From Dividend To Impetus
Tax and fee cuts boost economic performance while spurring innovation By Zhang Shasha
A diehard fan of her mother’s dumplings, Liu Jun had often longed to share the “taste of mom’s cooking” with more people and fi nally in 2016, she put her dream into action. The entrepreneur from Xinjiang Uygur Autonomous Region in northwest China started her dumpling business in her hometown Beitun, naming her company Beitun Nanhuwan Food after the city.
Though a new player, Liu feels confi dent about the prospect of her business, especially after the new pro-business policies introduced by the government.
“The recent tax and fee reductions have been a boon for us startups,” Liu said, calculating how she has benefi ted. Implemented since January 1, one of the new measures is the revision of value-added tax (VAT). Earlier, it had to be paid by all businesses with monthly sales of 30,000 yuan ($4,268) and above. Now it is applied to those with monthly sales of 100,000 yuan ($14,225) and above.
These policies have saved Liu over 50,000 yuan ($7,113). In addition, another inclusive tax deduction and exemption policy for micro and small enterprises (MSEs), she estimates, will annually cut taxes for her company by 100,000 yuan.
“For MSEs that usually make small profits, the money saved equals the profi ts made from hundreds of deals,” she said.
(1)大学生网络借贷的影响因素分析。将大学生的性别、年级、专业类型、每月生活费和家庭年收入作为相关因素，对大学生是否使用过网络借贷平台进行logistics回归分析。得到结果如表1：
Thousands of beneficiaries like Liu are enjoying the dividends of the new tax and fee policies. In his New Year speech, President Xi Jinping stressed the importance of implementing the cuts, saying, “Policies to cut taxes and fees must take root to ease the burden on enterprises.”
In terms of macroeconomics, it will encourage the GDP to grow cumulatively by 0.36 percent, which is equivalent to a 301.4-billion-yuan ($42.8 billion) increase, calculated on the base of 2018 statistics.
The policies will also benefit the economic performance as a whole. According to a recent report by the Institute of Public Policy and Governance, Shanghai University of Finance and Economics, on the effect of the VAT reduction, the reform will continue to promote economic growth in the next three years or so. By increasing profit and employment, tax cuts will boost people’s income and consumption. It is estimated that the VAT reform will increase China’s consumption by 1.41 percent in 2019.
根据自然边坡的地形地质情况，先对边坡进行总体的判断，确定自然边坡的治理范围，同时对边坡危险源进行分类、分级。边坡治理原则按“从上到下，分区分块，分阶段分部位”进行治理。根据下部建筑物的重要性等，按照自然边坡与建筑物的毗邻位置关系，以“点、线、面”的不同治理模式确定自然边坡治理具体项目和部位。治理的工艺顺序为先刷坡清理、清撬、截排水沟、表层主被动防护网、挡墙、浅层锚喷支护、深层锚索锚固等单项或多项技术组合，以此形成“点、线、面”的综合治理效果，完成综合治理边坡表层危岩滚落、浅层岩体脱落、深层变形失稳等问题，解决自然边坡各类破坏问题，达到综合治理目的[1]。
The effects go beyond visible statistics. “Underpinned by a raft of tax and fee cuts, dividends are being unleashed, which will boost economic performance while injecting impetus,” Fan Yong, a professor with the Central University of Finance and Economics in Beijing, said.
The beneficiaries
The private sector took the lion’s share of the tax deductions and became the primary benefi ciary, Cai Zili, a spokesperson with the STA, said. In the fi rst three quarters, tax breaks for private economy taxpayers, including private enterprises, reached 964.4 billion yuan ($137.1 billion), accounting for 64 percent of the total.
随着现代化城市建设的深入推进，反季节种植技术在园林绿化施工中的应用也越来越广泛，为有效保障园林的施工质量，下文从苗木选择、栽植技术以及施工工艺等多个方面分析反季节种植在园林绿化种植中的技术要点。
“The policy support on tax is a timely help for us private enterprises,” Wang Yongjun, head of a supply chain management company in Zhejiang, said. “Our company recently applied to the tax bureau for an extension to pay 35.6 million yuan ($5.06 million) in taxes and it was approved in two working days, which helped us a lot in terms of the capital chain.”
Public firms have also benefited. According to a report by China Securities Journal on October 28, companies in traditional industries such as power and nonferrous metals, manufacturing and consumer sectors have seen more benefi ts from the cuts.
Besides enjoying tax reductions, private enterprises in some places are allowed to defer paying tax if there are difficulties. In Zhejiang Province in east China, for example, the authorities are offering such a facility to ease companies’ capital pressure.
(Top) A subway train runs in Fuzhou, Fujian Province in southeast China, on July 9, with a carriage themed on tax and fee reduction. The cartoon characters are dressed in the uniform of tax bureau offi cials Tax offi cers in Hangzhou, Zhejiang Province in east China, explain tax and fee reduction policies to the fi nancial staff of a company on April 1
savings worth 473.8 billion yuan ($62.2 billion), contributing 31.36 percent of the total. That of the wholesale and retail sector was 325.8 billion yuan ($46.3 billion), accounting for 21.56 percent.
