How to be more precise in large-scale corporate relief
China News Weekly reporter/Wang Yu
Published in the 1053rd issue of "China News Weekly" on July 25, 2022
Only 6 minutes after the launch, all four denominations of food and beverage consumption coupons on the platform have been collected. This is the result of statistics collected by Meituan at 11:00 am on July 18.
Starting at 10:00 a.m. on July 18, Beijing issued catering consumption coupons to consumers across the city. The government and platform companies that provide catering services jointly funded the launch of three types of consumption coupons: takeaway, in-store, and elderly care and disability assistance. A total of 100 million yuan, benefiting consumers and catering companies in Beijing.
The analysis believes that the issuance of consumer coupons is of great benefit to the pull of the entire macro economy, the recovery of the catering industry, and the improvement of consumer willingness.
Similar policies can not only stimulate the consumer side, but also stimulate the industry side, injecting liquidity into thousands of market players.
Just over a month ago, where to find money was the biggest headache for amusement equipment supplier Wang Gang.
He took out a pen and paper and began to settle accounts "every cent".
When he entered the industry, he caught up with the outbreak of the tourism industry. The entrepreneur who opened up the situation with the park photography system has always been "rich", so he is famous in the industry for "loving money-losing business".
Until the spring of 2022, the major scenic spots in Shanghai were closed due to the epidemic. Wang Gang, who did not want to "lie down", decided to switch to the front line.
New projects need to be invested, and the company has not received any income for several months, so he began to list the income and expenses one by one, and count the payables and receivables.
After the calculation, he accepted: Want to live?
Find money first.
When enterprises are struggling to save themselves, the State Council has deployed 33 policies and measures to stabilize the economy (hereinafter referred to as "the State Council's 33 Measures") from six aspects including finance, monetary finance, and investment stabilization and promotion fees.
Qiao Baoyun, dean of the Institute of Public Finance and Policy at the Central University of Finance and Economics, told China News Weekly, "The epidemic has disrupted China's normal economic recovery process, and now the fire must be rekindled."
To "fire", nothing is more important than "fast".
On May 25, as soon as the national teleconference on stabilizing the economic market ended, 14 provinces and municipalities including Beijing, Hebei, Hubei, Jiangsu, and Zhejiang immediately held a deployment meeting for their respective provinces and cities.
On the second day of the meeting, five provinces and cities including Shanghai, Shanxi and Fujian also held a meeting to implement the deployment.
On the same day, the State Council dispatched inspection teams to 12 provinces to carry out special inspections on policy implementation and support.
On May 29, Shanghai released the "Shanghai Action Plan for Accelerating Economic Recovery and Revitalization", and introduced 50 specific measures in four sectors, including all-out efforts to help enterprises to bail out and resume work, production and the market.
Among them, "helping enterprises to bail out" ranks first, and has intensified its implementation on the basis of the policies of the State Council.
Zhang Yansheng, chief researcher of the China Center for International Economic Exchanges, said recently that the focus of economic work in the second half of the year should still be on stabilizing consumption.
"Increasing the ratio of per capita disposable income to GDP and increasing the ratio of household consumption to GDP are the top priorities." He suggested that the focus of economic policy in the second half of the year should be on stabilizing consumer confidence and market players, especially to promote the recovery of the service industry , stabilize the confidence of small, medium and micro enterprises and individual industrial and commercial households.
Tax rebate: an efficient channel for capital investment
As soon as the policy came into effect, Wang Gang immediately applied for a VAT refund - after several months of "discontinued cooking", with this money, after passing the current hurdle, he could find more money to restart the company and stagnant projects.
In the cultural tourism industry, Wang Gang's company is not large, its assets are relatively light, and the tax refund is tens of thousands of yuan, but he still will not take it lightly, "Even if it is 100,000 yuan now, I will communicate well and try to pay it later. ".
On March 21 this year, the Ministry of Finance and the State Administration of Taxation have jointly issued the "Announcement of the Ministry of Finance and the State Administration of Taxation on Further Strengthening the Implementation of the VAT Refund Policy at the End of the Period" (hereinafter referred to as "Announcement No. 14"). The policy scope of monthly refund of incremental tax credits has been extended to all small and micro enterprises and six key industries including manufacturing.
