Premier Li Keqiang presided over the executive meeting of the State Council on March 21 to determine the policy arrangements for the implementation of large-scale value-added tax rebate, so as to provide strong support for stabilizing the macro-economic market; We will deploy comprehensive measures to stabilize market expectations and maintain the steady and healthy development of the capital market. Recently, major ministries and commissions have also actively opened the policy toolbox and taken practical measures to boost market confidence and stabilize the capital market.
At the executive meeting of the State Council held on March 29, it was pointed out that we should pay close attention to the implementation of the spirit of the central economic work conference and the measures of the government work report, strengthen confidence, stick to the goal, put steady growth in a more prominent position, coordinate the policies of steady growth, structural adjustment and reform, and stabilize the economy early and quickly, do not take measures that are not conducive to stabilizing market expectations, and formulate plans to deal with greater uncertainty.
On April 6, the executive meeting of the State Council decided to implement a phased policy of delaying the payment of old-age insurance premiums for industries in extreme poverty, and strengthen the support of unemployment insurance for job stabilization and training. We should make timely and flexible use of various monetary policy tools such as refinancing, give better play to the dual functions of aggregate and structure, and increase support for the real economy.
The enterprise groups represented by listed companies are excited. The heads of several listed companies told the securities times that the introduction of relevant preferential policies will help stimulate market vitality, stabilize macroeconomic, financial and capital market expectations, and make enterprises more confident in their operation and development.
The reporter of the securities times also felt in the interview that the development of enterprises is facing new pressures and challenges, and listed companies have more expectations for policy support. Several companies put forward suggestions on creating a stable, transparent and predictable development environment, maintaining the smooth operation of the capital market, alleviating the financing pressure of relevant enterprises, value-added tax retention and tax rebate and other topics.
give better play to the guiding role of the government
Both cyclical industries and high-tech enterprises have strong demands for giving better play to the guiding role of the government.
Muyuan Foods Co.Ltd(002714) replying to the reporter of the securities times, said that the current cycle of China’s pig breeding industry fluctuates greatly, and the long-term changes in market supply and demand and the uncertainty of price rise and fall are strong, which is not conducive to the healthy and stable development of the industry. We need to guide the industry to form a more reasonable market structure and more rational production capacity decision-making, so as to make China’s pig breeding stable, transparent and predictable.
Shaanxi Coal Industry Company Limited(601225) believes that the key to boosting market confidence comes not only from within the company, but also from the guidance of national and industrial policies. For coal enterprises, in the context of national energy transformation, only by actively integrating into the energy revolution and realizing the development torrent of double carbon goals can they successfully transform from coal suppliers to comprehensive energy service providers.
The demands of high-tech enterprises for government guidance are also rising Quantumctek Co.Ltd(688027) introduction: in recent years, cutting-edge technology enterprises have been frequently included in the entity list of the United States, and some key components and test instruments in the field of quantum technology are still stuck. “These components or instruments have large investment in independent research and development, long cycle, high risk and no considerable market demand. Therefore, from a commercial perspective, few enterprises are willing to try to carry out research and development. This requires government guidance, encourage scientific research institutions or enterprises to layout research and development, and give reasonable preference to benefit distribution or work value evaluation.”
Leading power battery enterprise Contemporary Amperex Technology Co.Limited(300750) is also troubled by the price rise of upstream materials. The company said that the price of lithium carbonate in China has climbed to a high of 500000 yuan / ton, and the downstream cost is “under great pressure”. 65% of China’s lithium raw materials need to be imported in 2021. It is suggested to speed up the exploration and development of China’s lithium resources and ensure the safety of the supply chain.
strengthen market communication and Expectation Management
The executive meeting of the State Council made it clear that in accordance with the principle of marketization, legalization and internationalization, we should properly handle the problems in the operation of the capital market and create a stable, transparent and predictable development environment for all kinds of market subjects.
