The national Standing Committee has made heavy deployment! A picture of the package of measures to stabilize the economy is coming. Read it! Fire line interpretation experts explain the key points of the policy in detail
33 measures in 6 aspects! A big move has been made to stabilize growth. This time it is a set of policy "combination boxing".
Recently, Premier Li Keqiang chaired an executive meeting of the State Council to further deploy a package of measures to stabilize the economy, strive to promote the economy to return to the normal track and ensure that it operates within a reasonable range.
The meeting pointed out that the current downward pressure on the economy continues to increase, and many market players are very difficult. Development is the foundation and key to solving all China's problems. We should implement the deployment of the CPC Central Committee and the State Council, strengthen confidence, respond decisively, fully implement the new development concept, effectively coordinate epidemic prevention and control and economic and social development, accelerate the implementation of the policies determined by the central economic work conference and the government work report, strengthen the implementation, and adopt a package of targeted, powerful and effective interval regulation measures in accordance with the overall thinking and policy orientation, so as to stabilize the basic economic situationP align = "center" increase the tax rebate by more than 140 billion yuan
the meeting decided to implement the full amount of stock and increment tax rebate in more industries, increase the tax rebate by more than 140 billion yuan, and refund and reduce tax by 2.64 trillion yuan in the whole year
According to the decision-making and deployment of the Party Central Committee and the State Council, a new combined tax support policy will be implemented this year. It is estimated that the annual tax rebate, tax reduction and fee reduction will be about 2.5 trillion yuan. Among them, the large-scale retention and tax rebate of value-added tax is the main content, and the annual tax rebate is about 1.5 trillion yuan.
Zhang Yiqun, vice chairman of China's Special Committee on fiscal and budgetary performance, told the Shanghai Securities News that in view of the special situation that the economic downward pressure caused by the current Chinese epidemic and the international conflict between Russia and Ukraine has increased significantly, the state has decisively taken the reduction and deferment of taxes and fees, accelerated the progress and scale of investment, guided by employment and aimed at stabilizing the economy, on the basis of a rapid understanding of the local economic development and major difficulties A series of positive fiscal policies such as stabilizing foreign trade exports and helping small and micro enterprises and individual industrial and commercial households survive and develop.
the meeting made it clear that the three social security premium policies of small and medium-sized and micro enterprises, individual industrial and commercial households and five special poverty-stricken industries will be extended to the end of the year, and extended to other special poverty-stricken industries. It is expected to delay the payment of 320 billion yuan this year
The policy of delaying the payment of social insurance premiums is an important part of the previous package of policies to stabilize jobs, improve skills and prevent unemployment. The policies of deferred payment of pension insurance, unemployment insurance and work-related injury insurance are mainly implemented for all enterprises in catering, retail, tourism, civil aviation and highway, waterway and railway transportation industries greatly affected by the epidemic. It is estimated that the above deferred payment policy can increase the cash flow of more than 80 billion yuan for enterprises and individuals.
"We will continue to strengthen the policy of helping enterprises to bail out and stabilize market players, accelerate the progress of stock and incremental tax rebates, and continue to delay the period of deferred payment of social insurance premiums for small, medium-sized and micro enterprises and individual industrial and commercial households. In addition to increasing the preferential tax policies for the five special hardship industries and expanding them to other special hardship industries, we will minimize the occupation of tax funds by enterprises and release more capital space for enterprises." Zhang Yiqun introduction.
Zhang Yiqun predicted that in the future, the policy of deferred payment of social insurance premiums is expected to cover some enterprises that stabilize employment, foreign trade and prices, as well as coal, electric power and new energy industries.
meeting mentioned that the unemployment insurance training subsidy will be extended to all difficult insured enterprises. For small, medium-sized and micro enterprises to attract college graduates, increase job expansion subsidies and other support. All localities should increase water and electricity fees, rent and other support for large and small micro enterprises and individual industrial and commercial households
It is reported that the introduction of a one-time retention training subsidy policy is an urgent and phased measure to support enterprises in areas with serious epidemic to stabilize their jobs. This policy focuses on emergency relief and stabilizing posts and enterprises. The provision period of unemployment insurance fund should be implemented in the overall planning areas for more than two years. In the overall planning areas for less than two years but with sudden epidemic, all provinces can make full use of the provincial adjustment fund to implement this policy to the greatest extent.
state financing guarantee fund re guarantee cooperation business increased by more than 1 trillion yuan
meeting mentioned that the special bonds will be basically in place by the end of August this year, and the scope of support will be extended to new infrastructure. The re guarantee cooperation business of the state financing guarantee fund increased by more than 1 trillion yuan
Zhang Yiqun believes that the first of the above measures is to speed up the use of special bonds to speed up the construction of infrastructure and other fields. Second, take the new infrastructure as the focus of investment, which will replace the traditional infrastructure in the future. Third, relax the scope of use of special bonds and enhance the investment efficiency of special bonds.