For eligible enterprises and individual industrial and commercial households, the existing tax credits formed before April 1, 2019 will be refunded, and the incremental tax credit refund ratio will be increased from 60% to 100%. For six consecutive months, the incremental tax credit is greater than zero, and the tax refund threshold for the sixth month is not less than 500,000 yuan. The implementation period is before December 31, 2022.
"Further intensifying the policy of VAT credits and refunds" was ranked first in the "33 Articles of the State Council".
The cultural, sports, and entertainment industries where Wang Gang works, as well as seven industries including agriculture, forestry, animal husbandry, fishery, accommodation and catering, are also included in the scope of the VAT refund.
"We stabilize consumption. The central government does not have a channel for everyone to find gold. It is very difficult to reopen a channel. It is distributed through the local government, distributed to the village, and then distributed to everyone. Will there be any leakage? It is very difficult to say. But the regulatory authorities have direct contact with enterprises, and they can send money to enterprises, and enterprises can send them to employees.” In Qiao Baoyun’s view, the expanded VAT refund policy is an efficient channel for investing funds into the market .
According to the requirements of the State Council, on the basis of voluntary application by taxpayers, all localities must basically complete the centralized refund of the remaining tax credits before June 30.
According to the "33 Articles of the State Council", the total amount of new tax rebates introduced this year has reached about 1.64 trillion yuan.
Due to the sharp decline in the current income from land sales in various places, this has led to the limited ability of local governments to implement economic stabilization measures when the economic fluctuations are relatively severe.
"In some places, it would be good to have the 'three guarantees' of ensuring basic livelihoods, wages, and operations," Qiao Baoyun told China News Weekly.
Will the expanded tax rebate policy put pressure on local finance?
"Taxes go directly from the central government to our county, and the local government may have to pay a small amount in advance." Zhong Wei, director of finance of a county in Jiangxi, told China News Weekly.
In the past, the residual VAT refund was shared according to the current central and local fiscal system, which means that the central government bears 50% and the local government bears 50%. Because the VAT sharing method is to share 50% of each, so the tax refund is also shared 50%. .
But this year the situation is completely different. On the basis of the current tax system bearing 50% of the tax rebate funds, the central government has arranged another 1.2 trillion yuan of transfer payment funds to support the grassroots implementation of tax rebates, tax reductions and fee reductions and the "three guarantees".
"The central government arranges special transfer payment support for the tax rebate implemented this year, which means that the central government must also undertake the central part; for the part undertaken by the local government, the central government provides support by arranging special transfer payments to ensure that the tax rebate policy will not be affected by the impact of local financial resources. Discount." Xu Hongcai, vice minister of finance, said on March 23 this year.
"We now calculate that the average subsidy ratio from the central government to the local governments exceeds 82%. That is to say, among the total revenue reduction caused by the tax rebate, the central government first took on 50% and then 82%, and the local government actually took on 50%. 18% of the total amount is 9%." Xu Hongcai introduced that in order to ensure better implementation of the policy, the central government's finances are tilted towards small and micro enterprises and counties and districts. The subsidy is 90%, and the subsidy for other enterprises is lower than 82%; the direct income reduction for the local burden of counties and districts is divided into counties, cities and provinces. below 82%.
On March 21, the Ministry of Finance issued the first batch of special transfer payments of 400 billion yuan to support small and micro enterprises in tax rebates.
On April 28, the Ministry of Finance issued a second batch of funds totaling 400 billion yuan to support local governments in implementing other tax and fee reduction policies, make up for policy-based revenue reductions, ease the contradiction between fiscal revenue and expenditure, and promote the smooth operation of county and district finance.
Among them, other special funds for tax rebates and tax reductions are 120 billion yuan, and special funds for supplementing county and district financial resources are 280 billion yuan.
After the central government minimizes the resistance of local finance to implement policies through transfer payments, the focus and difficulty of this tax rebate becomes how to ensure the timeliness.
To this end, the Ministry of Finance and the State Administration of Taxation issued an announcement on April 17, requesting to further speed up the implementation of the VAT refund policy at the end of the period. , the existing tax rebates for medium-sized enterprises in the six major industries will be brought forward to May from the previous July, and the existing tax rebates of large enterprises will be advanced to June from the previous October.
"According to the requirements of the central government, the tax refund must be implemented in the first half of the year, because it is indeed very difficult for market players. But in fact, the input credit to be refunded is calculated from the tax sharing system reform in 1994. It has been 28 years, a very long time, and the accumulated input Remaining credits must be refunded, some funds are difficult to verify, and the workload is very heavy. Government leaders at all levels are very tight, the money must be given to the market entities as soon as possible, and accountants must work around the clock, often until two or three in the morning, responsible for The policy staff is also very hard." Zhong Wei told China News Weekly.
