Tax reduction and fee reduction, financial support policy dividends enhance advanced manufacturing
The Central Economic Work Conference proposed that fiscal policy and monetary policy should form a joint force with policies such as consumption, investment, employment, industry, and regions, and guide funds to invest in advanced manufacturing, people's livelihood construction, and infrastructure shortcomings that benefit both supply and demand, and have multiplier effects. In the field, promote the "double upgrade" of industry and consumption ". Macro policy should pay attention to both the supply side and the demand side; it should not only adhere to the supply-side structural reform as the main line to promote high-quality development, but also promote stable growth of consumption, help consumption upgrade, and work together from the "supply" and "demand" ends.
Policies encourage innovation and inject continuous vitality into manufacturing upgrades
One morning in November 2019, at the security check channel of Shenzhen Baoan International Airport, a 36-year-old male passenger suddenly suffered cardiac arrest and fainted. The medical staff of the Airport 120 Emergency Center rushed to the scene to perform cardiopulmonary resuscitation and rescue, and immediately used AED (Automatic External Cardiac Defibrillator) to defibrillate the passenger. After the rescue lasted for about 15 minutes, the passenger recovered his own heartbeat.
A small AED has become a life-saving artifact. An AED is a medical device that automatically monitors a patient's heart rhythm and delivers an electric shock to restore the heart to normal functioning. The timely rescue of passengers is closely related to the fact that Baoan Airport is equipped with nearly 100 AEDs and the establishment of a corresponding emergency response system. These AED devices are produced in Shenzhen Mindray Biomedical Electronics Co., Ltd.
AED is only one of the many star products of Mindray Medical. As a high-tech medical equipment R & D manufacturer, Mindray Medical's products have covered nearly 110000 medical institutions and more than 99% of the top three hospitals in China. As of the first three quarters of last year, the company realized operating income of 12.379 billion billion yuan, up 20.42 year on year.
The continuous growth of business income is inseparable from the company's competitive advantages in research and development, production, marketing and other aspects, as well as the strong support of national policies.
Data show that as of June last year, the company enjoyed a preferential tax rate of 15% for high-tech enterprises. "Mindray Medical invests more than 10% of its turnover in research and development every year. In the first six months of last year, the company invested a total of 0.705 billion yuan in research and development expenses, and it is expected to enjoy a deduction of about 0.32 billion yuan in research and development expenses. Tax reduction and fee reduction provide a continuous driving force for enterprises to increase investment in research and development innovation, and strengthen our confidence and determination to take the road of independent innovation." Company chairman Li Xiting said.
According to data released by the State Administration of Taxation, in the first three quarters of last year, the manufacturing industry increased tax cuts by 473.8 billion billion yuan, accounting for 31.36 percent of the total new tax cuts, and the industry tax burden fell by 1.08 percentage points year-on-year. 45% of manufacturing taxpayers use tax and fee reduction dividends to increase investment in research and development.
Industry insiders believe that tax reduction and fee reduction allow enterprises to have more resources for equipment renewal, technological innovation and upgrading, which is conducive to enhancing the vitality and competitiveness of enterprises. By continuously and substantially reducing the burden on manufacturing enterprises, enterprise expectations and operating efficiency can be improved.
Design capability is an important aspect of manufacturing innovation capability. In October last year, 13 departments including the Ministry of Industry and Information Technology, the National Development and Reform Commission, and the Ministry of Finance jointly issued the Special Action Plan for Improving the Design Capability of the Manufacturing Industry (2019-2022), clarifying that companies provide technology transfer, technology development and related technical consulting and technical services. Income can enjoy relevant tax preferential policies in accordance with the provisions of the national tax law.
Hu Yijian, Dean of the Institute of Public Policy and Governance of Shanghai University of Finance and Economics, believes that since last year, my country's tax and fee reduction effects have continued to be released, especially the deepening of the value-added tax reform, focusing on reducing the tax rates of manufacturing, transportation and other industries, which is important for promoting transformation and upgrading., Stimulating market vitality and social creativity have obvious effects. As an important measure to promote supply-side structural reform, tax and fee reductions are not only an urgent need for the real economy, but also an important driving force for high-quality development.
The growth rate of medium-and long-term loans in the manufacturing industry has picked up significantly.
"Last year, we firmly grasped the foundation of financial services for the real economy, and actively sought policy support to provide better services for enterprises." Xu Ning, manager of the financial business department of ICBC Quzhou Branch, said that in order to cultivate new momentum and support advanced manufacturing, Quzhou Branch actively participated in the technological transformation projects of many high-quality enterprises, such as an additional credit of 0.1 billion yuan for the annual output of 50000 tons of printing and decorative paper paint paper project of Xiadai New Materials Company and an additional credit of 0.1 billion yuan for the intelligent management of PC component production base in western Zhejiang of Zhejiang Construction Group.
The development of enterprises is inseparable from the nourishment of capital, and the innovative models of financial institutions in various regions make financing more convenient, faster, and more favorable--
In Quzhou, banks have innovated products to resolve financing. On the one hand, they have used online micro-credit products to deeply mine customer data assets. On the other hand, they have done a good job in bank-to-bank cooperation to ensure credit enhancement to solve the problem of lack of mortgage for small and medium-sized enterprises. In order to solve the problem of slow financing, banks continue to optimize business processes, through process management and time commitment system, to ensure that private, small and micro enterprises financing efficient approval. At present, the application rate of private and small and micro enterprises in Quzhou Branch of ICBC has reached more than 99%, and the average loan from application to loan is within 3 working days.
