Zhongxin Finance, March 8 (Reporter Peng Dawei) Xiong Yi, chief economist of Deutsche Bank Group China, published a research report on the 2022 National People's Congress, interpreting the key tasks related to economic development in this year's government work report. important content such as expected goals.
In response to the main expected goal of this year's development of "gross domestic product growth of about 5.5% (year-on-year, the same below)", Xiong Yi said that this is a positive policy orientation, and it is expected that the government will adopt stronger policy support.
Deutsche Bank analyzed in the report that this year China's fiscal work will focus on tax cuts and public investment in energy, transportation and urban infrastructure upgrades, while maintaining appropriate flexibility in the control of energy consumption.
The report believes that fiscal work will focus on targeted tax and fee reductions and public investment. It is expected that the government will further cut value-added tax and income tax for small and micro enterprises, and will increase spending on light manufacturing, environment, power and transportation sectors, as well as corporate R&D expenses. The strength of the super deduction support.
The report notes that general public budget revenue growth will slow to 3.8% in 2022 from 10.7% in 2021, reflecting the magnitude of the tax cuts.
Key areas of public investment include water conservancy projects, comprehensive three-dimensional transportation networks, major energy bases and facilities, renovation of urban gas and pipeline networks, and improvement of flood control and drainage facilities. At the same time, investment in community nursing care for the elderly will be increased.
The report noted that in order to promote consumption, the government stated that it will continue to support the consumption of new energy vehicles and encourage local governments to carry out green and smart home appliances to the countryside.
The report also notes that energy consumption control targets are more flexible.
Newly added renewable energy and raw material energy consumption are not included in the total energy consumption control.
In addition to vigorously developing solar and wind energy, the government also emphasized that it will accelerate the low-carbon transformation of energy innovation and promote the upgrading and transformation of existing coal-fired power plants for energy conservation and carbon reduction.
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