On July 8, the State Administration of Taxation issued an announcement deciding to extend the application period for the VAT credits and refunds in July 2022 to the last working day of July to ensure the smooth implementation of the policy of expanding the scope of the full refund of VAT credits and refunds. It is convenient for taxpayers to apply for tax refund.
Guarantee landing: first tax refund, then audit
"The commissioner worked overtime during the Qingming holiday to give notices one by one" and "the commissioner made several consecutive calls to give up". In the Xiaohongshu, many business owners and company financial officers shared their experiences of being "recalled" by the tax bureau.
"We have many ways to push tax refund policies and procedures to enterprises. There are taxpayer schools offline, grid management and electronic tax bureaus online, and we have established WeChat groups in each industry, and we have to make phone calls. Tell the company that I want to give you a refund, and you can apply quickly." Zhong Wei said that it used to be "people looking for policies", but now it is "policy looking for people".
Some business owners said that they applied for a tax refund on April 11 and received the tax withdrawn from the treasury the next day.
The person in charge of a micro-enterprise in Beijing said that it took only a week from the application to the receipt of the 740,000 yuan tax credit.
According to data from the State Administration of Taxation, as of June 25, 1,826.6 billion yuan of value-added tax refunds had been processed, which was 2.8 times the scale of tax refunds last year.
"In terms of scale, small and micro enterprises are the main beneficiaries. Among the taxpayers who have received tax rebates since April, the number of small and micro enterprises accounted for 94.5%, with a total tax rebate of 756.3 billion yuan, accounting for 44.4%; medium-sized enterprises tax rebates of 378.3 billion yuan RMB 568.7 billion in tax rebates for large enterprises, accounting for 22.2% and 33.4% respectively." Cai Zili, executive deputy director of the Tax Refund and Tax Reduction Office of the State Administration of Taxation and director of the Revenue Planning and Accounting Department, introduced.
From an industry perspective, the six industries that have benefited the most are the first six industries to be included in the tax rebate policy.
"The large-scale VAT refund policy focuses on key industries and basic industries such as manufacturing, and accurately anchors the operation of the national economy and key links in the industrial chain and supply chain." According to Cai Zili, from April 1 to June 25 In Japan, six industries received 991.2 billion yuan in tax rebates, including 441.1 billion yuan in manufacturing, 285 billion in transportation, 172.5 billion in electricity, heat, gas and water production and supply, and 172.5 billion in scientific research and technical services, software and services. A total of 92.7 billion yuan in tax rebates for the three industries of technical services, ecological protection and environmental governance.
According to Cai Zili, a recent survey conducted by the State Administration of Taxation on 15,000 typical enterprises from across the country showed that 39% of the remaining tax refund was used by the enterprise to increase the purchase of raw materials to ensure the normal production and operation needs of the enterprise; 24% was used for investment 10% is used for daily operating expenses such as rent, water and electricity, etc., to ease the financial difficulties of enterprises; other tax rebates are used for payment of accounts and wages and salaries.
Compared with companies applying for tax refunds, some financial companies are feeling the pressure.
"There are more than 30 general taxpayers in more than 130 households, among which there are more than ten companies that have retained tax refunds. I really don't want to do it." Xiaoxiong, who works in a financial company, asked for help on Xiaohongshu.
Under the circumstances of the negative response of the financial company, the interests of some enterprises that urgently need tax rebates to supplement cash flow have been damaged.
"I also have a technology service company, and I urge him to retire every day, but I didn't do it for him," said a financial officer.
"We must ensure that the tax is refunded first, and then risk prevention and control will be carried out." Zhong Wei told China News Weekly that not all companies applying for tax refund will be audited, "The tax audit department uses big data to screen out some risks. The inspection will also be targeted." "Article 33 of the State Council" clearly requires that while increasing the policy of VAT refunds, the prevention of tax refund risks should be strengthened, and tax evasion and tax fraud should be severely punished in accordance with the law.
The greater inspection intensity is the response of the tax department to the policy requirements.
The common methods for defrauding tax refunds are falsely increasing items, concealing income, and making false declarations.
