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Financial commentary
Published on 2018-07-27 00:38:16 Share it web version
                        Ministry of Finance: insist on not engaging in the "great flooding" type of strong stimulus, focusing on tax reduction and fee reduction
Source: Securities Daily Author: package Xing'an Editor: dongfangcaifuwang

On the 26th of July, at the State Council policy briefing, Liu Wei, the vice minister of the Ministry of Finance, responded positively for the first time that fiscal policy and monetary policy are the two pillars of the macroeconomic regulation system. . Whether it is a proactive fiscal policy or a prudent monetary policy, it is a major macro-policy orientation determined by the Party Central Committee and the State Council. The Ministry of Finance has been unswervingly implementing it.

“Why would the fiscal policy be more active? This is steadily promoted under the central government’s policy of the Central Economic Work Conference and the government work report. We are not going to make a big ups and downs. The State Council’s executive meeting called for camera pre-adjustment and fine-tuning according to the situation.” Liu Wei said, for example, to extend the research and development expenses by 75% to all enterprises. These are further increases under the overall logic at the beginning of the year. It is not a major fluctuation in the macro economy. We have not taken big water. Flood irrigation and assault measures.

Liu Wei believes that the fiscal policy is "more active" mainly has three contents: First, it can be fine-tuned according to the new situation, and it is possible to add some policy measures and do some additions. Second, some work has been included in the plan. Some major policies must be strengthened in the process of landing. Third, the policies of various departments should be linked and coordinated. Fiscal and monetary policies need to be promoted and coordinated.

Liu Wei pointed out that in the next step, the Ministry of Finance will adhere to the general tone of steady progress and strive for the strong stimulus of “big flood irrigation”, focusing on tax reduction and fee reduction to support the development of small and medium-sized enterprises, promote entrepreneurial innovation and stabilize employment. Focus, precise policy, improve efficiency, strengthen departmental collaboration, strengthen policy coordination, and better support the development of the real economy.

The first is to further reduce taxes. From 2018 to the end of 2020, the policy of increasing the deduction rate of R&D expenses to 75% will be expanded from all-skilled SMEs to all enterprises. The initial estimate is to reduce the annual revenue by RMB 65 billion.

Second, the 113 billion yuan that has been refunded to the advanced manufacturing, modern service, and grid enterprises for tax refunds will be basically completed by the end of September, and the policy dividend will be released as soon as possible.

The third is to help solve the financing difficulties of small and micro enterprises and accelerate the formation of national financing guarantee funds. Implement the first phase of fund investment of not less than 60 billion yuan, cooperate with provincial financing guarantee and re-guarantee institutions, support the development of financing guarantee industry, expand the scale of financing guarantee business of small and micro enterprises, and strive to achieve 150,000 (times) small micro-support each year. Corporate and new policy goals of 140 billion yuan in loans. We will reward the local government for expanding the scale of financing guarantee for small and micro enterprises and reducing the financing guarantee fees for small and micro enterprises. In conjunction with relevant departments, we will promptly introduce operational measures to increase the credit line of eligible small-scale enterprises and individual industrial and commercial households with exemption from VAT single-family credits from 1 million yuan to 5 million yuan.

The fourth is to strengthen the convergence of relevant parties, speed up the issuance and use of local government special bonds of 1.35 trillion yuan this year, and achieve early results in promoting infrastructure projects under construction.

"According to this year's budget arrangement, I hope that in the second half of the year, the third quarter and the fourth quarter will be the unreleased part of the 1.35 trillion yuan special bond. According to the project preparation situation, the local government will negotiate the financial institutions in a stable and orderly manner according to the principle of marketization. Released." Liu Wei said that we emphasize the need to effectively protect the financing needs of projects under construction, but these projects must comply with relevant policies and incorporate relevant plans. This is a project that should be promoted locally, and it cannot be a blind spread beyond the financial level. Avoid adding hidden debts.

Related reports>>>

  Basic easing is basically confirmed! The National Committee will not engage in flooding, and strong stimulus will affect the stock market bond market.

  The National Committee and the Central Bank release two major policy signals. How do the stock market and bond market go?

