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 - Postal Savings Bank of China (PSBC) is actively supporting private enterprises in Guangdong, enhancing their innovation and growth through financial services, particularly focusing on technology-driven companies like Wangsi Technology Group [1][2]. Group 1: Financial Support for Private Enterprises - Wangsi Technology Group received substantial credit support from PSBC's Guangzhou branch, which will aid in deepening technology research and expanding business areas [1]. - PSBC Guangdong branch is recognized as a key player in supporting the private economy, contributing to economic stability, job creation, and innovation [1][3]. Group 2: Technology Financing Initiatives - PSBC Guangdong branch has established a specialized team for technology finance, focusing on high-tech sectors such as artificial intelligence and digital twin technology [2]. - The bank has developed various financing products, including "Large Science and Technology Loans," to address the funding needs of technology enterprises, with over 8,100 technology companies served and a loan balance exceeding 36.7 billion yuan, reflecting a 37% year-on-year increase [3]. Group 3: Support for International Expansion - PSBC is facilitating the international expansion of quality enterprises in Guangdong by providing a comprehensive range of cross-border financial services, including trade financing and currency risk management [4]. - Specific case examples include a toy manufacturing company in Chaozhou that received a 10 million yuan credit line to explore new market channels, demonstrating the bank's responsiveness to market challenges [4]. Group 4: Future Focus - The bank plans to continue its focus on supporting private, small, and technology-driven enterprises, implementing initiatives to empower high-quality development in the private sector [5].

Economic Performance - Shenzhen's GDP for the first half of 2025 reached 1832.226 billion yuan, with a year-on-year growth of 5.1% [1] - The primary industry added value was 1.033 billion yuan, growing by 2.8%; the secondary industry added value was 650.556 billion yuan, growing by 3.3%; and the tertiary industry added value was 1180.637 billion yuan, growing by 6.1% [1] Industrial Growth - The city's industrial added value above designated size grew by 4.3%, with a slight acceleration of 0.1 percentage points compared to the first quarter [1] - High-tech product output saw significant growth, with civil drones, industrial robots, and 3D printing equipment increasing by 59.0%, 38.0%, and 35.8% respectively [1] Service Sector - The added value of the service industry was 1180.637 billion yuan, with a year-on-year growth of 6.1%, also accelerating by 0.1 percentage points from the first quarter [1] - Key sectors such as finance, transportation, and information technology services grew by 10.9%, 9.0%, and 8.1% respectively [1] Investment Trends - Fixed asset investment in Shenzhen saw infrastructure investment grow by 7.7% and industrial technological transformation investment grow by 47.1% [1] - Investment in information transmission, software, and IT services surged by 47.7%, while transportation and postal services grew by 32.5%, and scientific research and technical services increased by 21.7% [1] Consumer Market - The total retail sales of social consumer goods reached 494.868 billion yuan, with a year-on-year increase of 3.5%, accelerating by 0.4 percentage points from the first quarter [2] - The total import and export volume was 2167.545 billion yuan, with a year-on-year decline of 1.1%, but the decline was narrowed by 1.7 percentage points compared to the first quarter [2] - High-tech product exports grew by 8.0% [2] Financial Sector - As of the end of June, the balance of deposits in financial institutions (including foreign capital) was 14160.014 billion yuan, with a year-on-year growth of 5.7% [2] - The balance of loans in financial institutions (including foreign capital) was 9846.991 billion yuan, with a year-on-year growth of 3.5% [2] Price Trends - The consumer price index in Shenzhen increased by 0.1% compared to the same period last year [3]

