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详解千亿级增值税留抵退税政策大调整
第一财经· 2025-08-23 07:38
2025.08. 23 本文字数:2557,阅读时长大约5分钟 作者 | 第一财经 陈益刊 中国在十多年探索增值税留抵退税的道路上,作出了一次重大政策调整,整体上对退税更加谨慎。 8月22日,财政部、税务总局发布《关于完善增值税期末留抵退税政策的公告》(下称《公告》), 决定自今年9月增值税纳税申报期起,对相关行业采取新的增值税留抵退税政策。税务总局同日出台 《公告》配套文件明确具体征管事项。 此前中国对于留抵税额并没有采取退还处理方式,而是让企业将这一留抵税额结转下期继续抵扣,此 举增加了企业资金压力。为了缓解企业资金压力,支持企业研发创新,中国自2011年开始对集成电 路等特定行业试点留抵退税,2019年迈出一大步,即开始试行增值税增量期末留抵税额退税制度, 退还比例为60%。新冠疫情冲击之下,为了进一步缓解企业资金压力,在此前政策基础上,2022年 扩大了按月全额退还增值税留抵税额的行业范围,更关键的是允许一次性退还企业的存量留抵税额, 此举使得2022年留抵退税金额飙升至2.46万亿元,超过2021年办理留抵退税规模的3.8倍,是疫情 期间国家给企业纾困的重要一招。 近些年来受经济下行等影响,财政收入 ...
以高质量供给创造有效需求 强化政策协同 释放消费增长潜能
出台《关于金融支持提振和扩大消费的指导意见》,推出19条重点举措;设立5000亿元服务消费与养老 再贷款……今年以来,金融管理部门综合施策,加力提振消费,信贷活水精准投向消费领域。专家表 示,后续金融政策将着力从供给侧发力,与其他政策形成合力,加大高品质服务消费供给,以高质量供 给创造有效需求,助力释放消费增长潜能。 加大消费信贷投放 今年以来,信贷活水精准流向消费领域。 人民银行最新数据显示,截至6月末,不含个人住房贷款的全国住户消费贷款余额21.2万亿元,全国住 宿餐饮、文体娱乐、教育、居民服务等服务消费重点领域经营主体的贷款余额2.8万亿元。 5月服务消费与养老再贷款的设立,更是为激活消费市场注入强劲动能。光大银行成都分行的实践颇具 代表性。成都新天府文化旅游发展股份有限公司近期获得的4000万元贷款,正是该行推动服务消费与养 老再贷款政策落地,助力提振消费的生动案例。这笔及时到位的资金也为当地文商旅体融合发展按 下"加速键"。 截至目前,该行已投放对公服务消费类贷款10笔,共计1.4亿元。其中,申报服务消费与养老再贷款5 笔,金额达7550万元,为文旅、住宿餐饮等产业发展提供有力支撑。 记者注意到,多 ...
楼市止跌、消费提速、民间投资活水来袭,中国经济稳住底盘!
Sou Hu Cai Jing· 2025-08-19 08:49
Group 1 - The core economic indicators for July show a slowdown in consumption growth to 3.7%, investment growth down to 1.6%, and industrial value added showing signs of fatigue, prompting the government to take immediate action to stabilize the economy [1][3] - The State Council meeting emphasized the need to unify thoughts and actions with the central government's judgment, aiming to consolidate the economic recovery momentum and ensure that annual targets are not compromised [1][3] - The government plans to systematically eliminate restrictive measures, cultivate new consumption types, and unleash the potential of service consumption, with specific focus on night economy, first-release economy, and silver economy [3][5] Group 2 - Private investment growth is reported at 3.9%, with significant increases in accommodation and catering (19.6%), infrastructure (8.8%), and manufacturing (5.0%), indicating a robust investment landscape [3][5] - The government has allocated 800 billion yuan for construction projects and ensured that 735 billion yuan of central budget investment is in place, aiming to stimulate private investment and economic activity [3][5] - The real estate market is a priority, with the government aiming to stabilize it through urban renewal and renovation of old housing, with new policies in cities like Beijing, Tianjin, and Hainan acting as stabilizing pillars [5][6] Group 3 - The overall strategy focuses on domestic circulation as a stabilizing force, with a combination of policies aimed at boosting consumption, investment, private sector vitality, and real estate stability, forming a comprehensive approach to economic growth [5][6] - Key variables influencing economic performance include household income and consumer confidence, private investment activity, government investment support, real estate market stability, and the implementation of urban renewal [5][6] - The effectiveness of policies and their implementation will determine the economic trajectory for the second half of the year, with current efforts in consumption, investment, and real estate providing a solid foundation for recovery [6]
激发潜力!消费贷款领域的“国补”来了
Xin Hua She· 2025-08-13 17:01
Core Viewpoint - The Ministry of Finance and other departments have introduced two subsidy policies for personal consumption loans and service industry loans, aimed at boosting consumer demand and supporting service sector financing [1][2]. Group 1: Policy Characteristics - The personal consumption loan subsidy policy is described as a "national subsidy" for the consumption loan sector, directly benefiting the public [2]. - The subsidy applies to personal consumption loans used for consumption, including daily expenses below 50,000 yuan and key area expenditures above 50,000 yuan, with a subsidy rate of 1% [2]. - The service industry loan subsidy focuses on eight key sectors, including catering, health, and tourism, with a similar subsidy rate of 1% and a maximum loan amount of 1 million yuan per entity [2][4]. Group 2: Implementation and Impact - The policies are designed to be straightforward, requiring only basic conditions for eligibility, thus aiming to make the process easy for consumers and businesses [2]. - As of June, the balance of household consumption loans (excluding housing loans) was 21.2 trillion yuan, while loans in key service sectors amounted to 2.8 trillion yuan [3]. - The policies are expected to leverage public funds to stimulate 100 times the amount in loans for consumer and service sector support, showcasing a collaborative effort between fiscal and financial policies [4].