  The agency interprets the national regular meeting signal: the growth rate of infrastructure investment may bottom out

  The national regular meeting has been set! Fiscal policy should be more active, monetary policy should be more moderate

Published on 2018-07-27 07:36:12
                            Does the stamp duty drop?
Published on 2018-07-27 07:44:11
                            The stamp duty is not a big water tank, it will win people's hearts.
Published on 2018-07-27 07:44:37
                            It is also useless to reduce stamp duty
Published on 2018-07-27 07:46:59
                            The stamp duty on securities trading should also drop!
Published on 2018-07-27 07:52:41
                            Money has gone to the listed company, there are several companies that have not bought wealth management products, just listed.
Published on 2018-07-27 07:57:15
                            The increase in infrastructure has already indicated that it has printed banknotes. Investment has boosted the economy and looked at the price increase. Even mineral water has risen by 20%.
Published on 2018-07-27 07:58:32
                            In the case of the stock market, it is useless to drop anything. If you know that you will die, who will enter it!
Posted on 2018-07-27 07:59:00
                            Active fiscal policy has been implemented
Posted on 2018-07-27 08:00:52
                            This is correct, but it is not a good thing for the stock market in the short term.
Published on 2018-07-27 08:01:59
                            Hehehe
Published on 2018-07-27 08:10:26
                            The tax is really too high!
Published on 2018-07-27 08:16:46
                            Reduce taxes and fees, and you shouldn’t be honest. Cancel the transaction stamp duty, this is in line with international standards. Reduce the commission of the transaction, the general public, the wealth of the people, this is the basis of the country's long-term stability.
Published on 2018-07-27 08:20:59
                            The debt ratio is 260%, and dare to flood the water?
Published on 2018-07-27 08:24:55
                            First popular stock, Luo Niushan, I am optimistic
Published on 2018-07-27 08:27:05
                            Hehehe
Published on 2018-07-27 08:35:44
                            Cancellation of stamp duty, this is to boost confidence, and now there is no shortage of money, but the money does not dare to enter the stock market, the elimination of stamp duty is a guide.
Published on 2018-07-27 08:37:51
                            It’s right to listen to it.
Published on 2018-07-27 08:38:54
                            Tax on deposit interest
Published on 2018-07-27 08:39:21
                            So where are the market opportunities for SOE reform?
We believe that the theme of state-owned enterprise reform should be carried out around central enterprises, and continue to grasp the enterprises that have been determined to implement mixed reforms or specific reform plans, such as China Power Construction, China Metallurgical, China Communications Construction, China Construction and other medium-sized enterprises. Big!
Posted on 2018-07-27 08:39:38
                            Hehehe hahahahahaha
Published on 2018-07-27 08:40:08
                            One head down the company's various taxes and fees, and the other is preparing to add property tax. This is a big game.
Published on 2018-07-27 08:41:36
                            Tax reduction and fee reduction are the real way out for the Chinese economy, and the only way to replenish the people and efficiently allocate resources.
Published on 2018-07-27 08:42:58
                            The stamp duty on securities transactions should be cancelled!
Published on 2018-07-27 08:45:44
                            The strong voice of a large number of small and medium investors!
Reduce stamp duty!
Published on 2018-07-27 08:47:03
                            The funds are hot and speculative, indicating that A shares are a wonderful thing in the world.
Posted on 2018-07-27 09:00:38
                            Stamp duty
Posted on 2018-07-27 09:10:01
                            Retail investors pay taxes on such a loss.
Posted on 2018-07-27 09:11:28
                            The oil price tax is 70%, the standard is 30%, and the price is immediately down. Can't you see it?
Published on 2018-07-27 09:13:26
                            There is also a dividend tax (both listed companies have already paid taxes, dividends are collected again)
Posted on 2018-07-27 09:23:55
Fresh and perfect :The funds are hot and speculative, indicating that A shares are a wonderful thing in the world.
                            So A shares have not fallen, and those junk stocks will be more and more. There are not many stocks with A-share investment value. Waiting for the next round of big bangs
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Source: Securities Daily Author: package Xing'an Editor: dongfangcaifuwang

On the 26th of July, at the State Council policy briefing, Liu Wei, the vice minister of the Ministry of Finance, responded positively for the first time that fiscal policy and monetary policy are the two pillars of the macroeconomic regulation system. . Whether it is a proactive fiscal policy or a prudent monetary policy, it is a major macro-policy orientation determined by the Party Central Committee and the State Council. The Ministry of Finance has been unswervingly implementing it.