Economic Performance - Shenzhen's GDP for the first half of the year reached 18,322.26 billion yuan, with a year-on-year growth of 5.1% [1] - The primary industry added value was 10.33 billion yuan, growing by 2.8%; the secondary industry added value was 6,505.56 billion yuan, growing by 3.3%; and the tertiary industry added value was 11,806.37 billion yuan, growing by 6.1% [1] Industrial Growth - The industrial added value above designated size in Shenzhen grew by 4.3% year-on-year, with manufacturing playing a crucial role [1] - Key sectors such as general equipment manufacturing, instrument manufacturing, and electrical machinery manufacturing saw growth rates of 17.1%, 8.8%, and 8.2% respectively [1] - High-tech product output continued to grow rapidly, with civil drones, industrial robots, and 3D printing equipment increasing by 59.0%, 38.0%, and 35.8% respectively [1] Service Sector Development - The added value of the service industry in Shenzhen was 11,806.37 billion yuan, with a year-on-year growth of 6.1% [2] - Key service sectors such as finance, transportation, and information technology services grew by 10.9%, 9.0%, and 8.1% respectively [2] - The Shenzhen Municipal Bureau of Commerce introduced measures to promote high-quality service consumption across six areas, aiming to stimulate internal demand [2] Consumption Trends - The total retail sales of consumer goods in Shenzhen reached 4,948.68 billion yuan, growing by 3.5% year-on-year [2] - Retail sales of daily necessities and food products showed strong growth, with increases of 10.7% and 9.1% respectively [2] - Online retail sales through designated units grew by 19.4%, indicating a shift towards e-commerce [2] Investment and Trade - Fixed asset investment in Shenzhen decreased by 10.9%, with real estate development investment down by 15.1% [3] - Infrastructure investment grew by 7.7%, while industrial technology transformation investment surged by 47.1% [3] - The total import and export volume was 21,675.45 billion yuan, a year-on-year decrease of 1.1%, with exports down by 7.0% and imports up by 9.5% [3] Future Outlook - The overall economic performance in Shenzhen remains stable, with a focus on high-quality development despite external uncertainties [3] - Analysts suggest leveraging Shenzhen's technological advantages to promote high-tech industries and enhance domestic demand [3]

Core Viewpoint - Anhui Province has officially issued the "Action Plan for Cultivating and Strengthening County-Level Manufacturing Industry Characteristic Clusters," aiming to establish a "4433" trillion-yuan manufacturing industry system, with goals to cultivate 60 hundred-billion-yuan county-level manufacturing clusters by 2027 and expand to around 100 by 2030 [1] Group 1: Strategic Layout - Hefei City has been included in the key cultivation list, focusing on sectors such as new energy vehicles, new-generation information technology, and new materials, positioning it as a "core battlefield" for Anhui's manufacturing strength [1] - The cluster construction in Hefei emphasizes differentiation and collaboration, enhancing existing industrial chain cooperation while planning for future industries, promoting technological innovation and scale expansion [1] Group 2: Key Projects and Economic Impact - Hefei has several key projects supporting cluster development, including the New Bridge Intelligent Electric Vehicle Parts Industrial Park, which is expected to achieve an annual output value of 500 billion yuan [3] - The NIO company has established two smart manufacturing plants in Hefei, with over 120 local industry chain partners, having delivered more than 760,000 vehicles by May 2025 [3] - The Shushan Economic and Technological Development Zone has been recognized as a digital transformation demonstration park for manufacturing, gathering over 430 key enterprises and achieving annual revenue exceeding 50 billion yuan [3] Group 3: Innovation and Future Development - Hefei is advancing innovation through collaborations, such as the partnership between JAC Motors and multiple universities to establish a platform for the research and industrialization of next-generation autonomous controllable new energy vehicles [7] - The city has adopted an innovative "scene-based investment attraction" model, forming the first "Scene Innovation City Alliance" with 19 cities, shifting from traditional investment approaches to providing opportunities and attracting technology [7] - The development of industrial clusters in Hefei is not only a growth engine for the regional economy but also a core support for the upgrading of Anhui's manufacturing industry, optimizing resource allocation and enhancing urban competitiveness [9]

Group 1 - The core viewpoint of the article is the establishment of a 10 billion yuan digital industry fund in Guangzhou Nansha, focusing on strategic emerging industries such as digital economy and artificial intelligence [1] - The fund will primarily invest in sectors including software and information technology, semiconductors and integrated circuits, and data element circulation [1]

