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。 近日，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。税务总局也出台《公告》配 套文件明确具体征管事项。 上海财经大学公共政策与治理研究院执行院长田志伟告诉第一财经，此次《公告》对现行增值税留抵退 税制度调整力度大，目的是提高政策导向性与精准性，降低征纳成本，提高征管效率。 增值税是中国第一大税种，收入规模一年超6万亿元。财政部数据显示，今年前7个月全国税收收入 110933亿元，同比下降0.3%。其中国内增值税42551亿元，同比增长3%。 目前增值税实行链条抵扣机制，以纳税人当期销项税额抵扣进项税额后的余额为应纳税额。其中当进项 税额大于销项税额时，未抵扣完的进项税额会形成留抵税额。而留抵退税就是把增值税期末未抵扣完的 税额退还给纳税人。 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 ...

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 ...

Core Viewpoint - The article discusses the implementation plan for the loan interest subsidy policy for service industry operators, aimed at boosting consumption and expanding domestic demand in line with national strategies [4]. Policy Content - The policy supports loans issued to service industry operators in eight consumption sectors: catering and accommodation, health, elderly care, childcare, housekeeping, cultural entertainment, tourism, and sports [5]. - Loans must be signed between March 16, 2025, and December 31, 2025, and funds must be used to improve consumption infrastructure and enhance service supply capabilities [5]. - The subsidy covers a maximum loan amount of 1 million yuan per entity, with a subsidy rate of 1% for up to one year, funded by central and provincial finances [6]. Loan Process - Eligible service industry operators can apply for loans at designated banks, which will approve and disburse loans based on market principles [7]. - Banks must report monthly on loan issuance to relevant provincial departments for review [7]. Subsidy Process - After the policy period, banks will apply for subsidy funds based on the loans issued, with a deadline for applications set for January 2026 [8]. - The Ministry of Finance will settle and disburse the subsidy funds to banks within a specified timeframe [8]. Supervision and Management - The policy emphasizes the responsibilities of local governments, banks, and industry management departments to ensure compliance and effective use of funds [10]. - Strict measures are in place to prevent misuse of funds, with penalties for violations [11].

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Group 1: Manufacturing PMI Overview - In July, the Manufacturing Purchasing Managers' Index (PMI) was 49.3%, a decrease of 0.4 percentage points from the previous month, indicating a decline in manufacturing activity [3] - Large enterprises had a PMI of 50.3%, down 0.9 percentage points, while medium-sized enterprises saw an increase to 49.5%, up 0.9 percentage points, and small enterprises dropped to 46.4%, down 0.9 percentage points [3] - The production index was 50.5%, a decrease of 0.5 percentage points, indicating continued expansion in manufacturing production, while the new orders index fell to 49.4%, down 0.8 percentage points, suggesting a slowdown in market demand [3][5] Group 2: Non-Manufacturing PMI Overview - In July, the Non-Manufacturing Business Activity Index was 50.1%, a decrease of 0.4 percentage points, remaining above the critical point [5] - The construction industry index was 50.6%, down 2.2 percentage points, and the service industry index was 50.0%, down 0.1 percentage points [5] - The new orders index for non-manufacturing fell to 45.7%, down 0.9 percentage points, indicating a decline in market demand, particularly in the construction sector, which saw a new orders index of 42.7% [5] Group 3: Composite PMI Overview - The Composite PMI Output Index for July was 50.2%, a decrease of 0.5 percentage points, indicating overall expansion in business activities [7] Group 4: Service Trade Performance - In the first half of 2025, China's service trade totaled 38,872.6 billion yuan, a year-on-year increase of 8.0%, with exports at 16,883 billion yuan, up 15.0%, and imports at 21,989.6 billion yuan, up 3.2% [4][9] - Knowledge-intensive service trade grew to 15,025.4 billion yuan, an increase of 6.0%, with significant contributions from other business services and telecommunications [9] - Travel services experienced the fastest growth, reaching 10,802.9 billion yuan, up 12.3%, with exports growing by 68.7% [9]