Changchun High And New Technology Industries (Group) Inc(000661) believes that to maintain a relatively stable macro policy, the policy adjustment should respect the market law, and the change and adjustment of the policy should be continuous, stable and predictable, so as to prevent sharp market fluctuations caused by policy changes. In terms of operation, we should adhere to the law and regulations, continuously improve the basis of laws and regulations, strengthen the inspection and law enforcement of illegal acts, strictly enforce market discipline, purify market ecology, and further promote the high-quality development of corresponding subjects in the capital market.
Anhui Heli Co.Ltd(600761) Board Secretary Zhang Mengqing suggested that in terms of expectation management, relevant departments should fully predict before the introduction of major policies, give the market a certain buffer period, and timely adjust the policies within the buffer period to avoid “one size fits all”, do a good job in the coordination of the introduction of policies by various departments, and give the enterprise operation full autonomy on the basis of setting principles.
A fair competitive environment is the focus of private entrepreneurs. “Sometimes there is an ‘invisible threshold’ for private enterprises to participate in new infrastructure, which needs to be broken.” Pci Technology Group Co.Ltd(600728) Chairman Liu Wei told the securities times, “for new infrastructure projects in some regions, the criteria for shortlisted enterprises in the bidding are not clear and opaque, or the requirements for qualification, performance and awards that obviously exceed the project characteristics and actual needs are put forward in the bidding documents, which actually excludes private enterprises from market competition.”
In terms of building a fair competition market system, manufacturing companies have strong demands for policy deregulation Hengli Petrochemical Co.Ltd(600346) said that within the space allowed by the dual carbon policy, it is hoped to appropriately liberalize the examination and approval of energy-saving and high-quality projects related to upstream refining, ethylene, coal chemical and other energy-saving projects and the construction of advanced production capacity in the industry, so as to further enhance the international competitiveness of the industry, reasonably adjust the industrial structure and support the national economic development from the end of large projects.
mitigation enterprise
short term financing pressure
A number of listed companies called for improving the structural monetary policy tool system, alleviating the financing pressure of enterprises, improving the financing situation of enterprises, and strengthening the inclusive degree of policies, especially opening a more convenient policy window to support the financing of private enterprises.
Changchun High And New Technology Industries (Group) Inc(000661) said that due to the restriction of bank loan policy, it is difficult for new pharmaceutical enterprises to obtain loan funds. The lack of funds has become an adverse factor restricting the R & D efficiency of new pharmaceutical enterprises, resulting in the R & D efficiency seriously lagging behind the developed countries in the world. It is suggested that relevant departments improve the level of financial support, broaden the financing channels of pharmaceutical enterprises, and support the development of early pharmaceutical R & D enterprises, so that the products can be supported by loans from financial institutions before they are listed.
At present, refining, chemical and other industries are facing the rapid rise of crude oil and raw coal costs and the rise of comprehensive operating cost factors such as electricity and gas Hengli Petrochemical Co.Ltd(600346) it is suggested that by actively reducing financing costs, implementing targeted and accurate preferential loan policies, and controlling excessive intermediate costs such as coal, electricity and gas, enterprises can reduce operating costs, guide enterprises to strengthen R & D and improve operating efficiency.
Zhang Mengqing believes that reducing financing costs and optimizing enterprise liquidity should be promoted simultaneously. It is suggested to provide and expand current working capital loans, revitalize enterprise monetary funds and alleviate the short-term capital pressure of enterprises.
Liu Wei believes that the digital economy is the new engine of China’s economic development. In terms of credit financing, banks can be encouraged to provide diversified, flexible and preferential credit products to science and technology enterprises through assessment guidance, policy interest discount, innovative credit enhancement measures and other means. “Most of the characteristics of technology-based companies tend to be asset light. We can consider supporting the funds needed for enterprise development through supply chain financing and ABS financing. In terms of equity financing, the refinancing policy has many restrictions on the use of raised funds, such as the proportion of supplementary working capital generally can not exceed 30% of the raised funds. Under the background of the registration system, whether enterprises can obtain financing and the impact of financing on the market value of the company are increasingly determined by We hope to relax the restrictions on the use of funds in the review of refinancing in the future. ” Liu Wei said.
