China's monetary and fiscal policy
Industrial policy: the Ministry of science and technology will further increase the pre tax deduction ratio of R & D expenses of science and technology-based small and medium-sized enterprises, and encourage science and technology-based small and medium-sized enterprises to increase R & D investment. If the R & D expenses actually incurred in the R & D activities of scientific and technological small and medium-sized enterprises do not form intangible assets and are included in the current profits and losses, they shall be additionally deducted before tax according to 100% of the actual amount from January 1, 2022 on the basis of deduction according to the actual provisions; If intangible assets are formed, they will be amortized before tax according to 200% of the cost of intangible assets from January 1, 2022. (issued by the Ministry of science and Technology)
Industrial policy: the national development and Reform Commission and the national energy administration plan to speed up the development and construction of pumped storage projects during the 14th Five Year Plan period. The central energy enterprises undertaking the development and construction of pumped storage projects should optimize and improve their internal processes, improve the efficiency of project investment decision-making, bidding and other work, speed up the investment of capital, manpower and other elements, and support project approval and construction. Make good use of the coordination mechanism for land security of major national projects, and strengthen land security for qualified pumped storage projects. Take the two-part electricity price as the main body, form the electricity price in a competitive way, bring the capacity electricity price into the recovery of transmission and distribution electricity price, and promote the pumped storage power station to participate in the market as an independent subject. (issued by national development and Reform Commission and Energy Bureau)
Industrial policy: the national energy administration and the Ministry of science and Technology issued the 14th five year plan for scientific and technological innovation in the energy field, which basically achieved a breakthrough in the existing main short board technical equipment in the target energy field; The rapid rise of forward-looking and disruptive energy technologies, the continuous emergence of new business forms and models, and the formation of a number of new advantages of energy long board technology; Support the active and orderly development of nuclear power on the premise of ensuring safety; Focus on the large-scale development and utilization of high proportion of renewable energy, develop more efficient, more economical and more reliable advanced power generation and comprehensive utilization technologies of renewable energy such as hydropower, wind energy, Cecep Solar Energy Co.Ltd(000591) , biomass energy, geothermal energy and marine energy, and support the high-quality development and utilization of renewable energy industry. (issued by the energy administration and the Ministry of science and Technology)
Overseas monetary and fiscal policy
[fed] fed Evans said that raising the interest rate to slightly less than 2.5% by March 2023 provided the Fed with "options". If the interest rate increase path includes an interest rate increase of "about" 50 basis points, so as to reach the neutral interest rate earlier, there is no big risk.
[RBA] the RBA kept the benchmark interest rate unchanged at 0.1%, in line with market expectations.
[ECB] ECB Governing Committee nott said that there are sufficient signs that inflation will return to 2%, and interest rates may be increased in September, October or December; If we want to start reducing QE before the third quarter, we will need significant changes in economic data to support it. He said that a recession was not expected and inflation would slow down.
[ECB] European Central Bank Management Committee vasle said that negative interest rates may end before the end of this year; Net asset purchases may end as soon as July; Economic growth is quite strong and there is no need to postpone policy normalization.
Risk tip: the epidemic spreads beyond expectations, overseas tightens beyond expectations, and global inflation intensifies