宏观深度报告:2025重振消费之路(四)
Ping An Securities· 2025-08-13 13:59
Group 1: Service Industry and Consumption Dynamics - In 2023, China's final consumption rate was 56.8%, which is 10.5 percentage points lower than that of middle-income countries and 19.2 percentage points lower than high-income countries[7] - Service industry output primarily flows into the consumption sector, with 78.5% of service industry final use being consumption, compared to only 36.2% for the industrial sector[12] - Urban residents' consumption accounts for 35.5%, rural residents 8.4%, and government consumption 34.6% of final use, highlighting the significant role of both resident and government consumption[15] Group 2: Potential Directions for Service Industry Development - The healthcare and social security sector in China accounted for only 2.6% of GDP in 2022, significantly lower than the sample region average of 7.2%[38] - The accommodation and catering industry represented 1.8% of GDP in 2024, which is 0.8 percentage points lower than the sample region average[38] - Cultural, sports, and entertainment sectors accounted for just 0.7% of GDP in 2022, compared to the sample region average of 2.5%[38] Group 3: Recommendations for Industry Improvement - For healthcare and elderly care services, macro policies should support the construction and operation of elderly care institutions through fiscal subsidies and loans, while also providing direct elderly care subsidies to low-income seniors[2] - In the cultural and tourism sector, the government should increase investment in cultural infrastructure and explore mechanisms like cultural consumption vouchers to stimulate demand[2] - In the accommodation and catering sectors, policies should focus on reducing tax burdens for individual operators and providing direct consumption subsidies to stimulate market demand[2] Group 4: Employment and Income Impact - The service industry accounted for 62.4% of non-agricultural employment in 2023, surpassing its 60.5% share of non-agricultural GDP[27] - The value added in the service industry flows more towards labor compensation, with 52.9% of service industry value added going to labor, compared to 34.8% in the industrial sector[23] - Each 1% increase in service industry employment leads to a 1.15% increase in manufacturing employment, indicating a strong multiplier effect[29]
央行:引导加大服务消费领域信贷投放力度
Sou Hu Cai Jing· 2025-08-13 03:49
Core Viewpoint - The People's Bank of China (PBOC) emphasizes the importance of financial support for consumption, aiming to enhance credit allocation in service sectors to stimulate economic growth [1] Group 1: Financial Support for Consumption - The PBOC will collaborate with fiscal departments to ensure effective policy implementation and strengthen policy synergy to support consumption [1] - There will be an increased focus on credit allocation in key service consumption areas such as accommodation, dining, entertainment, education, and elderly care [1] - The goal is to promote the development of related industries and enterprises, thereby expanding high-quality consumption supply [1] Group 2: Optimization of Consumer Financial Products - Financial institutions are encouraged to enhance the integration of online and offline consumption scenarios, providing personalized services and simplifying approval processes [1] - There will be an emphasis on improving the attractiveness of consumer financial products to meet genuine consumer needs [1] - The PBOC aims to enhance pricing capabilities for consumer loans based on customer needs and risk characteristics, ensuring sustainable financial services [1] Group 3: Payment Services Improvement - Continuous efforts will be made to facilitate payment services, focusing on consumption scenarios such as food, housing, transportation, and tourism [1] - The objective is to provide consumers with efficient and convenient payment experiences [1]
品质化需求升级带动供给创新
Jing Ji Ri Bao· 2025-08-10 22:00
Core Insights - The article highlights the transformation of China's consumption market driven by an upgrade in quality demand, supported by technological advancements and policy initiatives [1][2][3] Group 1: Consumption Trends - In the second quarter, final consumption expenditure contributed 52.3% to economic growth, indicating its role as a core driver of economic development [1] - Consumers are redefining "cooling" beyond physical temperature to include health assurance and emotional satisfaction, with health attributes becoming the primary consideration in home appliance purchases [1] - The sunscreen market has reached a scale of over 100 billion, reflecting a shift towards health-oriented products [1] - Cultural recognition and therapeutic experiences are driving the popularity of traditional Chinese medicine beverages as a new trend for summer cooling [1] Group 2: Policy and Financial Support - The Ministry of Commerce's "Buy in China" campaign and the Ministry of Culture and Tourism's distribution of over 570 million