Core Viewpoint - The Ministry of Finance and the State Taxation Administration announced on August 22 the improvement of the tax refund policy for retained tax credits, adjusting refund ratios and conditions for certain industries to enhance policy precision and support key sectors [1][2]. Group 1: Policy Adjustments - From September 2025, the policy of full monthly refunds for retained tax credits will continue for four key industries: manufacturing, scientific research and technical services, software and information technology services, and ecological protection and environmental governance [3]. - Other industries will have specific conditions and ratios for tax refunds, allowing eligible taxpayers to fully repay previously obtained retained tax refunds or opt for immediate collection or subsequent refunds [3]. Group 2: Industry Focus - The continuation of full refunds for retained tax credits in key sectors such as manufacturing, technological innovation, and green development reflects a policy direction that aligns with national development strategies [6]. - The real estate industry will maintain its existing retained tax refund policy, ensuring policy continuity and supporting the stabilization of the real estate market [6]. Group 3: Policy Evolution - The new policy signifies a shift in fiscal policy from a "universal benefit" approach to a "precise drip irrigation" strategy, targeting specific industries for support [7].