The meeting pointed out that the current downward pressure on the economy continues to increase, and many market players are very difficult. Development is the foundation and key to solving all China's problems. We should implement the deployment of the Party Central Committee and the State Council, strengthen confidence, respond decisively, fully implement the new development concept, effectively coordinate epidemic prevention and control and economic and social development, accelerate the implementation of the policies determined by the central economic work conference and the government work report, and strengthen the implementation, and adopt a package of targeted, powerful and effective interval regulation measures in accordance with the overall thinking and policy orientation, so as to stabilize the basic economic situation.
The measures decided to be implemented at this meeting cover the fields of finance, finance, stabilizing the industrial chain and supply chain, promoting consumption and effective investment, and ensuring energy security. In particular, a number of incremental policies have been issued for people's livelihood and bailing out enterprises.
The meeting stressed the need to enhance a sense of urgency and pay close attention to implementation. Relevant departments should refine the package of measures one by one as soon as possible and publish them for implementation. The State Council will supervise the implementation of local measures to stabilize the economy, and local governments should speed up the introduction of policies to stabilize the economy in line with local realities.
The national standing committee decided to implement 33 measures in six aspects to stabilize the economy
The meeting decided to implement 33 measures in 6 aspects, mainly including:
First, fiscal and related policies. In more industries, the total amount of stock and incremental tax rebates was retained, more than 140 billion yuan of tax rebates were increased, and 2.64 trillion yuan of tax rebates and reductions were made throughout the year. The policy of delaying the payment of pension and other social security fees for individual industrial and commercial households of small, medium-sized and micro enterprises and five special poverty-stricken industries will be extended to the end of the year, and extended to other special poverty-stricken industries. It is expected to delay the payment of 320 billion yuan this year. We will extend the unemployment insurance training subsidy to all enterprises in difficulty. The re guarantee cooperation business of the state financing guarantee fund increased by more than 1 trillion yuan.
Second, financial policy. This year, the amount and proportion of inclusive small and micro loan support tools have doubled. Support banks to postpone the repayment of principal and interest within the year for individual industrial and commercial household loans, truck car loans, personal housing loans and consumer loans in distress for small, medium-sized and micro enterprises; The 90 billion yuan truck loan issued by central automobile enterprises should be extended by bank enterprise linkage for half a year.
Third, stabilize the industrial chain and supply chain. Optimize the policy of returning to work and reaching production capacity. We will ensure the smooth flow of freight, remove restrictions on access from low-risk areas, and eliminate unreasonable height restrictions and charges. Orderly increase domestic and international passenger flights.
Fourth, promote consumption and effective investment. A phased reduction of 60 billion yuan in the purchase tax on some passenger cars. Urban policies support the demand for rigid and improved housing. A number of new water conservancy projects, especially large-scale water diversion and irrigation, transportation, reconstruction of old residential areas, underground comprehensive pipe gallery and other projects, have been started to guide banks to provide large-scale long-term loans.
Fifth, ensure energy security. Implement the responsibility of local coal production and adjust the policy of increasing coal mine nuclear production capacity. Start another batch of energy projects.
Sixth, we will do a good job in unemployment security, subsistence allowances and assistance to people in need, and timely start the linkage mechanism between social assistance and security standards and rising prices as appropriate.
Tax cuts and fees will be reduced, and the fiscal policy will focus on ensuring people's livelihood and stable employment
In the package of policies and measures of this meeting, the proactive fiscal policy, which has been moving forward since the beginning of the year, has been added again, and the enterprises and groups in difficulty have been able to tide over the difficulties through tax rebates, deferred payment of social security, expansion of financial subsidies and other means.
This year, the CPC Central Committee and the State Council deployed and implemented a new combined tax support policy. It is estimated that the annual tax rebate and tax reduction is about 2.5 trillion yuan, of which the new value-added tax rebate is about 1.5 trillion yuan. According to the State Administration of Taxation, since this year, it has reduced the tax burden and increased cash flow for enterprises by more than 1.6 trillion yuan.
This meeting not only increased the strength of tax rebate and deferred payment, but also expanded the object of implementation. In terms of full incremental tax rebates, the tax rebate was increased by more than 140 billion yuan, which means that the annual tax rebate and tax reduction will reach 2.64 trillion yuan. At the same time, the policy of delaying the payment of pension and other social security premiums for small, medium-sized and micro enterprises, individual industrial and commercial households and five special poverty-stricken industries will be extended to the end of the year and extended to other special poverty-stricken industries, with an estimated delay of 320 billion yuan.
Shi Wenwen, director of the finance and tax law research center of China University of political science and law, called for more efforts to delay the payment of fees in an interview with the Chinese reporter of the securities times and securities companies a few days ago. He believes that as a cross period policy tool, the deferred payment of taxes and fees can not only enrich the cash flow of enterprises in stages and help enterprises tide over the current difficulties, but also have a small impact on fiscal revenue.
In addition, in addition to the clear financial commitment to bear the national student loan interest that should be repaid by graduates of this year and previous years this year, this meeting further strengthened the financial efforts to stabilize employment and expanded the unemployment insurance training subsidy to all difficult insured enterprises. The consumption promotion measures proposed at the meeting were also linked to the finance, and the demand for cars was boosted by a phased reduction of 60 billion yuan in the purchase tax of some passenger cars.
Xie logistics, senior investment consultant of Jufeng investment consulting, believes that increasing the open source of loans on the basis of tax reduction, burden reduction and expenditure reduction can not only reduce the operating costs of small, medium-sized and micro enterprises, but also get more financial support, which can accelerate the recovery and development of enterprises. At the same time, the measures to support the deferred repayment of principal and interest of relevant loans can also promote the acceleration of relevant consumption and boost the consumption potential of the market.
