3月21日，国务院总理李克强主持召开国务院常务会议，会议确定了实施大规模增值税留抵退税的政策安排，为稳定宏观经济大盘提供强力支撑。

 

China's latest arrangement on the issuance of large-scale value-added tax credit refunds² will significantly boost market confidence, spur business investment and stabilize³ the overall economy amid downward pressures, experts said on Tuesday.

3月22日，专家称，面对经济下行压力，中国最新的大规模增值税留抵退税政策安排，将显著提振市场信心，刺激企业投资，稳定整体经济。

They explained that the arrangement will help alleviate⁴ cost burdens on micro and small businesses as well as enterprises in key manufacturing sectors⁵, marking an important step for China's ongoing⁶ efforts to improve the system for refunding⁷ VAT⁸ credits.

专家称，这一政策安排将有助于减轻小微企业以及主要制造业企业的成本负担，是不断完善增值税留抵退税制度的重要之举。

Their comments came after an executive meeting of the State Council chaired by Premier⁹ Li Keqiang on Monday decided¹⁰ to refund¹ VAT credits to micro and small enterprises, and self-employed households as general VAT payers across all sectors, worth around 1 trillion yuan ($160 billion), accounting¹¹ for two-thirds of total VAT credit refunds this year.

此前，3月21日国务院总理李克强主持召开国务院常务会议，决定对所有行业的小微企业、按一般计税方式纳税的个体工商户退税近1万亿元人民币。占今年增值税留抵退税总额的三分之二。

Outstanding VAT credits will be refunded¹² in one lump sum by the end of June. Newly added credits will be fully¹³ refunded on a monthly basis starting on April 1, according to the meeting.

会议称，其中存量留抵税额6月底前一次性全额退还。增量留抵税额4月1日起按月全额退还。

Outstanding VAT credits will be fully refunded to enterprises engaged in manufacturing, research and technical services, power supply, heating, gas and water supply, software and information technology services, ecological¹⁴ conservation, environmental governance, transportation, storage and postal¹⁵ services.

对制造业、科学研究和技术服务业、电力热力燃气及水生产和供应业、软件和信息技术服务业、生态保护和环境治理业、交通运输仓储和邮政业等行业企业的存量留抵税额全额退还。

The refunding process for these will start on July 1 and be completed by the end of the year. Newly added credits will also be fully refunded on a monthly basis starting on April 1.

7月1日开始办理全额退还，年底前完成。增量留抵税额也要从4月1日起按月全额退还。

Tao Jin, deputy director of the macroeconomic research center, the Suning Institute of Finance, said the meeting's arrangement is in line with the tasks mapped out by the 2022 Government Work Report, which said China will issue a total of 1.5 trillion yuan VAT credit refunds this year and all go straight to enterprises.

苏宁金融研究院宏观经济研究中心副主任陶金表示，此次会议的安排符合2022年《政府工作报告》提出的任务。根据政府工作报告，今年增值税留抵退税总额将达1.5万亿元，退税资金全部直达企业。

"The arrangement marked the government's latest efforts to stabilize growth," Tao said. "The government has given priority to micro and small businesses while focusing on supporting key sectors. Such a substantial increase in VAT credit refunds will help strongly boost cash flows of enterprises and spur business investment, which will further boost businesses and increase orders for industrial enterprises."

陶金表示：“这一安排是政府为稳定增长所采取的新举措，在重点扶持主要行业的同时，优先发展小微企业。大幅增加留抵退税规模可改善企业现金流，刺激企业投资，进一步促进企业发展，增加工业企业订单。”

Tao said he expects China's GDP will expand 1.5 percent month-on-month in the first quarter with the help of government policy support for economic stability. On a yearly basis, he expects GDP to grow around 5.5 percent in the first quarter.

陶金预测，在政府稳定经济政策的持续发力下，中国第一季度GDP将环比增长1.5%。同比增长5.5%左右。

Despite pressures and uncertainties¹⁶ both at home and abroad, Tao said he believes China can still meet its annual GDP growth target of around 5.5 percent this year, saying more efforts should be made to boost demand and expectations as well as expand employment.

尽管国内外都存在众多压力和不确定性，陶金认为，中国今年仍能实现5.5%左右的年度GDP增长目标，并应该采取更多措施提振需求和预期，扩大就业。

Wang Meiting, a researcher with the Bank of China Research Institute, spoke¹⁷ highly of the central government's decision to implement¹⁸ VAT credit refunds on a large scale, saying it will significantly help reduce costs for small and micro businesses and key manufacturing enterprises.

中国银行研究院研究员王梅婷高度评价中央政府实施大规模增值税留抵退税的决定，称这将大大有助于降低小微企业和主要制造业企业的成本。

Wang warned of multiple pressures from domestic COVID-19 cases, weakening market confidence and rising commodities prices, and expects policymakers to take more steps to expand investment, stabilize market expectations and support small and micro enterprises in maintaining stable payrolls¹⁹.

王梅婷提醒，要警惕来自本土疫情、市场信心削弱和大宗商品价格上涨的压力，她预测政策制定者将采取更多措施扩大投资，稳定市场预期，支持小微企业稳定就业岗位。

Looking ahead, Tang Dajie, a visiting fellow at Wuhan University in Hubei province, said there is still plenty of room for policymakers to step up fiscal²⁰ support for China's economic stability, such as further reducing consumption taxes.

展望未来，湖北省武汉大学客座研究员唐大杰表示，中国政策制定者在为稳定经济而提供财政支持方面仍有很大作为空间，如进一步降低消费税。

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