yuan in consumption subsidies are part of a broader policy effort to stimulate consumption [2] - The People's Bank of China has established a 500 billion yuan service consumption and pension relending program, focusing on sectors like accommodation and entertainment [2] - These policy measures aim to lower consumer costs and optimize corporate cash flow, activating both supply and demand sides [2] Group 3: Market Dynamics and Challenges - The summer economy is characterized by a dual focus on "cooling" and "depth" in tourism, with traditional and niche destinations both experiencing growth [1][2] - However, challenges such as homogenized competition and insufficient supply in high-quality vacation products are evident, leading to a "thousand cities, one face" dilemma in tourism [2] - The surge in family travel during peak seasons has resulted in overcapacity in some tourist areas, highlighting the need for improved service capabilities and regulatory oversight [2] Group 4: Sustainable Development Strategies - To address homogenization, regions should leverage cultural heritage and resources to create differentiated activities that enhance local identity and value in tourism [3] - Infrastructure improvements, such as extended public transport hours and enhanced safety regulations, are essential for optimizing the consumer experience and fostering repeat business [3] - The use of technology, such as AR guides and metaverse experiences, can help alleviate capacity constraints in tourist areas while enhancing visitor engagement [3]
7月份中国中小企业发展指数与上月持平
Zheng Quan Ri Bao· 2025-08-10 16:42
Group 1 - The Small and Medium Enterprises Development Index (SMEDI) in China remained stable at 89.0 in July, unchanged from June [1] - In July, the funding index and input index increased by 0.2 points and 0.1 points respectively compared to June, while the comprehensive operation index and efficiency index remained flat [1] - The construction, transportation, real estate, social services, information transmission software, and accommodation and catering industries showed significant increases in their development indices, rising by 0.6, 0.4, 0.3, 0.3, 0.3, and 0.3 points respectively [1] Group 2 - The development environment for small and medium enterprises in China is stabilizing, with improved funding conditions and reduced operational cost pressures [2] - There is an increasing willingness for investment among enterprises, supported by effective macroeconomic policies [2] - Future efforts will focus on deepening economic reforms, stimulating domestic demand, and supporting innovation and efficiency improvements in private and small enterprises [2]
新华财经早报:8月10日
Xin Hua Cai Jing· 2025-08-10 01:14
Economic Indicators - In July, China's CPI increased by 0.4% month-on-month, reversing a 0.1% decline from the previous month, and the year-on-year core CPI rose by 0.8%, marking the highest increase since March 2024 [3] - The PPI in July decreased by 0.2% month-on-month, but the decline was narrowed by 0.2 percentage points compared to the previous month, marking the first contraction since March [3] Agricultural Sector - The Ministry of Agriculture and Rural Affairs reported that China's pork production and consumption account for about 60% of total meat consumption, and measures will be taken to adjust the breeding of approximately 1 million sows to prevent price volatility [3] Small and Medium Enterprises - The China Small and Medium Enterprises Development Index (SMEDI) for July remained stable at 89.0, with significant increases in sectors such as construction, transportation, real estate, and information technology [3] Trade and Tariffs - The U.S. trade-weighted average tariff rate has risen to 20.11%, significantly higher than the 2.44% at the beginning of the year, indicating a substantial increase in trade barriers [5] - The World Trade Organization has downgraded the global goods trade growth forecast for 2026 from 2.5% to 1.8%, citing recent tariff adjustments as a negative influence on global trade prospects [5] International Relations - European leaders emphasized that any diplomatic solution regarding the Ukraine crisis must protect the significant security interests of Europe and Ukraine [5] - Discussions are ongoing between Qatar and the U.S. regarding a comprehensive ceasefire agreement for the Gaza conflict, expected to be submitted for discussion soon [5]
中国中小企业协会:7月中国中小企业发展指数为89.0,与上月持平
Xin Lang Cai Jing· 2025-08-09 23:52
| 分行业 | 2025M7 | 2025M6 | 涨幅(25M7-25M6) | | | --- | --- | --- | --- | --- | | 总指数 | 89. 0 | 89. 0 | t | 0. 0 | | 工业 | 89. 5 | 89. 7 | → | -0.2 | | 建筑业 | 89. 6 | 89. 0 | t | 0. 6 | | 交通运输业 | 83. 7 | 83. 3 | t | 0.4 | | 房地产业 | 91.6 | 91.3 | ۔ | 0. 3 | | 批发零售业 | 88. 8 | 88. 9 | → | -0. 1 | | 社会服务业 | 89. 1 | 88. 8 | ﮩ | 0. 3 | | 信息传输软件业 | 89. 2 | 88. 9 | t | 0. 3 | | 住宿餐饮业 | 80. 8 | 80. 5 | 1 | 0. 3 | 责任编辑:韦子蓉 8月10日,中国中小企业协会发布,7月中国中小企业发展指数(SMEDI)为89.0,与上月持平。分行业 指数6升2降。7月份,建筑业、交通运输业、房地产业、社会服务业、信息传输软件业和住宿餐饮业上 升幅度 ...