More measures to reduce the financing costs of private companies in the second half of the year are expected to be good for private investment _ industry _hard technology



Source: Shanghai Securities News

2018-08-24 11:07:08

According to the National Bureau of Statistics, private investment rose by 8.8% on an annual basis from January to July and the growth rate was 0.4 percentage point higher than in the first half of the year and 1.9 percentage points higher than in the same period. from last year.

According to Dr Jin Wen, researcher at the Institute of Economics of the Chinese Academy of Social Sciences, the gradual introduction of financing and tax reduction measures for small and medium-sized enterprises will further stimulate the vitality of private investment and stimulate private investment maintain momentum.

A number of national departments and localities have recently intensively pursued a series of policy measures to promote the development of small and medium-sized enterprises, with a focus on lowering funding costs, expanding direct funding channels for SMEs and reducing taxes and charges. . Analysts pointed out that a better investment and development environment is expected in the implementation of SME policy. At the same time, private investment is expected to continue to improve in the second half of the year.

Take more measures to reduce the financing costs of private companies

Financing difficulties and financing have always been a problem that has plagued the development of SMEs. To this end, the Council of State and relevant ministries and committees have a series of targeted initiatives.

Over the past two weeks, the executive meeting of the Council of State has constantly focused on the private economy and has applied the policy to further promote the financing of financing difficulties for small and micro enterprises. The policy involves encouraging financial institutions to provide loans to small and micro enterprises, properly increasing the tolerance of loan-to-deposit ratio indicators and issuing securities covered by small and micro-enterprises. with collateral support.

During the executive meeting of the State Council that took place at the end of July, it was also clearly stated that the National Funding Guarantee Fund would have to be financed to achieve the goal of supporting 150,000 (micro) small and micro enterprises and 140 billion yuan loans per year.

Relevant policy measures have also been introduced at ministerial level. On August 17, the China Banking Regulatory Commission issued the "Notice on Further Improving Credit Work and Improvement of the Quality of Service Entity Economy". It was stated that we need to develop inclusive financing and strengthen financial services in small and micro enterprises, "agriculture, rural areas and farmers" and private companies.

"The national policy to alleviate the financing difficulties of SMEs comes at the right time and can effectively stimulate investment confidence for SMEs." Dr. Jin Jinwen, a researcher at the Institute of Economics of the Chinese Academy of Social Sciences, said in an interview with the Shanghai Stock Exchange.

Zhang Jun, chief economist of Morgan Stanley Huaxin Securities, also told the Shanghai Securities Journal that the recent policy of the State Council and various ministries and committees is to introduce liquidity into the difficult SMEs to really take the supporting role of the policy.

He also stressed that, in addition to lowering the financing costs of SMEs through monetary and budgetary policies, the traditional areas of SME concentration are currently facing different levels of overcapacity, the main sectors and areas for supply-side reform, and accelerated to do more The field is open to private capital and stimulates the investment enthusiasm for SMEs.

Multi-site encourages SMEs to go to the public

Local authorities recently also introduced policies to promote the development of SMEs. The SSE reporter discovered that many provinces have proposed to encourage SMEs to become public, in terms of expanding funding channels.

For example, Shenzhen recently published a notice to further promote certain measures for restructuring and listing of SMEs and mergers and acquisitions and the reorganization and enumeration of a number of SMEs with good market prospects, high comprehensive benefits and strong core competitiveness. to promote, encourage and support public funds and people. Capital increased the equity investments in restructuring and listing and the listing of the New Third Board.

In addition, the municipality of Chongqing recently issued the "Opinions on Comprehensively Optimizing The Business Environment for the Development of Private Economy", which proposes supporting the private economy "one for the company", "micro-small", "small rising rules" "," rules for the reform of shares "and" shares ". on the market. "

A similar document was issued in Hainan. Among them, it is explicitly required to set up a courier service system that promotes the list of companies, "to cultivate a lot, to reserve a lot, to list a lot and to list a lot", and the promotion of direct financing instruments to be required to innovate and to gradually expand private companies to collect accounts. The size of the issuance of collective bonds, collective trusts and short-term financing bonds.

Continue to reduce taxes and reduce costs for SMEs

Since the beginning of this year, the State has introduced a series of tax-reducing measures for small and micro enterprises, such as the continuation of the VAT preference system for small and micro enterprises and the relaxation of the years of loss and turnover of SMEs. .

The executive meeting of the Council of State, held on 16 August, again asked to further implement the measures for tax relief and reimbursement, in particular the measures for tax relief, such as the reform of the camp, should be introduced.

"In the second half of the year, tax cuts, in particular value-added tax, still take place, while private investments are optimistic about investments in kinetic energy, internet and consumption." Li Chao, macro analyst of Huatai Securities, said in an interview with the Shanghai Stock Exchange.

Liu Wei, Deputy Minister of Finance, also revealed at the press conference at the State Council Office at the end of July that the next fiscal policy will focus on tax relief and tariff reduction to support the development of small and medium-sized enterprises, to promote entrepreneurial innovation and to stabilize employment. The policy to increase the deductions for R & D expenditure for enterprises to 75% was extended by technology-based SMEs for all companies and preliminary estimates of 65 billion yuan.

The private investment is expected to be good in the second half of the year

Since the beginning of this year, private investment growth has remained above 8% and the monthly cumulative growth rate is higher than the growth of fixed capital investment. This trend of good performance is more visible in the second half of the year.

According to the National Bureau of Statistics, private investment rose by 8.8% on an annual basis from January to July and the growth rate was 0.4 percentage point higher than in the first half of the year and 1.9 percentage points higher than in the same period. from last year.

According to Jin Jinwen, the gradual introduction of financing and tax relief measures for SMEs will further stimulate the vitality of private investment and stimulate private investment to maintain a good momentum.

Xie Yaxuan, macro analyst at China Merchants Securities, also said that private companies, under the background of structural debt reduction, are more inclined to stand on the guise of policy heat. It is expected that this year private investments will reappear and the share of total investments will continue to rise.


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