Chongqing Zhifei Biological Products Co.Ltd(300122) expressed the hope that the financial regulatory authorities would continue to support the real economy, improve the financial support innovation system, build a capital chain around the innovation chain and industrial chain, and form a virtuous circle and triangular interaction among finance, technology and industry; Encourage financial institutions to innovate, support the R & D and production of new technologies, provide enterprises with more comprehensive financial services, and better serve key core technology breakthrough enterprises and specialized and special new enterprises.
maintain capital market
steady and healthy development
Many listed companies believe that the stable and healthy development of the capital market is closely related to the financing, market value, investor return, brand image and long-term development of listed companies. Therefore, we very much hope to have a stable and healthy development of the capital market environment, and do not want to see large ups and downs and violent fluctuations in the capital market caused by non enterprise and non industry factors.
The steady and healthy development of the capital market is related to the improvement of the level of scientific and technological innovation. “For enterprises on the science and innovation board, the stable and healthy development of the capital market means that enterprises can gain advantages in listing, issuing bonds, mergers and acquisitions, refinancing and other activities, and can gather resources to tackle key scientific and technological problems and transform achievements, so as to accumulate strength for innovation.” Quantumctek Co.Ltd(688027) said, “the company hopes that the capital market will pay more attention to the original innovation of ‘from 0 to 1’ such as quantum technology.”
With regard to the financing policy, Zhang Mengqing suggested establishing a positive list of financing, opening the green channel for financing for listed companies with good reputation and open and transparent information disclosure, shortening the approval time and saving the issuance time and cost.
Digital China Information Service Company Ltd(000555) chief financial officer and Secretary of the board of directors Liu Weigang put forward suggestions for equity incentive, allowing enterprises to declare the pre tax deduction of enterprise income tax during the period of disbursing incentive expenses, and settle the payment in the current period according to the difference between the market price and the exercise price when the equity incentive is implemented, and refund the excess and make up the deficiency; The cancellation of active termination of equity incentive still needs to confirm the accounting treatment requirements of accelerated exercise expenses to reduce the cost burden of enterprises.
further optimization
tax reduction and fee reduction policy
The executive meeting of the State Council decided to implement the policy arrangement of large-scale value-added tax rebate, with an annual rebate of about 1.5 trillion yuan. The retention tax rebate covers small and micro enterprises, individual industrial and commercial households, and also focuses on enterprises in key industries. Listed companies welcome this policy and put forward suggestions on improving the value-added tax system.
Changchun High And New Technology Industries (Group) Inc(000661) holding subsidiary Huakang pharmaceutical mainly produces Chinese patent medicine, and the VAT rate is 13% Changchun High And New Technology Industries (Group) Inc(000661) said that in recent years, the cost of raw materials has risen, and the cost of labor and equipment renewal has increased. At the same time, affected by the national drug price limit and price reduction policies, traditional Chinese medicine enterprises have difficulties in operation. It is suggested to appropriately reduce the value-added tax rate of traditional Chinese medicine enterprises to alleviate the pressure of enterprises.
Jiangsu Hengrui Medicine Co.Ltd(600276) suggest that a certain proportion of tax relief should be given according to the funds or progress invested by pharmaceutical enterprises in overseas R & D, so as to guide more pharmaceutical enterprises to actively carry out internationalization.
Shenzhen Huaqiang Industry Co.Ltd(000062) expressed the hope that the government could stabilize the operators and merchants in the market by subsidizing rent and epidemic prevention costs.
How to better implement the tax reduction and fee reduction policy is the focus of listed companies. Liu Wei said that there is no unified standard to determine whether the total R & D expenses of enterprises should be the total R & D investment or the amount affecting profit and loss. He hopes to comprehensively consider relevant factors and formulate more scientific R & D expenses identification and support policies.
Liu Weigang believes that the pricing system of related party transactions should be improved. “In order to avoid the tax transfer caused by related party transactions, the current value-added tax provisions give the tax authorities the right to verify the sales volume, but it is not clear which party’s tax authorities will verify it.” He said, “in case of adjustment, the tax interests of the competent tax authorities of the seller and the buyer may be inconsistent. Therefore, it is suggested to add provisions on how and by whom to adjust the pricing of related party transactions in the current value-added tax system and regulations.”