“The boons of the tax and fee cuts are
According to the STA, the tax rollback in the manufacturing sector accounted for tax universal for public fi rms,” Fu Lichun, a senior analyst with Northeast Securities, told Xinhua News Agency. “The cuts can improve the profi t margin of listed fi rms while expanding the demand as consumers’ tax burden is also lessened.”
Specifi cally, listed fi rms in the consumer industry will share more dividends partly because their demand side is more sensitive to tax and fee rollbacks, Fu added.
在听读中我浮躁的心渐渐平静了下来，身在负面情绪中的我开始看这周遭的世界，这看似平常实则美好的世界。我们的生活就像海潮的声音，即使是“细细的”，只要用心去聆听、去感受，也一样能让我们心潮澎湃。听读散文，已经是我生活的一部分，听读中可以获得心灵的安慰、思考人性的善恶、感受生命的美好，从而减少自己的负面情绪。
The past three quarters had seen those policies take effect, saving 1.78 trillion yuan ($252.7 billion) in total for businesses and individuals with over 1.51 trillion yuan ($214.8 billion) in tax breaks and 272.5 billion yuan ($38.8 billion) of cuts in social insurance contributions, the State Taxation Administration (STA) said on October 30.
Innovation booster
“As an important measure to promote the structural reform of the supply side, tax and fee cuts are both urgently needed by the real economy and are an important driving force for high-quality development,” Hu Yijian, head of the Institute of Public Policy and Governance, told People’s Daily. “The move is conducive to promoting transformation and upgrading, stimulating market vitality and social creativity.”
In recent years, China has been finetuning its tax policies to leave more room for enterprises to beef up research and development (R&D) and innovation, Cai said.
2017年夏季种植的对照扬稻6号抽穗日期为8月8日，播始历期91 d；鄂早18的抽穗日期为7月17日，播始历期69 d。在这两个时间段内以5 d为一个单位，统计每5 d抽穗株系的数量。
For example, the government has repeatedly optimized and adjusted its R&D super deduction policy to encourage innovation. Earlier, when a company invested in R&D, it was entitled to a deduction in taxable revenue amounting to 150 percent of its R&D spending. Later, it was increased to 175 percent. Then last year, the government extended the favorable deduction scheme, formerly meant for small and medium-sized technological enterprises, to all enterprises.
“Each year, our R&D expense deductions can save us more than 5.3 million yuan ($753,130) in tax payment, which will provide suffi cient cash fl ow to purchase production equipment and increase investment in R&D,” Wang Gang, General Manager of Sea-Gull, a watchmaker based in Tianjin, north China, said.
“With our tax burdens eased, we can strengthen our investment in R&D and productivity, which is significant for the company’s sustainability,” Lu Kunzhong, Secretary of the Board of Wuhan Raycus Fiber Laser Technologies, said.
According to the STA, 45 percent of the taxpayers in the manufacturing industry repurposed the tax and fee savings to invest in R&D in the fi rst three quarters. The R&D expenses of 100,000 key tax source enterprises monitored by the taxation authorities in the fi rst three quarters soared 19.3 percent year on year, an increase of 3.4 percentage points over the whole of 2018.
由于缺乏新的控制体系管理推行措施，在一定程度上限制了企业控制方面管理工作的发展，因此，企业应重视企业控制工作，企业应针对控制方面推行改革措施，加强企业改革措施的落实，促进管理人员创新能力的培养。
Zhang Gongyun, head of Himile Science and Technology, a tire product manufacturer in Shandong Province in east China, said since the implementation of tax and fee cuts on a larger scale this year, his company has saved 150 million yuan ($21.3 million), which has provided impetus for its technological innovation and development.
随着雾霾天气对中国很多地区的影响，人们开始关注空气质量和食物安全，健康旅游也成为近年来的热点，优质的空气和无公害的食物都成为旅游吸引物，而什寒村最突出的特点就在于位于大山深处，空气质量优良，食物大多都是当地村民自己种植和养殖的。所以，琼中什寒村进行旅游营销时，必须突出“优质空气和安全食物”这个特点。同时还可以提供高端的服务。比如一些沿着溪水和峡谷而建的具有私密空间的负氧离子SPA和打造高质量的少数疗养公寓，提升什寒旅游的品位。
“Such support has not only accelerated the fund turnover, more importantly, it has enhanced our confi dence in R&D investment and innovation,” he said.
Zhang Lianqi, deputy head of the Chinese Tax Institute, said the government has responded to the new downward pressure by issuing a string of policies and measures to shore up the confidence of market entities. Of these measures, he called the large-scale tax and fee reductions “the most effective, direct, inclusive and fair.”
Copyedited by Sudeshna Sarkar
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