Since the implementation of the large-scale VAT refund policy on April 1, 2022, the State Administration of Taxation and the taxation departments of various provinces and cities have continued to announce hundreds of typical cases of fraudulent tax refunds.
In the case investigated and dealt with by the tax inspection department of Ganzhou City, Jiangxi Province, an enterprise did not declare hidden sales income of 8.1815 million yuan through personal collections, and also transferred sales income of 1,337.3 10,000 yuan, a total of 3.6504 million yuan in tax evasion and 786,400 yuan in tax refunds.
After the incident, the inspection department recovered a total of 3.6504 million yuan of tax evasion from the enterprise, and imposed a fine of 1 time and an additional late payment fine according to the law; recovered 786,400 yuan of tax rebates fraudulently obtained by the enterprise and imposed a fine of 2 times.
From April 1st to June 29th, the national tax inspection department has verified 1,645 enterprises that fraudulently obtained tax refunds, and recovered 2.034 billion yuan of tax refunds.
"There is basically no burden for listed companies to be investigated, because they are very rigorous when doing accounting. I advise everyone to find a regular company for financial affairs." An accountant said that his small company "refunded 250,000 in tax and paid 70 in tax due to accounting problems." Ten thousand".
Companies that have been audited for their tax refunds and subsequently paid larger taxes are not alone.
Many small businesses or financial officers who lack confidence in their accounts are also afraid to apply for tax refunds.
"In July, the tax rebate work for seven new industries will be fully rolled out, the phased deferred payment of social security premiums will also be promoted simultaneously, and the work to further accelerate the progress of export tax rebates has also begun." Wang Dao, member of the State Administration of Taxation Party Committee and Deputy Director Shu said that the implementation of the new combined tax and fee support policy has reached a "critical period for the decisive battle".
Solve financing problems and promote banks to make profits
Due to long-term losses and nearly 200,000 yuan in car loans that were repeatedly overdue, Zhang Tao, a truck driver in Henan, was desperate to sell his two heavy trucks.
Zhang Tao's situation is not an isolated case. Many truck drivers have fallen into the predicament of loan repayment due to the epidemic.
"Encourage the implementation of deferral of principal and interest repayment for small, medium and micro enterprises, individual industrial and commercial households, truck driver loans, and personal housing and consumption loans affected by the epidemic." "Article 33 of the State Council" requires financial subsidiaries of central automobile enterprises to play a leading and exemplary role , providing 6-month deferral of principal and interest repayment support for commercial truck consumer loans issued before June 30, 2022, involving a total loan of 90 billion yuan.
On June 1, the State-owned Assets Supervision and Administration Commission issued the "Detailed Explanation of the Deferred Principal and Interest Payment Policy for Commercial Truck Loans of Central Automobile Enterprises". Co., Ltd. and other financial subsidiaries have officially implemented the policy of deferred repayment.
"Article 33 of the State Council" also encourages commercial banks and other financial institutions to continue to negotiate independently with small and medium-sized enterprises, individual industrial and commercial households, truck drivers, etc. in accordance with market-oriented principles, and implement deferred repayment of principal and interest on their loans, and strive to delay as long as possible. But there is no hard requirement for commercial banks.
Sinotruk is the top heavy-duty truck manufacturer in China. The actual controller is Shandong SASAC, which is a state-owned enterprise rather than a central enterprise. Drivers like Zhang Tao who bought heavy-duty trucks cannot enjoy the 6-month extension of principal repayment. Interest payment policy.
There are also some truck drivers who don't know how to handle deferred repayment of principal and interest, and blindly find 4S stores to ask about relevant policies.
Compared with the tax rebate, the policy of deferred loan repayment and repayment needs to be more publicized.
"Article 33 of the State Council" requires that the proportion of financial support for inclusive small and micro loan support tools be increased from 1% to 2%, that is, the People's Bank of China shall provide financial support according to 2% of the incremental balance of inclusive small and micro loans of relevant local corporate banks. Better guide and support local corporate banks to issue inclusive small and micro loans.
"Policies such as guiding banks to issue inclusive small and micro loans and deferred repayment of principal and interest are essentially to allow banks to give up profits, but banks are enterprises and cannot be compelled by administrative orders." Chen Wei, a staff member of the Hangzhou Financial Supervision Bureau, told China News weekly".