He analyzed that the new national financing fund of 1 trillion yuan should make full use of the role of financial leverage to improve the financing and loan capacity of small and micro enterprises, individual industrial and commercial households and farmers, so as to ensure the vitality of market players, grain production, survival and development of enterprises and individuals, and help difficult enterprises and urban and rural individuals through the current difficult period and key stage.
"Previously, the national financing re guarantee fund has been approved to participate in equity investment, and the increase in the amount of re guarantee cooperation business can enable the guarantee fund to invest more in the equity of high-tech enterprises. In accordance with the guidelines of the comprehensive registration system, it will promote more enterprises to finance through the capital market and directly benefit the securities business sector." Zheng Nan, a senior investment consultant of Jufeng investment consulting, believes that.
The national financing guarantee fund was established with the approval of the State Council in April 2018. As an important means of government financing guarantee for financial services to the real economy and alleviating the difficulty and high cost of financing for small and micro enterprises, the national financing guarantee fund completed a re guarantee cooperation business scale of 754.2 billion yuan in 2021, with a cumulative re guarantee cooperation business scale of 1.46 trillion yuan, serving 1.18 million market entities, and the average guarantee rate of cooperative institutions decreased to 0.82.
double the amount and proportion of Pratt & Whitney small and micro loan support tools
on financial policies, the meeting proposed to double the amount and proportion of inclusive small and micro loan support tools this year. For loans to small, medium-sized and micro enterprises and individual industrial and commercial households, truck loans, personal housing loans and consumer loans temporarily in difficulty, support banks to postpone the repayment of principal and interest within the year; The central enterprises should extend the loan of 90 billion yuan for commercial trucks for half a year. Shorten the acceptance period of commercial bills from one year to six months. Promote the legal compliance of platform enterprises and listing at home and abroad
Citic Securities Company Limited(600030) chief economist Mingming believes that the arrangement of financial policies at the national standing committee meeting is very appropriate, timely and accurate. It is mainly aimed at small, medium-sized and micro enterprises and residents greatly impacted by the epidemic, so as to play a role in stabilizing market players and accelerating economic recovery.
Mingming said that since April, from the perspective of macro data and financial data, there has been great downward pressure on the economy. Disturbed by the epidemic, the income of residents has decreased, and some small and micro entities and residents have difficulties in repaying loans.
The national standing committee also proposed that for these groups, we should support banks to implement the policy of delaying the repayment of principal and interest, so as to alleviate the debt repayment pressure of small and micro entities and residents.
Zhou Maohua, a macro researcher of China Everbright Bank Company Limited Co.Ltd(601818) financial market department, analyzed that the expansion of tools is mainly to introduce incremental support policies to cope with the complex economic environment, further increase support for distressed enterprises, especially small and micro enterprises, stimulate the vitality of micro entities, stabilize employment and promote internal circulation, We will accelerate the return of the economy to normal.
Then, what is the original amount and support proportion of Pratt & Whitney small and micro loan support tool?
Since January 1 this year, the people's Bank of China has transformed the "inclusive small and micro enterprise loan extension support tool" into "inclusive small and micro enterprise loan support tool". The people's Bank of China previously disclosed that from this year to the end of June 2023, the inclusive small and micro loans granted by qualified local corporate banks will be funded at 1% of the incremental balance to encourage new inclusive small and micro loans.
