Li Keqiang presided over the executive meeting of the State Council and deployed tax reduction policies to support enterprise innovation in stages
2022-09-09
Premier Li Keqiang presided over the executive meeting of the State Council on September 7 to deploy policies to strengthen support for employment and entrepreneurship, expand employment space, and cultivate and strengthen market players and new economic drivers; It was decided to provide phased financial discounts on loans for equipment upgrading and transformation in some fields and increase credit support for social service industries, so as to promote consumption to play a leading role; Deploy tax reduction policies that support enterprise innovation in stages to encourage enterprises to increase investment and improve innovation ability; We will determine measures to revitalize the balance limit of local special bonds according to law, and better give play to the role of effective investment in achieving more with one stone. The meeting pointed out that employment is the foundation of people's livelihood, entrepreneurship can stimulate more market players to bring employment, and stable growth is mainly for stabilizing employment. We should implement the arrangements of the Party Central Committee and the State Council, tighten the responsibilities of local entities, and make greater efforts to promote employment and entrepreneurship. The first is to relax the provision period for unemployment insurance balance from 24 months to 18 months in the areas where the training subsidy for workers staying will be implemented. College graduates who have not been employed within two years and registered unemployed youth will be included in the job expansion subsidy. Unemployment insurance benefits shall be paid to the unemployed in a timely manner. We will strengthen skills training for migrant workers to stabilize their posts. Second, support the platform economy to stabilize employment. Social security subsidies will be given to those who have difficulties in flexible employment and college graduates who have not been employed for two years. Use special loans to support platform enterprises. Third, if the startup guarantee lender encounters difficulties due to the epidemic, it can extend the repayment period for one year. We will guide banks to increase initial loans, credit loans, renewal loans, and medium - and long-term loans for small, medium-sized, and micro enterprises. Fourth, encourage insurance funds to invest in venture capital funds according to law. Optimize the sales restriction period for shareholders of venture capital enterprises to facilitate the reinvestment of recovered funds. Fifth, the government invested business incubation bases should do their best to provide venues to start-ups for free. The meeting pointed out that insufficient demand is a prominent contradiction at present. We should focus on promoting demand through consumption and investment, promoting social investment, and promoting consumption through investment. Supporting equipment upgrading and transformation in weak areas of economic and social development is conducive to boosting the level of future development, increasing the actual demand of the manufacturing and service industries, and boosting market confidence. We will implement a phased incentive policy for new loans to universities, vocational colleges and training bases, hospitals, underground comprehensive pipe corridors, new infrastructure, industrial digital transformation, small, medium and micro enterprises, individual industrial and commercial households, and other equipment purchase and renovation. The central government will subsidize interest by 2.5% for a period of two years. The deadline for applying for discount interest is December 31 this year. We will correspondingly increase the support of monetary policy for supporting financing of commercial banks. At the same time, banks should be guided to increase credit support to industries such as education, cultural tourism, health and fitness, old-age care, community and domestic services, accommodation and catering, so as to expand consumption and investment in social services. The meeting pointed out that enterprises are the main body of innovation, and it is necessary to implement a phased tax reduction policy to support enterprise innovation until December 31 this year. This is inclusive, fair, efficient and direct. First, the expenditure of high-tech enterprises on equipment purchase in the fourth quarter of this year is allowed to be deducted in full and 100% before tax in the current year, and further supported by local and central finance. Second, in the fourth quarter of this year, industries that currently deduct R & D expenses before tax at a rate of 75% will be uniformly increased to 100% to encourage transformation and upgrading of equipment. Third, the basic research expenditure of scientific research institutions funded by enterprises
Edit：He Chuanning Responsible editor：Su Suiyue
Source：Xinhua
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