(Economic Observation) China has increased its support for small, medium and micro enterprises to inspire "specialized, special and new" enterprises

　　China News Service, Beijing, December 12 (Reporter Liu Yuying) The Central Economic Work Conference has set the tone for a number of macroeconomic policies in 2022, which will support the stabilization of China’s industrial manufacturing growth, and it will also make it clear that China’s manufacturing industry is high. The direction of quality development.

　　In the first three quarters of 2021, China's industrial economy recovered steadily, with major indicators in a reasonable range.

Various macro policies have been implemented with precision, and the main economic indicators have generally remained stable.

At the same time, the supply chain guarantee capability of the industrial chain has been continuously enhanced, the transformation and upgrading have been further promoted, and the vitality of innovation has been continuously released.

　　Li Keaobo, executive deputy dean of the China Institute of Economic Thought and Practice of Tsinghua University, said that the signs of recovery in the manufacturing industry are still continuing. The investment performance was surprising. Manufacturing investment increased by 14.2% year-on-year from January to October, indicating that the private economy is recovering after the long-term impact of the epidemic.

"This is a good signal. This momentum must be protected and the confidence of entrepreneurs must be stabilized," he said.

　　However, with demand shrinking, supply shocks, and expectations turning weak, the industrial manufacturing industry is also facing downward pressure.

In the three months of July, August and September, the growth rate of the added value of the industrial enterprises above designated size declined.

　　Looking ahead to the uncertainty in 2022, Li Keaobo believes that firstly, whether commodity prices continue to remain high; secondly, as the epidemic in Europe and the United States gradually recovers, a large number of manufacturing industries may be transferred overseas, which will have a certain impact on China's industrial chain.

　　The various measures to stabilize growth set by the Central Economic Work Conference will support the healthy development of the industrial manufacturing industry. For example, "appropriate advancement of infrastructure investment" will not only stimulate investment, but will also stimulate cement, steel, and building materials. And other industrial sectors.

　　Data show that from January to October 2021, infrastructure investment (excluding electricity, heat, gas and water production and supply industries) increased by 1.0% year-on-year.

　　Li Keaobo said that next year, the state will make efforts to build infrastructure, and the issuance of local government bonds should also be moderately advanced.

Since the downstream of infrastructure is a long manufacturing chain, it will have a very positive effect on the industrial manufacturing industry.

　　Small, medium and micro enterprises will receive greater support next year.

The Central Economic Work Conference proposed to guide financial institutions to increase support for the real economy, especially small and micro enterprises, and technological innovation; the new tax and fee reduction policy should strengthen support for small, medium and micro enterprises.

　　Recently, affected by factors such as high raw material prices, insufficient orders, difficult labor and expensive labor, slow financing, high logistics costs, the spread of the new crown pneumonia epidemic, and power shortages, the main operating indicators of small and medium-sized enterprises have slowed down.

　　Professor Shi of China University of Political Science and Law analyzed that next year, preferential policies including the 1% collection rate for small-scale VAT taxpayers are expected to continue, and the exemption points for small-scale VAT taxpayers and the income tax reduction and exemption policies for small and micro enterprises can still be further optimized.

Considering fiscal sustainability, it is estimated that the scale of tax cuts and fees will be around RMB 1 trillion next year.

　　Wang Han, chief economist and managing director of Industrial Securities, believes that to promote the increase, expansion, and price reduction of small, medium and micro enterprises financing, one should promote tax reduction and fee reduction, reduce the financing cost of small and medium enterprises, and second, strengthen the protection of intellectual property rights. Enable it to get corresponding rewards through intellectual property protection.

　　The Central Economic Work Conference also proposed to enhance the core competitiveness of the manufacturing industry, launch a number of industrial infrastructure reengineering projects, and stimulate the emergence of a large number of "specialized, special and new" enterprises.

　　Li Keaobo said that China has deeply integrated into the world in the past 20 years and has enjoyed the dividends of global division of labor, but there are also many technical shortcomings in the manufacturing industry.

In the future, the international environment is faced with huge uncertainties, and some technological conflicts and blockade trends will become more and more obvious. This needs to make up for the shortcomings in the supply chain.

　　"China's development of'specialization, special innovation' is based on the new development pattern, taking into account the changes in the internal and external environment and constraints, the essence is to coordinate development and safety." "It pointed out the direction for the manufacturing industry, and also pointed out the direction for the flow of capital.

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