At the beginning of creating the loan extension support tool for inclusive small and micro enterprises in 2020, the people's Bank of China disclosed that it would provide 40 billion yuan of refinancing funds to provide incentives to local corporate banks by signing interest rate swap agreements with local corporate banks through specific purpose vehicles (SPV).
the key to stabilizing the chain is to get through the logistics blocking point
meeting proposed to stabilize the industrial chain and supply chain. Optimize the policy of returning to work and reaching production capacity, and improve the service to "white list" enterprises. Restrictions on the passage of goods from high-risk areas and unreasonable restrictions on the passage of goods from high-risk areas will be abolished. Drivers of passenger and freight transportation shall enjoy the same free policy for nucleic acid testing in other places. Increase 150 billion yuan of civil aviation emergency loans and support the aviation industry to issue 200 billion yuan of bonds. We will increase China's international passenger flights in an orderly manner and formulate measures to facilitate personnel exchanges with foreign enterprises
In an interview with Shanghai Securities News, insiders said that the key to stabilizing the industrial chain supply chain is to get through the logistics and transportation blocking points and blocking points as soon as possible.
Recently, affected by the epidemic, some areas have experienced problems such as limited personnel return to work, blocked cross regional logistics and poor port dredging and transportation, which has had a certain impact on the stable operation of the industrial chain and supply chain in key areas and areas.
"Considering that strengthening epidemic prevention and control across regions hinders the cross regional production and logistics supply chain, there is an urgent need to take effective measures to ensure the smooth and stable supply chain of the industrial chain and stabilize the supply guarantee of primary products and key raw materials and parts." Liu Xiangdong, Vice Minister of the Economic Research Department of the China Center for international economic exchanges, told the Shanghai Securities News.
Cui Dongshu, Secretary General of the national passenger car market information joint committee, told reporters, "the next step is to ensure that the expressway service areas and toll stations should be fully opened, promote the standardized setting of epidemic prevention checkpoints, deal with 'one size fits all' and other unreasonable control behaviors, and make every effort to ensure the smooth traffic network."
In addition to speed, the stability of logistics is also very important, which directly determines the quality of the resumption of work and production of the whole industrial chain. To avoid a sudden situation in a certain link, upstream and downstream enterprises and consumers should jointly bear the losses.
"At present, it is necessary to consider the advance layout and build a number of large suburban storage bases integrating warehousing, sorting, processing, packaging and other functions, so as to ensure the timely transportation of important materials such as production and living nearby in case of emergency, and effectively maintain the normal production and living order of the people." Liu Xiangdong said.
In addition, the "white list" system can be further optimized. After the outbreak, the Ministry of industry and information technology combed and formed a "white list" of key industrial chain supply chain enterprises in areas related to the national economy and the people's livelihood, such as automobiles, integrated circuits, consumer electronics, equipment manufacturing, agricultural materials, food and medicine, and established a docking and service guarantee mechanism for "white list" enterprises in accordance with the territorial principle.
Cui Dongshu suggested that in the next step, we should continue to promote the regional mutual recognition of the "white list", focus on key industrial clusters such as the Yangtze River Delta and the Pearl River Delta, strengthen cross regional and cross provincial coordination, and adopt a point-to-point, one-to-one, short-term and fast way to effectively solve practical problems.
reduce the purchase tax of passenger cars by 60 billion yuan, expand domestic demand through both consumption and investment
the meeting proposed to promote consumption and effective investment. Relax restrictions on the purchase of cars and reduce the purchase tax of some passenger cars by 60 billion yuan in stages. Urban policies support rigid and improved housing demand
Fu Yifu, senior researcher of Xingtu Financial Research Institute, said that the proportion of cars in the whole consumer market remained at about 10%, which was very important. Since the outbreak, the containment of the epidemic in Changchun, Shanghai and other places has been relatively serious, and the automobile industry chain has been greatly affected. Automobile consumption is relatively low. The phased reduction of 60 billion yuan of purchase tax on some passenger cars proposed by the national standing committee is very strong. On the one hand, it helps to stimulate consumers' consumption will, on the other hand, it can stimulate the process of returning to work and production in the automobile production section.
