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    QINGDAO TODAY
    在线翻译:
    szdaily -> China -> 
    Tax cuts a top priority in 2019
        2019-03-08  08:53    Shenzhen Daily

        CHINA will further value-added tax (VAT) reform in 2019 to ensure taxes are cut rather than increased, Minister 

    of Finance Liu Kun said at a press conference on the sidelines of the annual legislative session in Beijing on 

    Thursday.

        The total taxes and fees to be cut this year may exceed the governmental target of 2 trillion yuan (US$298 

    billion), according to Liu.

        The VAT rate will be lowered from 16 percent to 13 percent for the manufacturing sector, and from 10 percent to 

    9 percent for transportation and construction sectors, Liu said.

        The country will promote an inclusive tax cut and structural tax cut simultaneously, lowering the tax burden of 

    manufacturing and small and micro firms.

        Meanwhile, the government will continue to relieve the burden on businesses and lower contribution rates that 

    enterprises must pay for the basic pension insurance. 

        The required contribution rates could be cut to 16 percent.

        Debt risks under control

        Risks of China’s local government debts are controllable and measures are being taken to prevent any increase 

    in hidden debts, he said.

        The debt balances of both China’s central and local governments are within the legal limit, according to him.

        The debt balance of local governments stood at 18.39 trillion yuan at the end of last year, well below the 

    official ceiling of 21 trillion yuan, official data showed.

        The local debt ratio was 76.6 percent last year, significantly lower than the international warning line of 100 

    percent to 120 percent, while the total government debt ratio, taking into account the debts of the Central 

    Government, came in at 37 percent, also far from the alert level of 60 percent set by the European Union, Liu said.

        A market and law-based mechanism has been established to deal with debt defaults, the minister said, calling 

    the progress in reducing existing debts positive.

        R&D spending to rise 

        The Central Government will spend 354.3 billion yuan on R&D and science and technology innovation this year, up 

    13.4 percent year on year, Liu said. The ministry will also increase infrastructure investment by 40 billion yuan 

    year on year to 577.6 billion yuan this year.

        China will increase its fiscal budget for air pollution control to 25 billion yuan this year, up 25 percent 

    year on year, Liu said.

        National budget up  

        China’s revenue in the national general public budget is projected to total 19.3 trillion yuan this year — up 

    5 percent since last year — while expenditures are projected to amount to 23.5 trillion yuan, a 6.5-percent 

    increase.

        Social security funds 

        China’s social security funds have been operating well and are able to ensure punctual and full pension 

    payments to retirees, he said.

        The central adjustment fund, which came into effect July 1, 2018, to balance the payment burdens of local 

    governments, is expected to be about 600 billion yuan this year, Liu said.

        The country will appropriately increase the basic pension of retirees, Liu said. The central budget for basic 

    pension transfer payment is set at 739.2 billion yuan, up 10.9 percent year-on-year.

        For some provinces where there persists a financial gap in pension funds, even after help from the central 

    fiscal subsidy and central adjustment fund, the central and local government will work together to fill the gap, 

    Liu said.

        Financial support to SMEs

        Providing more financial support to small and medium-sized businesses is of key importance for China’s fiscal 

    policy this year, Vice Minister of Finance Liu Wei said at the same press conference.

        Starting from Jan. 1 the country has expanded the scope of SMEs to allow more companies to enjoy tax and fee 

    cuts — especially value-added tax. Preferential tax policies for technology and innovation startups have been 

    further extended.

        China will take further measures to make it easier for SMEs to access financial support, such as raising the 

    entrepreneurial guaranteed loan limits to 150,000 yuan for individuals and 3 million yuan for SMEs.

        In order to support SME development, the government will reserve 30 percent of procurement orders for SMEs, 

    offer price deductions to fuel their competitiveness, and advance payment is under consideration as well, Liu said.

        Poverty alleviation fund 

        China will continue to keep poverty alleviation at the top of its agenda, allocating 126.1 billion yuan in 

    special funds, up 18.9 percent year on year, said Vice Minister of Finance Cheng Lihua, who added this is the 

    fourth straight year the fund has increased by 20 billion yuan.

        Cheng said China will further optimize fund allocation in different sectors, focusing on compulsory education, 

    basic medical care and meeting housing and drinking water needs in poverty-stricken areas, while allocating more 

    funds to extremely poor regions.

        (SD-Xinhua)


    深圳报业集团版权所有, 未经授权禁止复制; Copyright 2010, All Rights Reserved.
    Shenzhen Daily E-mail:[email protected]

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