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  • 业界新闻你的位置:世界杯welcome2022下载手机软件的最新版本 > 业界新闻 > CBN丨China pours on additional 140 billion yuan in tax relief in a 33-measure package

    CBN丨China pours on additional 140 billion yuan in tax relief in a 33-measure package

    发布日期:2022-11-19 05:49    点击次数:63

    CBN丨China pours on additional 140 billion yuan in tax relief in a 33-measure package


    Hi everyone. I’m Stephanie LI.


    Coming up on today’s program.


    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 


    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. 











    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.


    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.


    Next on industry and company news


    Chinese e-co妹妹erce 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. 


    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.


    US home rental service Airbnb plans to shut down its domestic business in China for reasons such as costly operation and the COVID outbreaks,业界新闻 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.


    Earnings reports express


    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.


    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.


    Switching gears to the financial sector


    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.


    Wrapping up with a quick look at the stock market


    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.


    Biz Word of the Day


    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.



    Executive Editor: Sonia YU

    Editor: LI Yanxia

    Host: Stephanie LI

    Writer: Stephanie LI, ZHANG Ran, XIE Kaishan

    Sound Editor: ZHANG Ran, XIE Kaishan

    Graphic Designer: ZHENG Wenjing, LIAO Yuanni

    Co-produced by 21st Century Business Herald Dept. of Overseas News & SFC Audio/Video Dept.

    Presented by SFC

    编委:  于晓娜




    音频制作:张然 、谢凯珊


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