Core Viewpoint - The new combination of tax and fee support policies is being implemented smoothly, with significant tax refunds and reductions aimed at supporting small and micro enterprises, contributing to economic recovery [1][2][3] Group 1: Tax Refunds and Reductions - As of June 25, the new tax support policies have resulted in approximately 2.58 trillion yuan in tax refunds, reductions, and deferrals, with an expected total of about 2.86 trillion yuan for the first half of the year [1] - The tax refunds include 1.8266 trillion yuan in VAT refunds, which is 2.8 times the total from the previous year, and 463.2 billion yuan in deferred tax payments [1][2] - Nearly 70% of the benefits from the new tax policies are enjoyed by small and micro enterprises, highlighting the focus on supporting these businesses [1] Group 2: Economic Recovery Indicators - In May, national enterprise sales revenue increased by 1.9% year-on-year, a significant improvement from April's decline of 7.4% [2] - From June 1 to June 25, sales revenue further increased by 6.8% year-on-year, with Shanghai experiencing a notable recovery of 18.2% during the same period [2] - The number of new tax-related market entities established in the first five months reached 5.547 million, a year-on-year increase of 6.2%, with 99% being small and micro enterprises [2] Group 3: Future Policy Implementation - In July, the tax refund work will expand to seven additional industries, and efforts to accelerate export tax refunds will begin [3] - The new tax policies are seen as crucial for stabilizing the macroeconomic environment and enhancing the resilience of enterprises, particularly small and micro businesses [3] - The measures are expected to alleviate cash flow issues for enterprises, thereby supporting their ongoing operations and contributing to market stability and growth [3]