主题：Bloomberg: China Plans $90 Billion Cut in VAT for Manufacturers

https://www.bloomberg.com/news/articles/2019-03-04/china-is-said-to-plan-90-billion-cut-in-vat-for-manufacturers

Economics
China Plans $90 Billion Cut in VAT for Manufacturers
Bloomberg News
2019年3月4日 GMT+8 下午5:57 Updated on 2019年3月4日 GMT+8 下午8:58

China is planning to cut the value-added tax rate that covers the manufacturing sector by 3 percentage points as part of measures to support the slowing economy, a person familiar with the matter said.

The reduction in the highest of the nation’s three VAT brackets could be announced as soon as this week, when political leaders are gathering in Beijing for the annual National People’s Congress, the person said, who declined to be named as the matter isn’t public.

Premier Li Keqiang is due to deliver his annual report on economic policy on Tuesday, a detailed document that sets targets for gross domestic product expansion as well as objectives for fiscal and monetary policy. A 3 percentage-point cut to VAT could deliver a boost worth up to 600 billion yuan ($90 billion) or 0.6 percent of GDP, according to estimates by Morgan Stanley.

The move helps corporate profits at a time when the economy is facing pressure from the U.S. trade standoff and the impact of a domestic debt cleanup. Officials have increasingly turned to tax policy in their efforts to support growth, as debt-fueled spending and monetary policy become increasingly constrained.

Click here for a Bloomberg Economics preview of the Work Report policies

Tax Revenue Slumped After Cuts Last Year

Source: National Bureau of Statistics, Bloomberg calculations

Revenue data shows year-on-year change in quarterly revenue

The tax cut is also part of broader, more “proactive” fiscal support. The budget deficit target is said to be widened to 2.8 percent of GDP from 2.6 percent in 2018, and the quota for special bonds is said to be set to 2.15 trillion yuan, a significant rise from 1.35 trillion yuan in 2018.

The Finance Ministry didn’t respond to faxed request for comment on the VAT reduction plans.

“The government appears to want to keep the official budget deficit under 3 percent of gross domestic product, which limits the room for a more aggressive tax cut,” said Ding Shuang, chief Greater China & North Asia economist at Standard Chartered Bank Ltd in Hong Kong in an e-mail.

— With assistance by John Liu

(Updates with economist comment in final paragraph.)

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Bloomberg：中国计划为制造商减少90亿美元的增值税https://www.bloomberg.com/news/articles/2019-03-04/china-is-said-to-plan-90-billion-cut-in-vat制造商经济中国为制造商计划削减90亿美元增值税Bloomberg News 2019年3月4日GMT + 8下午5:57更新于2019年3月4日GMT + 8下午8:58中国计划削减据知情人士透露，作为支持经济放缓的措施的一部分，制造业覆盖的增值税税率提高了3个百分点。这个人说，政府领导人正在北京召开一年一度的全国人民代表大会，这个国家的三个增值税支架中最高的减少可能会在本周宣布，由于此事不公开而拒绝透露姓名。李克强总理将于周二发表关于经济政策的年度报告，这份详细的文件确定了国内生产总值扩张目标以及财政和货币政策目标。根据摩根士丹利的估计，增值税削减3个百分点可能会带来高达6000亿元人民币（900亿美元）或GDP的0.6％。在经济面临美国贸易僵局和国内债务清理影响的压力下，此举有助于企业盈利。随着债务推动支出和货币政策日益受到限制，官员越来越多地转向税收政策以支持经济增长。点击此处查看彭博经济学预览工作报告政策税收收入在去年减少后减少资料来源：国家统计局，彭博计算收入数据显示季度收入同比变化减税也是更广泛的一部分，更多“积极”的财政支持。据说预算赤字目标扩大到2。8 percent of GDP from 2.6 percent in 2018, and the quota for special bonds is said to be set to 2.15 trillion yuan, a significant rise from 1.35 trillion yuan in 2018.

The Finance Ministry didn’t respond to faxed request for comment on the VAT reduction plans.

“The government appears to want to keep the official budget deficit under 3 percent of gross domestic product, which limits the room for a more aggressive tax cut,” said Ding Shuang, chief Greater China & North Asia economist at Standard Chartered Bank Ltd in Hong Kong in an e-mail.

— With assistance by John Liu

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