CBN丨China pours on additional 140 billion yuan in tax relief

Hi everyone. I’m Stephanie LI.大家好，我是主持人李莹亮。Coming up on today’s program.重点提要 -State Council announces 33 comprehensive measures to stabilise economy;-Airbnb plans to close domestic business in China due to increasing costs and COVID impact.Here’s what you need to know about China in the past 24 hours 中国经济要闻China on Monday rolled out a broad package of 33 measures to support businesses and stimulate demand, as it seeks to ensure that the economy returns to a normal track and offset the damage from Covid lockdowns.The clearly targeted measures of the State Council cover six aspects of the country's economic fundamentals, ranging from improving the operation of smaller businesses, support for automobile consumption, home buying and energy security.The cabinet said the policies are intended to “stabilise” the economy. It also vowed to improve policies to help supply chains function, ensure domestic cargo transport runs smoothly and increase the number of domestic and international flights.The measures include 140 billion yuan in additional tax rebates and 300 billion yuan in railway construction bonds. The additional tax cuts represent about 0.1 percent of China’s GDP last year, and push the government’s total planned reduction in taxes this year to 2.64 trillion yuan, slightly more than the relief offered in 2020 when China was first hit by the pandemic.Beijing will also extend an existing delay on companies’ social-insurance contributions to the end of the year and expand the measure to more sectors, which is expected to amount to 320 billion yuan. The meeting also said that a quota for loans aimed at small and medium-sized enterprises would be doubled.With regards to the property market, the policies signalled an easing of real estate curbs, encouraging different cities to form their own real estate policies to support home buying. The country will also launch a series of infrastructure projects in areas such as water, the renovation of old housing, energy security and underground piping, the cabinet’s meeting said.Also with the new measures, a total of 60 billion yuan of taxes is expected to be waived from the purchase tax on some passenger vehicles in stages. 国常会发大招，增量政策来了！5月23日，国务院召开常务会议，进一步部署稳经济一揽子措施，包括财政、金融等6方面33项措施，努力推动经济回归正常轨道、确保运行在合理区间。6方面33项措施主要包括哪些？一是本次国常会重点的财政和金融政策。会议强调，今年普惠小微贷款支持工具额度和支持比例增加一倍。相关政策包括在更多行业实施存量和增量全额留抵退税，增加退税1400多亿元，全年退减税2.64万亿元；将中小微企业个体工商户和5个特困行业缓缴养老等社保费政策延至年底，并扩围至其他特困行业，预计今年缓缴3200亿元。财政部数据显示，自今年4月1日实施大规模留抵退税政策以来，截至5月10日，已有9138亿元留抵退税款退至149.5万户纳税人账户。加上一季度实施老的留抵退税政策退税1233亿元，今年1月1日至5月10日，共有10371亿元退税款退到纳税人账户。二是金融方面，包括今年普惠小微贷款支持工具额度和支持比例增加一倍，对中小微企业个体工商户贷款、货车车贷、遇困个人房贷消费贷，支持银行年内延期还本付息；汽车央企发放的900亿元货车贷款，要银企联动延期半年还本付息。三是稳产业链供应链。优化复工达产政策。保障货运通畅，取消来自疫情低风险地区通行限制，一律取消不合理限高等规定和收费。有序增加国内国际客运航班。四是促消费和有效投资。阶段性减征部分乘用车购置税600亿元。因城施策支持刚性和改善型住房需求。新开工一批水利特别是大型引水灌溉、交通、老旧小区改造、地下综合管廊等项目，引导银行提供规模性长期贷款。五是保能源安全。落实地方煤炭产量责任，调整煤矿核增产能政策。再开工一批能源项目。六是做好失业保障、低保和困难群众救助等工作，视情及时启动社会救助和保障标准与物价上涨挂钩联动机制。East China’s Zhejiang province has unveiled plans for 100 “new power system” pilot projects over the next three years, which will add at least 6.8 million kilowatts of renewable energy capacity, becoming the first region in China to release a roadmap to kick off its green energy transition. These projects will also reduce annual coal consumption by 1.8 million tons and slash carbon dioxide emissions by over 4.9 million tons per year.浙江规划百个可再生能源项目：近日，浙江省发展改革委、省能源局印发《浙江省“十四五”新型电力系统试点建设方案》和《浙江省2022年新型电力系统试点项目计划》。规划指出，在“十四五”期间重点实施100个新型电力系统试点项目。到2025年，新增新能源装机680万千瓦以上，实现年节约标煤180万吨，每年减少二氧化碳排放量490万吨以上。Wuhan’ s economic development zone posted a notice on its social media account on Sunday that the zone have lifted restrictions on home purchases to stimulate local real estate transactions, after once taking the announcement down the same day. However, a local official confirmed that move is real, and the zone has disappeared from the column labeled “Areas With Housing Purchase Restrictions” in the housing inquiry system. Buying curbs for four other districts have also been removed.武汉经开区解除住房限购：近日，武汉经开区官方在社交平台发布消息称，为促进房地产市场平稳健康发展，自当日起，武汉经开区从原限购区域调整为不限购区域，全面取消住房限购政策。据武汉住保房管办事服务官方微信小程序上显示，武汉四大远城区，包括江夏区、东西湖区、经开区、黄陂区已经不在限购区域内。