Economic Overview - Yunnan Province's economic indicators showed stable performance from January to April 2025, with continuous structural optimization and new growth momentum [1][3] - The industrial added value of Yunnan increased by 5.0% year-on-year, accelerating by 0.2 percentage points compared to the first quarter [1] Industrial Performance - Mining industry added value grew by 9.9%, manufacturing by 4.6%, and electricity, heat, gas, and water production and supply by 4.4% [1] - Traditional industries maintained growth, with the electricity sector increasing by 4.7% and non-ferrous metals by 15.4% [1] - High-end manufacturing showed enhanced momentum, with equipment manufacturing and high-tech manufacturing increasing by 13.2% and 11.4%, respectively [1] - The electronic industry added value rose by 14.5%, while the new energy battery and green aluminum industries grew by 79% and 7.8% [1] Energy Sector - The total industrial power generation in Yunnan reached 1232.52 billion kWh, a year-on-year increase of 9.9% [1] - Clean energy sources (hydropower, wind power, and photovoltaics) accounted for 80.7% of the total power generation, up by 1.6 percentage points from the previous year [1] Consumer Market - The total retail sales of social consumer goods in Yunnan amounted to 4189.81 billion yuan, with a year-on-year growth of 3.8% [2] - Restaurant income increased by 5.7%, and rural consumption growth outpaced urban areas [2] - Retail sales of communication equipment, home appliances, and cultural office supplies surged by 66.0%, 45.2%, and 63.0%, respectively [2] Investment Trends - Fixed asset investment in Yunnan grew by 0.1% year-on-year, with infrastructure investment increasing by 15.9% [2] - Investment in transportation and water conservancy rose by 20.1% and 9.0%, respectively [2] Service Sector - The revenue of the service industry in Yunnan reached 902 billion yuan, with a year-on-year growth of 0.6% [2] - Internet and related services, as well as software and information technology services, grew by 59.9% and 13.0%, respectively [2] Price Levels - The Consumer Price Index (CPI) in April showed a year-on-year decrease of 0.1% and a month-on-month increase of 0.1% [2] - The Producer Price Index (PPI) increased by 0.1% year-on-year, while purchase prices rose by 1.9% [2] Future Outlook - Yunnan plans to implement policies to stabilize growth, promote industrial transformation, accelerate project construction, and enhance consumption quality [3]

Core Viewpoint - The economic performance of Yuhang District in Hangzhou, Zhejiang Province, is highlighted, showcasing a GDP of 99.147 billion yuan with a year-on-year growth of 7.5%, surpassing national, provincial, and municipal averages, indicating its role as a "barometer" for regional economic trends [2] Group 1: Innovation - Yuhang's industrial economy showed resilience with a 5.9% growth in industrial added value, driven by high-end equipment manufacturing (11.5% growth) and high-tech industries (6.1% growth) [3] - The district had four enterprises listed in the 2024 national average efficiency ranking, the highest among all districts in China [3] - The service sector also performed well, with a 7.7% increase in added value, and the digital economy's core industries maintained their leading position in Zhejiang [3] Group 2: Policy Support - Yuhang's retail sales grew by 8.1%, with fixed asset investment increasing by 3.5% and total imports and exports rising by 38%, driven by effective policy measures [5] - The district implemented various policies to stimulate consumption, including subsidies for replacing old consumer goods and promoting activities for automotive and agricultural products [5] - The proactive approach in policy-making has led to a significant increase in retail sales and investment, contributing to economic recovery [5] Group 3: Business Environment - Yuhang saw the establishment of 15,200 new market entities, a 25.7% increase, and five new listed companies, indicating a vibrant business environment [6] - The district has developed a "one-stop service" model to support businesses, including over 300 service stations to assist enterprises [6] - Initiatives like the "Yushang Outbound" resource package provide extensive support for companies, enhancing their competitiveness in a complex external trade environment [6][7] Group 4: Future Outlook - Yuhang aims for a GDP of 335.567 billion yuan with a growth target of 6.0% for 2024, positioning itself as a model for county-level economic advancement in Zhejiang [8] - The district's ability to maintain high-quality economic growth amidst external challenges will be closely monitored [8]