"Banks are special, and the city-level financial supervision bureau can only promote small local financial organizations, such as guarantees and financial leasing. Our local four major state-owned banks are promoted and managed by the provincial-level banking and insurance regulatory bureau, and are managed by the state. , the province has put forward clear requirements for banks. We use some local methods to ensure the implementation of these policies, such as holding a symposium with the heads of local banking institutions, guiding them to increase the balance of loan renewal without repayment, etc. "Chen Wei said .
Taking Hangzhou as an example, in response to the policies issued by the central government and Zhejiang Province, local banks in Hangzhou have successively issued implementation plans.
For example, Bank of China Hangzhou Branch formulated the Action Plan for Bank of China Hangzhou Branch to Help Stabilize the Economic Market, and Bank of Communications Zhejiang Branch formulated and implemented the 32 Opinions on Implementing a Package of Policies and Measures to Stabilize the Economy.
"On the basis of the plan, Hangzhou will make full use of monetary and credit policy tools such as re-lending." Hangzhou Financial Supervision Bureau explained to "China News Weekly" that re-lending is mainly to support small and re-lending, and the issuance mode is mainly "lending first and then borrowing." ”, that is, financial institutions first issue loans that meet the requirements and then obtain funds from the central bank to ensure the accuracy and directness of the use of funds.
For re-loan and re-discount capital support, some banks arrange exclusive account managers and exclusive green approval channels, and give priority to credit loans to enterprises.
"Since this year, Hangzhou Bank has listed 7 billion preferential loan quotas to support small and micro enterprises." Hangzhou Financial Supervision Bureau told China News Weekly.
"Article 33 of the State Council" also requires all localities to make good use of government financing guarantees, provide financing guarantee support for small and medium-sized enterprises in the transportation, catering, accommodation, and tourism industries, and individual industrial and commercial households, and promote financial institutions to lend as soon as possible, not blindly draw and suppress loans. , cut off the loan.
Hangzhou Financial Supervision Bureau replied to "China News Weekly" that as of the end of June 2022, the balance of guarantees for small and micro enterprises and "agriculture, rural areas and farmers" in Hangzhou was 31.25 billion yuan, of which 15 government guarantee institutions were small and micro enterprises and "three rural" guarantees. The balance of "agricultural" guarantees was 16.013 billion yuan, an increase of 5.319 billion yuan or 49.73% over the beginning of the year.
Multi-party joint efforts, "release water to raise fish"
From the perspective of fee reduction, the "33 Articles of the State Council" once again reflected the attitude of "increasing tax reduction and fee reduction" and "releasing water to fish".
However, Zhou Xi, deputy director of the Office of the Hangzhou Municipal Human Resources and Social Security Bureau, told China News Weekly that from the current progress of companies applying for deferred payment, "the company's willingness to apply for deferred payment of social security is not strong, and the number of applications for deferred payment is small."
According to the policy deployment of the State Council and Zhejiang Province on postponing the payment of social insurance premiums for enterprises, Hangzhou City has implemented the implementation of measures for 5 enterprises in extremely difficult industries, 17 enterprises in difficult industries, small, medium and micro enterprises, and individual industrial and commercial households participating in the insurance in the form of units from May 16. The three social insurance premiums of endowment insurance, unemployment insurance and work-related injury insurance will be postponed in stages.
"We carried out extensive publicity in the early stage." Zhou Xi said.
However, as of July 6, 1,784 units in the city have applied for deferred payment, with a total of 250.022 million yuan in the three social insurance premiums, of which 751 small, medium and micro enterprises and individual industrial and commercial households outside the 5 extremely difficult industries have deferred payment of 84.586 million in social insurance premiums. Yuan.
It is worth noting that on the basis of deferred payment of the three premiums, the "Policy Opinions of the Hangzhou Municipal People's Government on Promoting the Recovery and Development of Difficult Industries in the Service Industry" proposes that enterprises in difficulties in Hangzhou can also apply to the competent tax authority for deferred payment of basic employee bases. The medical insurance premium should be paid by the unit, and the maximum period of deferred payment shall not exceed 3 months.
This policy has been implemented from April 2022.
It is understood that compared with the three social security deferred payments, the amount of medical insurance deferred payment is larger and the effect is more obvious.
In addition to deferring the payment of premiums to reduce pressure on companies, on the basis of tax rebates, stable job returns will inject more cash into companies that are trying their best to keep jobs and reduce layoffs.
"China News Weekly" has learned that the Hangzhou Human Resources and Social Security Department will start the 2022 unemployment insurance stabilization return from May this year, and the return object will be the insured units that did not lay off employees, reduced layoffs, and stabilized jobs in the previous year.
