China News Service, March 22 (Reporter Li Jinlei) At a time when "black swans" are flying wildly and expectations are weakening, the importance of "stability" to China's macroeconomic market and capital market is becoming more and more prominent.
The executive meeting of the State Council held on March 21
determined the policy arrangements for the implementation of large-scale value-added tax credits and rebates from the perspectives of fiscal policy and monetary policy, providing strong support for stabilizing the macroeconomic market; deploying comprehensive measures to stabilize market expectations, Maintain the stable and healthy development of the capital market.
This will increase the cash flow of "real money" to enterprises that are in urgent need of blood recovery, and also send "gold" of confidence.
"Real Money" is here in time!
The 2022 "Government Work Report" proposes a tax rebate plan with a scale of 2.5 trillion yuan, which is the highest in history.
How to get tax refund?
The State Council executive meeting clarified a more detailed tax rebate timetable: nearly 1 trillion yuan in tax rebates for small and micro enterprises in all industries and individual industrial and commercial households that pay taxes according to the general tax method.
Among them, the existing tax credit will be refunded in full at one time before the end of June, micro enterprises will be refunded in April in a centralized manner, and small enterprises will be refunded in May and June; the incremental tax credit will be refunded in full monthly from April 1;
For the existing tax credits of enterprises in six industries including the manufacturing industry, the full refund will begin on July 1 and be completed before the end of the year; the incremental tax credits will also be refunded in full monthly from April 1.
In addition, the meeting also clarified that 3 special projects will be set up by arranging 1.2 trillion yuan of transfer payment funds to support grassroots implementation of tax rebates, tax reductions and fee reductions, employment and basic livelihoods.
The Ministry of Finance said on the 21st that the
first batch of special transfer payments of 400 billion yuan to support small and micro enterprises' tax rebates had been issued on the afternoon of March 21.
The special fund for supporting small and micro enterprises with tax rebates issued on the same day will be used to provide cash flow to small and micro enterprises for tax rebate financial protection, relieve difficulties for enterprises, and effectively guarantee stable growth, market entities and employment.
Other special funds will also be released as soon as possible according to the progress of the relevant work.
Hurry up, go straight... Many key words indicate that the "real money" that saves lives is not only coming, but also coming in time.
Bai Jingming, a researcher at the Chinese Academy of Fiscal Sciences, believes that tax cuts and fee reductions put more emphasis on timeliness.
The first half of the year is often the time when companies are short of money the most.
Luo Zhiheng, chief economist of Yuekai Securities, said that as an important measure to reduce taxes and fees, the tax credits will help stabilize market players and boost the expectations of micro-enterprises. It can reduce the occupation of funds and reduce the cost of funds for enterprises , directly improve the sense of gain of the enterprise and improve the ability of the enterprise to resist risks.
Especially in times of economic downturn, capital and cash flow directly determine the viability of an enterprise to a large extent.
Data map.
Photo by China News Agency reporter Wei Liang
Stable expectations send confidence "gold"
At present, the global epidemic is spreading and spreading, superimposed on the escalation of the conflict between Russia and Ukraine, the rise in global inflation, and the start of the Fed's interest rate hike process. Confidence and expectations have been impacted, and global and domestic capital market volatility has intensified.
Confidence is more important than gold. Stabilizing expectations and boosting confidence are crucial to the stability of the capital market.
The executive meeting of the State Council pointed out that it is necessary to attach great importance to the impact of changes in the international situation on China's capital market, and deployed five measures,
three of which mentioned "anticipation", including "carrying out policy orientation consistency assessment, preventing and correcting the introduction of adverse effects.
The policy of market expectations” “prudently handle the problems in the operation of the capital market, and create a stable, transparent and predictable development environment for various market players” and “take targeted measures to stabilize market expectations and boost market confidence.”
Dong Ximiao, chief researcher of China Merchants Union Finance, told Zhongxin Finance reporter that my country's capital market is closely related to the development of the real economy, closely related to the vital interests of hundreds of millions of ordinary investors, and is related to financial stability and social stability.
The meeting of the Financial Committee of the State Council on March 16 and this regular meeting put forward clear requirements for maintaining the stable and healthy development of the capital market. It is very necessary and important to help boost market confidence, stabilize market expectations, and maintain the overall economic and financial situation. Stablize.
Dong Ximiao believes that it is necessary to comprehensively implement multi-departmental policies and coordinate efforts from top to bottom to
prevent "individual rationality" from bringing "combination fallacy" and
maintain policy stability and consistency.
In the next step, relevant departments should continue to introduce targeted policies and measures, and provide more "real money" to better maintain the stability of the capital market and support the healthy development of the capital market.
In addition, the executive meeting of the State Council called for
increasing the support of the prudent monetary policy to the real economy, insisting on not engaging in "flooding", and at the same time using a variety of monetary policy tools in a timely manner to maintain reasonably sufficient liquidity and maintain moderate growth in credit and social financing. .
Wen Bin, chief researcher of China Minsheng Bank, believes that in response to the current lack of aggregate demand, there is still room and necessity for RRR cuts and interest rate cuts to boost the confidence of market players, increase effective credit demand, and stabilize and expand aggregate demand; on the other hand, improve the Structural monetary policy tools such as re-loans to support agriculture and small businesses, carbon emission reduction support tools, and special re-loans for clean and efficient use of coal, focusing on supporting key areas and weak links such as manufacturing, small and micro enterprises, technological innovation, green development, and rural revitalization , to further enhance the ability of financial services to the real economy and ensure that the economy operates within a reasonable range.
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