“Why would the fiscal policy be more active? This is steadily promoted under the central government’s policy of the Central Economic Work Conference and the government work report. We are not going to make a big ups and downs. The State Council’s executive meeting called for camera pre-adjustment and fine-tuning according to the situation.” Liu Wei said, for example, to extend the research and development expenses by 75% to all enterprises. These are further increases under the overall logic at the beginning of the year. It is not a major fluctuation in the macro economy. We have not taken big water. Flood irrigation and assault measures.

Liu Wei believes that the fiscal policy is "more active" mainly has three contents: First, it can be fine-tuned according to the new situation, and it is possible to add some policy measures and do some additions. Second, some work has been included in the plan. Some major policies must be strengthened in the process of landing. Third, the policies of various departments should be linked and coordinated. Fiscal and monetary policies need to be promoted and coordinated.

Liu Wei pointed out that in the next step, the Ministry of Finance will adhere to the general tone of steady progress and strive for the strong stimulus of “big flood irrigation”, focusing on tax reduction and fee reduction to support the development of small and medium-sized enterprises, promote entrepreneurial innovation and stabilize employment. Focus, precise policy, improve efficiency, strengthen departmental collaboration, strengthen policy coordination, and better support the development of the real economy.

The first is to further reduce taxes. From 2018 to the end of 2020, the policy of increasing the deduction rate of R&D expenses to 75% will be expanded from all-skilled SMEs to all enterprises. The initial estimate is to reduce the annual revenue by RMB 65 billion.

Second, the 113 billion yuan that has been refunded to the advanced manufacturing, modern service, and grid enterprises for tax refunds will be basically completed by the end of September, and the policy dividend will be released as soon as possible.

The third is to help solve the financing difficulties of small and micro enterprises and accelerate the formation of national financing guarantee funds. Implement the first phase of fund investment of not less than 60 billion yuan, cooperate with provincial financing guarantee and re-guarantee institutions, support the development of financing guarantee industry, expand the scale of financing guarantee business of small and micro enterprises, and strive to achieve 150,000 (times) small micro-support each year. Corporate and new policy goals of 140 billion yuan in loans. We will reward the local government for expanding the scale of financing guarantee for small and micro enterprises and reducing the financing guarantee fees for small and micro enterprises. In conjunction with relevant departments, we will promptly introduce operational measures to increase the credit line of eligible small-scale enterprises and individual industrial and commercial households with exemption from VAT single-family credits from 1 million yuan to 5 million yuan.

The fourth is to strengthen the convergence of relevant parties, speed up the issuance and use of local government special bonds of 1.35 trillion yuan this year, and achieve early results in promoting infrastructure projects under construction.

"According to this year's budget arrangement, I hope that in the second half of the year, the third quarter and the fourth quarter will be the unreleased part of the 1.35 trillion yuan special bond. According to the project preparation situation, the local government will negotiate the financial institutions in a stable and orderly manner according to the principle of marketization. Released." Liu Wei said that we emphasize the need to effectively protect the financing needs of projects under construction, but these projects must comply with relevant policies and incorporate relevant plans. This is a project that should be promoted locally, and it cannot be a blind spread beyond the financial level. Avoid adding hidden debts.

Related reports>>>

  Basic easing is basically confirmed! The National Committee will not engage in flooding, and strong stimulus will affect the stock market bond market.

  The National Committee and the Central Bank release two major policy signals. How do the stock market and bond market go?

  The agency interprets the national regular meeting signal: the growth rate of infrastructure investment may bottom out

  The national regular meeting has been set! Fiscal policy should be more active, monetary policy should be more moderate