On May 23, the National Development and Reform Commission and four other departments issued a notice on the key work of cost reduction in 2024 (hereinafter referred to as the "notice"), clarifying 22 tasks in 7 aspects to reduce the costs of real economy enterprises in 2024. In terms of improving the targeted and effective tax and fee preferential policies, the Notice proposes to implement structural tax reduction and fee reduction policies such as pre tax deduction of research and development expenses and tax reduction for scientific and technological achievement transformation, with a focus on supporting scientific and technological innovation and manufacturing development, and strengthening the position of enterprises as the main body of scientific and technological innovation. Appropriately reduce import tariffs on advanced technology, equipment, and resource goods. In terms of improving the quality and efficiency of financial services for the real economy, the Notice clearly states that we will continue to play an important role in the reform efficiency of the Loan Market Quotation Rate (LPR) and the market-oriented adjustment mechanism of deposit interest rates. On the basis of maintaining the basic stability of the net interest margin of commercial banks, we will promote the stable and moderate reduction of social comprehensive financing costs. In terms of continuously reducing institutional transaction costs, the Notice proposes to formulate opinions on improving the market access system, revise the new version of the negative list of market access, and promote full coverage of market access efficiency evaluation; Carry out special rectification of "four types" of illegal and irregular behaviors in the field of government procurement, strengthen regular administrative law enforcement inspections, and innovate means to improve regulatory efficiency. The notice also focuses on alleviating the pressure of labor costs on enterprises, reducing the cost of land and raw materials for enterprises, promoting the improvement of logistics quality, efficiency, and cost reduction, and motivating enterprises to tap into potential internally. Wang Qing, Chief Macro Analyst of Dongfang Jincheng, stated that in terms of fiscal policy, the "Notice" requires an increase in the targeted and effective tax and fee preferential policies, which means that this year's tax reduction and fee reduction will not adopt the same intensity in all fields and industries, but will focus on supporting technological innovation and manufacturing development. In terms of monetary policy, the "Notice" requires the promotion of stable and reduced loan interest rates, and the promotion of stable and reduced social comprehensive financing costs. It is expected that in the future, LPR quotations will be lowered and various loan interest rates will be lowered through guiding deposit interest rate cuts, comprehensive reserve requirement reductions, and other means. Wei Qijia, Director of the Industrial Economy Research Office of the Economic Forecasting Department of the National Information Center, stated that continuing to consolidate the positive trend of the real economy still requires strong policy support. Maintaining the continuity and stability of cost reduction policies and allowing the real economy to "light up" is the right thing to do. Facing market concerns and playing a "combination punch" of cost reduction policies will help fully unleash macroeconomic policy dividends, provide real benefits to enterprises, and be conducive to macroeconomic stability and market expectations improvement. (Lai Xin She)
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