Wen bin, chief researcher of China Minsheng Banking Corp.Ltd(600016) China, analyzed that the national Standing Committee proposed to support the demand for rigid and improved housing due to urban policies, coupled with the previous 15bp decline in LPR quotation over five years on May 20, and the recent measures to stabilize real estate due to urban policies, which will help to support the demand for rigid and improved housing and promote the healthy and stable operation of the real estate market.
the meeting also proposed to optimize the examination and approval, start a number of new water conservancy projects, especially large-scale diversion irrigation, transportation, reconstruction of old communities, underground comprehensive pipe gallery and other projects, and guide banks to provide large-scale long-term loans. Start a new round of rural highway construction and transformation. We will support the issuance of 300 billion yuan of railway construction bonds. Increase efforts to provide work relief
Wen Bin said that investment is still the key to the current underpinning economic growth. The meeting proposed a series of new projects and also proposed to guide banks to provide large-scale long-term loans, which will help optimize the bank's credit structure, ensure the source of funds for investment projects and promote the rapid growth of investment.
start another batch of hydropower, coal power and other energy projects
meeting proposed to ensure energy security. We will implement local responsibilities for coal production, adjust the policy of increasing coal mine nuclear production capacity, and speed up the procedures for ensuring the supply of coal mines. Another batch of hydropower, coal power and other energy projects will be started
"At present, the energy supply situation is tight. We should fully understand the significance of medium and long-term contracts for ensuring the supply and price of coal, earnestly sign, confirm and standardize the medium and long-term contracts, and strictly perform the contracts. We should implement local coal production responsibilities, promote the supplementary signing of emergency guarantee contracts, and promote the performance of signed medium and long-term contracts." Zhang Jianhong, director of environmental technology and economy branch of China Society of technology and economics, told the Shanghai Securities News.
In July last year, the national development and Reform Commission and other departments jointly issued a notice to encourage qualified coal mines to increase production capacity and implement a capacity replacement commitment system for coal mine capacity increase. Among them, it is clear that coal mines that apply for nuclear increase before March 31, 2022 do not need to implement the capacity replacement index in advance. They can replace their capacity by means of commitment. After obtaining the approval of capacity increase, they can complete the capacity replacement scheme within three months.
Zhang Jianhong said that the proposed adjustment of the coal mine nuclear capacity increase policy is a policy adjustment based on the commitment of capacity replacement for coal mine nuclear capacity increase in the notice in July last year. It is expected to continue to encourage qualified coal mining enterprises to increase production capacity, promote coal production enterprises to actively sign medium and long-term contracts, and strictly implement the requirements of coal medium and long-term transaction price policy.
For "another batch of energy projects such as hydropower and coal power", Zhang Jianhong believes that it is not only conducive to the development of clean energy such as hydropower, but also conducive to the stable production of traditional energy such as coal power. These projects are all 102 major projects in the national "14th five year plan" and major projects in local energy planning. They are only started and implemented "moderately ahead of schedule".
timely start the linkage mechanism between social assistance and security standards and price rise as appropriate
meeting requirements to ensure basic people's livelihood. We will do a good job in unemployment security, subsistence allowances and assistance to people in need. Timely launch the linkage mechanism between social assistance and security standards and price rise as appropriate
"Take precautions. Some localities have issued relevant policies and are ready to start the linkage between social assistance and security standards and rising prices." Yang Chang, head of the policy group and chief analyst of Zhongtai Securities Co.Ltd(600918) Research Institute, told the Shanghai Securities News.
The reporter noted that Hebei, Hunan, Inner Mongolia, Shenzhen and other places have recently issued a notice to "expand the scope and speed up the raising of standards" for temporary price subsidies, that is, to distribute temporary price subsidies to people in need, further expand the scope of guarantee, improve the subsidy standard, improve the timeliness of subsidy distribution, and timely alleviate the impact of rising prices on the basic life of people in need.
Yang Chang believes that the current time point needs to give higher weight to stabilizing employment. "If the impact of the repeated epidemic in 2022 on the economic operation is close to 2020, the returnees may push up the urban survey unemployment rate, which also corresponds to the upward trend of the current urban survey unemployment rate in big cities."
"In the past two years, the central government has issued a series of policies to stabilize employment, and the next step is to implement them." Feng Wenmeng, a researcher at the development research center of the State Council, said that the focus of the next step is how to further rescue and help small, medium-sized and micro enterprises and individual industrial and commercial households, ensure that they obtain tangible benefits from relevant policies, and then realize their own sustainable development.
He also mentioned that affected by the epidemic, some people have lost their sources of income and have difficulties in life. Therefore, we should strengthen assistance. Therefore, it is suggested that after the epidemic tends to be stable, effective measures should be considered in advance to help small, medium-sized and micro enterprises and individual industrial and commercial households resume operation as soon as possible.
