tax evasion and fraud according to law. In particular, it would make good use of the working mechanism of six departments including the State Administration of Taxation to crack down on “fake enterprises”, “fake exports” and “false declaration”, severely crack down on and severely investigate and deal with criminals who cheat to enjoy preferential tax policies, and increase public exposure.