Next on industry and company news产经消息及公司新闻Chinese e-commerce platforms like JD.com and Suning.com kicked off pre-sales for the “618 shopping festival” on Monday. They're offering support to businesses to boost sales, as both offline and online consumption are facing challenges amid the epidemic flare-up. Suning said Tuesday that it will cooperate with top home appliance brands to promote tie-in purchases. 电商平台筹备618大促：5月23日，618电商大促拉开帷幕。以京东、苏宁易购等为代表的电商平台开始筹备这场购物盛会，各电商平台陆续发布商家扶持举措，大促侧重点均有不同。比如：苏宁易购主打"家电家装套购"服务，将联合海尔、美的、TCL、全友、顾家家居等百大品牌商家，强化商品搭配组合能力。Jiangsu Jingdong Cargo Airlines, which received permission from the Civil Aviation Administration of China in August last year to be set up, has completed preparatory work and sought the approval of aviation authorities to launch its self-owned air cargo fleet, the CAAC announced on its website on Monday.京东货运航空完成筹建：5月23日，中国民航局发布公示，江苏京东货运航空有限公司2021年8月经民航局批准筹建，目前筹建工作已基本完成，申请颁发公共航空运输企业经营许可证。目前，民航华东地区管理局已完成对其初审。US home rental service Airbnb plans to shut down its domestic business in China for reasons such as costly operation and the COVID outbreaks, media reported on Tuesday. The company also published a letter to its Chinese customers, saying it will suspend its domestic homes, experiences and its reservations from July 30.  Airbnb will continue to operate a business serving Chinese tourists who were traveling outside of China, it added.爱彼迎暂停境内游业务：5月24日，爱彼迎中国宣布，将全面服务出境游，于2022年7月30日起，暂停支持境内游房源、体验及相关预订；爱彼迎同时强调了业务调整不会影响出境游房源和体验的预订和服务。Earnings reports express财报速递Shares of XPeng went down 9 percent in Hong Kong today after the Chinese EV company reported its first quarter earnings. Revenue came in at 7.5 billion yuan, up 153 percent over the same period last year. However, the firm remains unprofitable, posting a net loss of 1.7 billion yuan, compared to a net loss of 790 million yuan a year ago. The carmaker delivered over 34,000 vehicles in the quarter, a year-over-year increase of 159 percent.小鹏Q1营收涨1.5倍：小鹏汽车23日发布一季度财报，在销量、营收、毛利纷纷提升的同时，企业也在迎来原材料价格上升所带来的亏损加剧压力。财报显示，小鹏汽车2022年第一季度营收74.5亿，较2021年同期增长152.6%，环比减少12.9%；其中，汽车销售收入为70.0亿元，同比上升149.0%，环比减少14.5%；由于原材料上涨，一季度净亏损为17亿元，同比扩大116%，环比增长32%。汽车交付量方面，一季度交付了34,561辆，同比增长159%。Chinese short-video platform Kuaishou Technology on Tuesday reported its first quarter revenue jumping 24 percent to 21.1 billion yuan, beating Wall Street estimate of 20.6 billion yuan. Adjusted net loss contracted to 3.7 billion yuan, with an MAU expanding 15 percent to near 600 million.快手Q1营收超预期：5月24日下午快手发布2022年第一季度财报。财报显示，快手第一季度营收210.7亿元，市场预期205.99亿元，同比增长23.8%。第一季度调整后净亏损37.2亿元，同比收窄。快手第一季度平均月活跃用户5.98亿，同比增长15%。Switching gears to the financial sector金融市场要闻The People's Bank of China issued 25 billion yuan of central bank notes in Hong Kong on Monday, with the issuance 2.3 times oversubscribed by investors, showing the allure of yuan assets. The issue, with 10 billion yuan of three-month notes and 15 billion yuan of one-year notes, was broadly welcomed by investors with subscriptions approaching 58 billion yuan.在港发行250亿央票超购逾2倍：5月23日，中国人民银行在香港成功发行了两期人民币央行票据共250亿元人民币，投标总量约为发行量的2.3倍，表明人民币资产对境外投资者有较强吸引力。两期人民币央行票据中，3个月期央行票据100亿元，1年期央行票据150亿元，此次发行受到境外投资者广泛欢迎，投标总量接近580亿元，反映了全球投资者对中国经济的信心。Wrapping up with a quick look at the stock market最后来看股市收盘情况Chinese shares closed lower on Tuesday, with tech and industrials firms leading a deepening slump in afternoon trade, despite China’s pledges of economic support. The benchmark Shanghai Composite ended down 2.41 percent, posting its biggest drop since April 25. The Shenzhen Component finished down 3.54 percent and the start-up board ChiNext fell 3.82 percent. In Hong Kong, the Hang Seng closed 1.75 percent lower, dragged by the auto and tech sectors as the TECH index went down 3.48 percent.周二A股集体走弱。截止收盘，沪指跌2.41%，深成指跌3.34%，创业板指跌3.82%。板块方面，互联网电商、房地产开发、证券板块走弱；中药、医疗板块走强。港股恒生指数收跌1.75%，恒生科技指数收跌3.48%。Biz Word of the Day财经词汇划重点Housing purchase restriction order refers to the policy issued by local governments in China’s major cities, including Beijing, Shanghai and Guangzhou, to curb the overheating real estate market by imposing restrictions on purchasing power. Beijing was the first city to carry out the purchase restriction order.“住房限购令”是指政府出台的房屋限购政策，出自2010年北京出台的“国十条实施细则”，细则规定北京家庭只能新购一套商品房，这是全国首次提出的家庭购房套数“限购令”。此后，包括上海、广州在内，相继有49个地级以上城市实施“限购令”。