利好政策延续！外资投资境内债券利息收入继续免征所得税和增值税

Group 1 - The Ministry of Finance and the State Taxation Administration announced a temporary exemption from corporate income tax and value-added tax on interest income from bonds obtained by foreign institutions investing in the domestic bond market from January 1, 2026, to December 31, 2027 [1] - The exemption does not apply to interest income from bonds related to institutions or places established by foreign entities within China [1] - Recent activities include the issuance of 1.5 billion yuan panda bonds by Henkel Group in the interbank bond market, and Barclays Bank initiating a 4 billion yuan panda bond issuance, indicating foreign capital's recognition of RMB bond assets [1] Group 2 - Foreign institutional investors are collectively optimistic about Chinese assets, with Goldman Sachs projecting a 4.8% growth in China's real GDP for 2026, surpassing the market consensus of 4.5% [2] - The MSCI China Index and the CSI 300 Index are expected to rise by 20% and 12% respectively within the year, with a potential 38% increase in the Chinese stock market by the end of 2027 [2] - UBS forecasts an increase in A-share earnings growth from 6% in 2025 to 8% in 2026, driven by nominal GDP growth, corporate revenue increases, supportive policies, and the promotion of "anti-involution" policies [2] Group 3 - China is intensifying efforts to stabilize foreign investment, with a national foreign investment work conference held on January 14-15, 2026, emphasizing the promotion of foreign investment and the creation of an "Invest in China" brand [3] - The "Encouragement of Foreign Investment Industry Catalog (2025 Edition)" will expand to 1,679 items, guiding foreign investment towards advanced manufacturing, modern services, and high-tech sectors, particularly in central and western regions, Northeast China, and Hainan [3] - Investments in these areas will benefit from incentives related to tariffs, land use, and taxes [3]