In addition, financial institutions focus on reducing fees and profits to reduce the burden on enterprises. Xu Ning said that since March last year, Quzhou Branch of ICBC has promoted the service of non-repayment of principal and renewal of loans, which does not require customers to raise their own funds to transfer loans, thus greatly reducing financial costs.
The manufacturing industry is the main body of the real economy, the main battlefield of technological innovation, and an important field of supply-side structural reform. Financial services to the real economy, the focus is on the manufacturing industry, the difficulty is also in the manufacturing industry. In recent years, the People's Bank of China, the China Banking and Insurance Regulatory Commission and other departments have issued a number of policies to guide the financial industry to increase support for the manufacturing industry.
Last year, the People's Bank of China stressed the need to increase the proportion of medium-and long-term loans and credit loans in the manufacturing sector. Focusing on the high-quality development of the manufacturing industry, we will implement a differentiated credit policy with support and control. The CBIRC clearly requires large banks to give full play to the "head goose effect", consolidate the long-term working mechanism of "willing to lend, dare to lend and will lend" in the financial services manufacturing industry, and lead financial institutions to improve the quality of services to the real economy.
Under the guidance of the policy, the flow of capital to the manufacturing industry accelerated. Central bank data show that in the first three quarters of last year, the growth rate of medium-and long-term loans in the manufacturing industry rebounded significantly, especially in the high-tech manufacturing industry. At the end of September last year, the balance of medium-and long-term loans in the manufacturing industry increased by 11.3 percent year-on-year, of which the balance of medium-and long-term loans in the high-tech manufacturing industry increased by 41.2 percent year-on-year, 21.2 percentage points higher than the same period last year.
Manufacturing financing channels are also expanding, and some industrial funds, angel investors and venture capital funds actively promote the development of manufacturing. In November last year, the National Manufacturing Transformation and Upgrading Fund initiated by the Ministry of Finance, China Railway Corporation, and China Development Bank Finance was registered and established with a registered capital of 147.2 billion billion yuan to invest in enterprises in the fields of new materials, new generation information technology, and power equipment.
Strengthening Policy Coordination to Enhance Enterprise Investment Confidence
The Central Economic Work Conference proposed "improving the level of manufacturing", "promoting the optimization and upgrading of traditional manufacturing", and "creating a group of internationally competitive advanced manufacturing clusters. "Vigorously developing the manufacturing industry, especially some advanced manufacturing industries with advanced technology, high added value of products and long industrial chain, can not only directly promote the upgrading of the manufacturing industry, but also increase the effective supply of high-end consumer goods, drive consumption upgrading, and solve the structural contradiction between the surplus of low-end consumer goods and the shortage of high-end consumer goods. As a result, guiding funds to advanced manufacturing, while directly promoting the dual upgrading of industry and consumption, has the dual role of strengthening counter-cyclical adjustment and deepening supply-side reform." Wang Qing, chief macro analyst at Oriental Jincheng, said.
Data show that in the first 11 months of last year, fixed asset investment increased by 5.2 percent year-on-year, of which manufacturing investment increased by 2.5 percent. It can be seen that the current manufacturing investment growth is not fast.
"The capital demand of the manufacturing industry has the characteristics of large scale and long term. It is necessary to increase the medium and long-term financing of the manufacturing industry, guide financial institutions to optimize the credit structure, and increase the medium and long-term credit support for private enterprises and manufacturing industry." Minsheng Bank chief researcher Wen Bin said.
Wang Qing believes that to guide funds to invest in the field of advanced manufacturing, the most important thing is to create a good business environment for the development of advanced manufacturing and enhance the confidence of enterprises in investment, which requires the coordination of various policies.
Recently, the China Banking and Insurance Regulatory Commission issued the "Guiding Opinions on Promoting the High-Quality Development of the Banking and Insurance Industry", which clarified that it is actively developing financial products that support strategic emerging industries, advanced manufacturing and technological innovation. Increase financial support to provide high-quality financial services for improving industrial basic capabilities and industrial chain levels; encourage insurance funds to invest in industrial funds through market-oriented methods, and increase support for strategic emerging industries and advanced manufacturing industries.
Dong Ximiao, a special researcher at the National Finance and Development Laboratory, suggested that in the future, we can explore the formulation of special institutional measures and credit plans for manufacturing loans, innovate the evaluation, reward and punishment mechanism for manufacturing loans, increase direct financing such as bond issuance and listing, establish a more effective fault-tolerant and error-correcting mechanism, and guide financial institutions to increase support and services for the manufacturing industry on the premise of preventing risks.
"The next step in the development of advanced manufacturing will rely more on market mechanisms, and industrial policies will also pay more attention to functional optimization and improvement of the investment environment, and will give more options to the market and entrepreneurs." Wang Qing believes that in addition to strengthening the protection of intellectual property rights and developing direct financing, the government can also consider increasing the training of human resources needed for the development of advanced manufacturing, cultivating and strengthening the domestic high-end consumer market, and laying a solid foundation for the development of advanced manufacturing at both ends of supply and demand., To promote an endogenous-driven, "natural" benign development process.
Information source: China Government website
