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Following the introduction of a number of measures last year，The State Council executive meeting held on January 9，Decided to launch another batch of inclusive tax reduction measures for small and micro enterprises，And make arrangements to speed up the issuance and make good use of local government special bonds。January 8，Yi Gang, Governor of the People’s Bank of China, emphasized in an interview with the media，Adhere to supply-side structural reform as the main line，Incorporate counter-cyclical adjustment measures and make up for weaknesses、Strengthen long-term system construction by combining them;“Several leaders” jointly consolidate the micro-foundation for unblocking the transmission of monetary policy，Strive to improve the quality of private enterprises、Strength of support for small and micro enterprises and other real economies。

"It is different from the previous efforts that mainly focused on monetary policy，This State Council executive meeting pays more attention to more proactive fiscal policies，Focus on reducing the operating costs of small and micro enterprises through tax cuts and fee reductions。" He Fei, a senior researcher at the Bank of Communications Financial Research Center, told a reporter from the Financial Times，Future，Monetary policy and fiscal policy are expected to be further coordinated，Measures to support small and micro enterprises will be further implemented。

“Reducing taxes and fees” is another practical step to effectively reduce the burden on small and micro enterprises

Following last year’s massive tax cuts，Decision of this State Council executive meeting，Introducing a batch of new inclusive tax reduction measures for small and micro enterprises。First, the annual taxable income of small and low-profit enterprises shall not exceed 1 million yuan、Part from 1 million yuan to 3 million yuan，25% Dafabet reviewsmortgage reduction respectively、50% included in taxable income，Reduce tax burden to 5% and 10%。After adjustment, the preferential policies will cover more than 95% of taxpayers，98% of them are private enterprises。The second is to increase the value-added tax threshold for small-scale taxpayers from 30,000 yuan in monthly sales to 100,000 yuan。The third is to allow provinces (districts)、Municipal) government’s response to small-scale VAT taxpayers，Resource tax reduction within 50% range、Urban maintenance and construction tax、Stamp duty and other local taxes and education surcharges、Local Education Additional。The fourth is to expand the scope of preferential policies for investing in start-up technology companies。

This tax reduction involves corporate income tax、VAT、Resource tax、Stamp duty and many other taxes，The implementation period is tentatively scheduled for 3 years，It is expected to reduce the burden of small and micro enterprises by about 200 billion yuan each year。“This tax reduction and fee reduction is mainly aimed at small and micro enterprises，It is a structural tax reduction，It is expected to have a better burden reduction effect。”Deputy General Manager of Bank of Communications Financial Research Center、Chief researcher Tang Jianwei said。

　2019，The economy is facing downward pressure，In this context, large-scale tax and fee reductions will be implemented，How to ensure the fiscal revenue of local governments?In response to this problem，Proposed by the State Council Executive Meeting，To make up for the local financial gap caused by large-scale tax and fee reductions，The central government will increase general transfer payments to local governments。

According to the requirements of the Central Economic Work Conference，In terms of fiscal policy，In addition to implementing larger tax cuts and fee reductions，It is necessary to significantly increase the scale of local government special bonds。Proposed by the meeting，It is necessary to speed up the issuance and use of local government special bonds。Meeting decision，For 1 that have been authorized by the National People’s Congress in advance.The issuance of 39 trillion yuan of local bonds must be launched as soon as possible，Strive to basically complete the issuance before the end of September。Funds raised from special bonds dafabet live casinomust be used first for projects under construction，Prevent "half-baked" projects, etc.。

“Infrastructure making up for shortcomings is the key to stable growth。This State Council executive meeting proposed to speed up the issuance and use of local government special bonds，We hope that active fiscal policy can support the economy in the first quarter、The role of ensuring a smooth start to the economy。"Tang Jianwei said，In order to reflect the effect of infrastructure investment in making up for shortcomings，It is expected that the issuance scale of local special bonds will exceed 2 trillion yuan this year，And the issuance will be accelerated。

It’s worth noting，Proposed at this meeting，Monetary and credit policies must be coordinated with the issuance of special bonds and supporting project financing，Guide financial institutions to strengthen financial services，Guarantee follow-up financing for major projects。He Fei thinks，There is a huge demand for funds for infrastructure projects，Providing financing support through special bonds is obviously not enough。The supplement of credit funds enhances the diversification of infrastructure financing channels，Helps maintain financial continuity，Ensure the smooth implementation of major projects。

Fiscal and monetary policies use both forces to promote the development of the real economy

In terms of monetary policy，The meeting pointed out，We must implement the comprehensive RRR reduction measures recently announced，Continue to implement prudent monetary policy，Insist on not engaging in “flood irrigation”，Timely pre-adjustment and fine-tuning，Relief for private enterprises、Financing is difficult and expensive for small and micro enterprises，Ensure reasonable and sufficient market liquidity。Yi Gang also emphasized again，The appropriate “degree” of prudent monetary policy，Mainly reflected in the fact that the total amount must be reasonable，The structure needs to be optimized，Create a suitable monetary and financial environment for supply-side structural reform and high-quality development。

Targeting private enterprises、Financing difficulties for small and micro enterprises、The problem of expensive financing，The People’s Bank of China promptly introduced the “three arrows” relief measures。dafabet live casinoOutside "Three Arrows"，Proposed by Yi Gang，The People’s Bank of China will strengthen coordination and cooperation with relevant departments，Comprehensive policy，Through "Several Lifts"，Work together to consolidate the micro-foundation of unblocking the transmission of monetary policy from both supply and demand ends;Continue to leverage the synergy of the “several companies’ policy”，Provide financial services to private and small and micro enterprises。

“Several companies” serve small businesses、The private enterprise model has achieved good results。The first is to reduce the burden，Fiscal policy mainly plays two roles，The first is to reduce the burden，The second is motivation。Burden reduction means reducing the burden on private and small and micro enterprises through tax reduction and fee reduction policies，Only corporate fundamentals have improved，Credit improved，Only in this way can we fundamentally reverse the fear of lending in financial institutions;Incentives are to reduce the credit granting costs of banks and other financial institutions through tax cuts and other policies，Proactively guide them to increase credit extension to small, micro and private enterprises。

A senior researcher at the Chongyang Institute for Financial Studies at Renmin University of China said in an interview with a reporter from the Financial Times，Relieving the problem of difficult and expensive financing for small and micro enterprises，Can’t just focus on monetary policy、Credit Policy;Relief for private enterprises and small and micro enterprises，Mutual departments should unite，Comprehensive policy、Accurate force、Coordinated advancement，Explore and establish long-term mechanisms at the same time，Ensure the continuity and stability of policy implementation。

  Source: Financial Times