Group 1: Manufacturing PMI Overview - In July, the Manufacturing Purchasing Managers' Index (PMI) was 49.3%, a decrease of 0.4 percentage points from the previous month, indicating a decline in manufacturing activity [1][3] - Large enterprises had a PMI of 50.3%, down 0.9 percentage points, while medium-sized enterprises saw a PMI of 49.5%, up 0.9 percentage points, and small enterprises had a PMI of 46.4%, down 0.9 percentage points [3][4] - The production index was at 50.5%, a decrease of 0.5 percentage points, indicating continued expansion in manufacturing production [3][4] Group 2: Demand and Inventory Indicators - The new orders index was 49.4%, down 0.8 percentage points, suggesting a slowdown in market demand for manufacturing [4] - The raw materials inventory index was 47.7%, down 0.3 percentage points, indicating a continued reduction in major raw material inventories [4] - The employment index was 48.0%, up 0.1 percentage points, showing a slight improvement in employment conditions within the manufacturing sector [4] Group 3: Non-Manufacturing PMI Overview - In July, the Non-Manufacturing Business Activity Index was 50.1%, a decrease of 0.4 percentage points, remaining above the critical point [7] - The construction industry business activity index was 50.6%, down 2.2 percentage points, while the service industry index was 50.0%, down 0.1 percentage points [9] - The new orders index for non-manufacturing was 45.7%, down 0.9 percentage points, indicating a decline in market demand [11] Group 4: Price and Employment Trends in Non-Manufacturing - The input price index was 50.3%, up 0.4 percentage points, indicating an overall increase in input prices for non-manufacturing enterprises [11] - The sales price index was 47.9%, down 0.9 percentage points, suggesting a decrease in overall sales prices [11] - The employment index for non-manufacturing was 45.6%, up 0.1 percentage points, indicating a slight improvement in employment conditions [11] Group 5: Composite PMI Overview - The Composite PMI Output Index was 50.2%, a decrease of 0.5 percentage points, but still above the critical point, indicating overall expansion in production and business activities [15]

Group 1: Economic Indicators - The manufacturing PMI for July is at 49.3%, a decrease of 0.4 percentage points from the previous month, indicating a marginal decline in manufacturing sentiment[9] - The new orders index for manufacturing PMI is at 49.4%, down 0.8 percentage points, indicating a return to contraction territory[12] - The production index for manufacturing PMI is at 50.5%, a decrease of 0.5 percentage points, but still within the expansion range[15] Group 2: Supply and Demand Dynamics - Both supply and demand have weakened, with the supply-demand gap widening in July[9] - The new export orders index is at 47.1%, down 0.6 percentage points, reflecting a decline in external demand[12] - The marginal consumption propensity of residents is at 65.52%, a decrease of 0.08 percentage points year-on-year, indicating cautious consumer spending[13] Group 3: Policy Impact and Market Outlook - The "anti-involution" policy is expected to marginally improve PPI growth, supporting corporate profit expectations[2] - The BCI profit forecast index for July is at 44.26, an increase of 0.48 points, indicating improved profit expectations[18] - If inflation recovery is sustainable in Q3, the capital market may stabilize and trend positively in August[26] Group 4: Risks and Challenges - Risks include potential escalation of global trade tensions and geopolitical conflicts[27] - The impact of extreme weather on construction and service sectors has been significant, leading to a slowdown in expansion momentum[21][22]

Group 1 - The core viewpoint of the articles highlights a positive trend in the service industry, with significant growth in revenue and optimistic market expectations driven by policy implementation and consumer demand [1][2] Group 2 - From January to May, the revenue of the service industry above a designated size increased by 4.3% year-on-year, up from 3.2% in the first four months, with key industries seeing a 12% increase, surpassing the national average by 1.5 percentage points [1] - The internet and related services sector experienced a remarkable revenue growth of 49.6% year-on-year, while the software and information technology services sector grew by 12.4%, an increase of 2.7 percentage points compared to the previous period [1] - The resident services sector showed a strong recovery, with revenue growth of 14.5% year-on-year, significantly up from 3.1% in the first four months, driven by substantial increases in photography, bathing, and beauty services [1] Group 3 - The warehousing and logistics industry saw accelerated growth, with revenue from loading, unloading, and warehousing services increasing by 34.6% year-on-year, and multi-modal transport and agency services growing by 19% [2] - Overall business expectations among service industry enterprises remain optimistic, with a production and operation expectation index of 53.9 for the second quarter, slightly down from 54.3 in the first quarter, indicating a stable outlook across all ten industry categories [2] - The information transmission, software, and information technology services sector reported the highest expectation index at 64.1, reflecting strong confidence in future performance [2]