Further strengthening of Pratt & Whitney small and micro loan support tools
In terms of financial policy, the national standing committee meeting made it clear that the amount and proportion of inclusive small and micro loan support tools will double this year. Support banks to postpone the repayment of principal and interest within the year for individual industrial and commercial household loans, truck car loans, personal housing loans and consumer loans in distress for small, medium-sized and micro enterprises; The 90 billion yuan truck loan issued by central automobile enterprises should be extended by bank enterprise linkage for half a year.
At the beginning of 2022, the people's Bank of China implemented the continuous transformation of two direct tools, the inclusive small and micro enterprise loan extension support tool and the inclusive small and micro enterprise credit loan support plan. These two direct tools were created at the beginning of the outbreak of the epidemic in 2020 to support financial institutions to postpone the repayment of principal and interest on small and micro enterprise loans that are temporarily in difficulty, and encourage financial institutions to increase the investment of credit loans to small and micro enterprises.
After the continuous conversion of the two direct tools this year, the "Pratt & Whitney small and micro enterprise credit loan support plan" will be incorporated into the management of "supporting agriculture and supporting small refinancing", and the 400 billion yuan refinancing line originally used to support Pratt & Whitney small and micro credit loans will continue to be used on a rolling basis; According to the previous arrangement, from 2022 to the end of June 2023, the central bank will provide funds according to 1% of the incremental balance of inclusive small and micro loans of local corporate banks, operate on a quarterly basis, and encourage the continuous increase of inclusive small and micro loans.
According to the previous introduction of the central bank, the inclusive small and micro loan support tool has embedded an incentive mechanism to fully mobilize the enthusiasm of financial institutions and promote the financing increment, price reduction and expansion of small and micro enterprises. First, the institutional scope supported by the tool is local legal person banks that meet the requirements. Second, provide funds to local legal person banks according to the increment of inclusive small and micro loan balance. Third, adhere to the principle of prudence. The credit risk of relevant loans is still borne by financial institutions to prevent moral hazard.
The national standing committee meeting made it clear that the amount and proportion of loan support tools for inclusive small and micro enterprises would be doubled. In the first quarter monetary policy implementation report, the central bank disclosed that in the first quarter of 2022, the people's Bank of China provided incentive funds of 4.349 billion yuan to local legal person financial institutions to support them to increase inclusive small and micro loans, totaling 436.6 billion yuan.
In addition to encouraging local corporate banks to increase their support for small and micro enterprises through the above inclusive loan support tools for small and micro enterprises, large state-owned banks should continue to play the leading role of "head geese". It is understood that the new inclusive small and micro enterprise loans of large banks this year will reach 1.6 trillion yuan. The number of new small and micro enterprise legal person first loan households in the whole year was higher than that in the previous year.
At the end of the first quarter, the loan balance of inclusive small and micro enterprises of six large banks was 7.3 trillion yuan, an increase of 850.4 billion yuan or 13.1% over the beginning of the year; The average interest rate of new loans issued by Pratt & Whitney enterprises was 1.4% lower than that of small enterprises in 2021; A total of 91000 first loan households of small and micro enterprises were added, an increase of 20000 over the same period last year.
Continue to expand effective investment and focus on water conservancy projects
In terms of promoting effective investment, the meeting pointed out that urban policies will support the demand for rigid and improved housing. A number of new water conservancy projects, especially large-scale water diversion and irrigation, transportation, reconstruction of old residential areas, underground comprehensive pipe gallery and other projects, have been started to guide banks to provide large-scale long-term loans.
Cheng Qiang, chief Macro Analyst of CITIC Securities Research Department, pointed out that many recent central meetings have made it clear that infrastructure is the core of this year's steady growth policy, and the driving role of infrastructure investment will be further strengthened. The issuance of special bonds accelerated again in May, which will provide strong support for the financing of subsequent infrastructure projects.
According to the data of the Ministry of water resources, by the end of April, all localities had completed water conservancy construction investment of 19.8 billion yuan, an increase of 45.5% over the same period last year. Among them, 9 major water conservancy projects were newly started from January to April, with an investment scale of more than 30 billion yuan. The Ministry of water resources has previously made it clear that China is expected to complete more than 800 billion yuan of water conservancy construction investment this year, which means that there are still about 600 billion yuan of water conservancy construction investment, which will gradually release its efficiency in the future.
Wei Shanzhong, Vice Minister of water resources, once said that this year's major water conservancy projects will play a significant role in flood control, water supply, irrigation and ecology. Every 100 billion yuan invested in major water conservancy projects can drive GDP growth by 0.15 percentage points and create 490000 new jobs. The Ministry of water resources also pointed out that it will guide all localities to increase investment in the form of special government bonds, financial funds and social capital.
The significance of the transformation of old residential areas is equally important. According to the shell Research Institute, the proportion of China's urban stock housing built around 2000 is about 3:7. It has been 20 years since the community was built before 2000. It is relatively "congenitally deficient" in residential design. In addition to the problems of elevators and barrier free access, aging problems such as facility lines may also lead to potential safety hazards.
Cheng Qiang believes that there is a broad space for urban renewal and development, including not only the transformation of old urban communities, but also the greening, intellectualization, IOT and adaptation of housing to the old and the young. The renewal and upgrading will become a new growth point. Referring to the experience of Europe and the United States, urban renewal investment accounts for more than 40% of all real estate investment on average. At present, it is about 27% in China. It is estimated that China's urban renewal investment will reach 53000 and 9 trillion yuan in 2025 and 2030.