Among them, the rebate ratio of large enterprises has been raised to 50% according to the requirements of the State Council, and that of small, medium and micro enterprises has been raised to 90%.
Different from the tax rebate that requires enterprises to apply independently, Hangzhou's unemployment insurance return to stable employment is "exemption and enjoyment". After a big data comparison, enterprises that meet the conditions for stable employment return will be voluntarily returned.
Up to now, 1.697 billion yuan has been issued for the return of stable jobs in Hangzhou, and a total of 230,600 enterprises have received the return of stable jobs, involving 3,252,100 employees.
"Our return to stable posts has been in full swing, and progress is very fast." Zhou Xi told China News Weekly.
Participating units that can still maintain stable employment despite the impact of the epidemic are usually units with strong anti-risk capabilities.
Electric power small and micro enterprises with state-owned assets told China News Weekly that during the epidemic, the industry was not affected much, and due to the background of state-owned assets, it was regarded as a matter of course for enterprises to stabilize their jobs, but this time they also received large sums of money. Stable job subsidies.
In accordance with the requirements of "Article 33 of the State Council", all localities need to step up efforts to stabilize jobs, expand the scope of benefits from unemployment insurance and job retention subsidies, and expand from small, medium and micro enterprises to all insured enterprises that are temporarily unable to operate normally due to the severe impact of the epidemic.
"Except for individual details, this policy will soon be implemented in Hangzhou." A staff member of the Hangzhou Municipal Government revealed that the amount of funds involved in the work-stay subsidy amounts to billions, and the relevant documents have been signed and approved.
Compared with the aforementioned measures, the state-owned housing rent-free policy for small and micro enterprises and individual industrial and commercial households in the service industry involves a smaller number of market players.
Taking Xihu District of Hangzhou City as an example, according to the estimates of the Finance Bureau of Xihu District, the policy has benefited more than 1,200 enterprises and merchants, saving a total of 90 million yuan in rent costs.
Some merchants have been exempted from rent of more than 100,000 yuan due to this policy.
In addition, public rental housing has also been included in the scope of rent reduction in Hangzhou.
According to data from the Hangzhou Municipal Housing Insurance and Housing Management Department, the rent-free policy for public rental housing shops reduced or exempted 7.34 million yuan in rent for 131 operators.
"China News Weekly" noted that in other provinces and cities, rent relief work is also a priority.
Taking Fuzhou, Jiangxi as an example, from the city to the districts and counties, the units involved in the housing have clarified the contact person for rent-free, and listed the contact number. These information are all publicized so that the tenant can get in touch with them.
"The bailout is not an immediate effect of a certain policy, it must be the result of a comprehensive policy." Chen Wei told "China News Weekly", "I believe that the most important thing is to try to create a relaxed environment for enterprises, to use the All the relevant policies are used for it. Leaders at all levels attach great importance to it, and it is indeed the most important thing at this stage to stabilize the economic market and protect the market players.”
After Shanghai Disneyland and Beijing Universal Studios opened one after another, Wang Gang began to travel non-stop, trying to regain the lost time.
He is very clear that the government's emergency rescue is not the key to the life and death of an enterprise. What is important is the stability of the market environment and the tenacious desire of the enterprise to survive.
"As a small and micro enterprise supplier like us, as part of the ecosystems of Disney, Happy Valley, Universal Studios, etc., we look forward to a stable environment to allow these companies to operate normally. When they stop flowing, my business is fundamentally lost. There is no place to do it." Wang Gang told China News Weekly.
If he is lucky enough, Wang Gang will cooperate with his friends who are "after the catastrophe" and use the funds of the other party to let the new project run first.
But with bad luck, he'll have to borrow from the bank.
"Come step by step, try to keep the risks under control. (We) will never lie down, never give up, never admit defeat."
"The judgment of 'weakening expectations' repeatedly mentioned by the central government is very correct. The question now is how to make everyone have reasonable expectations, not too high, but not overcorrection. We must form stable expectations and tell everyone that we are correct. On the track, we must persevere and believe, this is also one of the important purposes of stabilizing the economic market." Qiao Baoyun said, "The government has set the fire on fire, but the company still has to burn the pot."
(At the request of the interviewee, Zhong Wei and Chen Wei are pseudonyms)
"China News Weekly" Issue 27, 2022
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