Core Viewpoint - The manufacturing PMI declined in July, influenced by seasonal factors and the implementation of "anti-involution" policies aimed at capacity management in key industries, which has led to an increase in raw material prices. Additionally, weak real estate demand has negatively impacted domestic demand [1]. Manufacturing Sector - In July 2025, the manufacturing PMI was 49.3%, a decrease of 0.4 percentage points from the previous month. The construction business activity index was 50.6%, down 2.2 percentage points, while the services business activity index was 50.0%, a slight decline of 0.1 percentage points [2]. - The marginal decline in manufacturing PMI aligns with seasonal trends, with some regions experiencing supply and demand disruptions due to extreme weather conditions. There is a notable divergence in PMI performance between large and small enterprises [2]. - Production has entered a low season, with demand showing a greater-than-seasonal slowdown. Certain sectors, such as railway, shipping, aerospace, and computer communication, continue to see new orders in the expansion zone, likely due to ongoing equipment upgrade policies. Conversely, sectors like chemical raw materials and non-metallic mineral products remain below the critical point due to insufficient end-demand amid real estate pressures [2]. Services Sector - The service sector remains stable, supported by seasonal factors. The tourism-related industries have seen increased activity due to summer holiday effects, with transportation, postal, and entertainment sectors maintaining high business activity indices. However, real estate and residential services are in contraction zones, indicating weaker performance [3]. - The construction industry has experienced a greater-than-seasonal decline in activity, primarily due to weak real estate demand and a slowdown in fiscal spending on infrastructure projects. Future improvements in construction activity are anticipated, supported by major projects like the Yarlung Tsangpo River hydropower project, with a total investment of approximately 1.2 trillion yuan [3]. Policy and Investment Outlook - The central political bureau meeting in July emphasized the need for sustained macro policy efforts and timely enhancements. The focus should be on three main lines: first, the "anti-involution" policies are expected to adjust supply-side dynamics in certain industries, potentially boosting price levels; second, 69 billion yuan in special long-term bonds for consumer upgrades will be allocated in July, with remaining funds to be disbursed in October, supporting consumption; third, urban renewal projects are likely to enhance investment, particularly in municipal infrastructure and the renovation of old urban areas [4].

Group 1: Manufacturing PMI Overview - In July, the Manufacturing Purchasing Managers' Index (PMI) was 49.3%, a decrease of 0.4 percentage points from the previous month, indicating a decline in manufacturing activity [2][12][14] - Large enterprises had a PMI of 50.3%, down 0.9 percentage points, while medium-sized enterprises saw an increase to 49.5%, up 0.9 percentage points, and small enterprises dropped to 46.4%, down 0.9 percentage points [2][15] - The production index was 50.5%, down 0.5 percentage points, indicating continued expansion in manufacturing production [3][14] Group 2: Non-Manufacturing PMI Overview - The Non-Manufacturing Business Activity Index was 50.1%, a decrease of 0.4 percentage points, but still above the critical point [8][12][17] - The service sector's business activity index was stable at 50.0%, while the construction sector's index fell to 50.6%, down 2.2 percentage points [8][17] - The new orders index for non-manufacturing was 45.7%, down 0.9 percentage points, indicating a decline in market demand [8][12] Group 3: Price and Employment Indices - The input price index for non-manufacturing rose to 50.3%, up 0.4 percentage points, indicating an increase in overall input prices [8] - The sales price index for non-manufacturing was 47.9%, down 0.9 percentage points, suggesting a decrease in overall sales prices [9] - The employment index for non-manufacturing was 45.6%, slightly up by 0.1 percentage points, indicating a slight improvement in employment conditions [10] Group 4: Comprehensive PMI Insights - The Comprehensive PMI Output Index was 50.2%, down 0.5 percentage points, indicating overall expansion in production and business activities [11][18] - The manufacturing production index and non-manufacturing business activity index were 50.5% and 50.1%, respectively, contributing to the overall PMI output index [18]