Shanghai Is Expected To Become The First Tax Rebate City In China.

Shanghai Tourism Development Leading Group held third working meetings.

At the meeting, the Finance Bureau of Shanghai said that Shanghai will strive to become the first city to implement the policy of "tax rebate for departure", and has already started preparations for the selection of tax refund agencies and designated stores.

The so-called "tax rebate" refers to the policy that foreigners and Hong Kong, Macao and Taiwan residents who have lived in China for more than 183 days in a row will pay 800 yuan in the same tax rebate shop on the same day, and refund part of the tax on their purchases within 90 days after purchase.

Since 2011, China has started a pilot tax rebate policy in Hainan.

In August 21st this year, the State Council issued a number of opinions on promoting the reform and development of the tourism industry, putting forward the idea of expanding tourism shopping consumption, studying and improving the tax refund policy for foreign tourists' shopping departure, expanding the scope of implementation to the eligible areas of the whole country, and releasing specific measures before the end of December 2014.

The Shanghai Municipal Finance Bureau said that the draft comments on the tax rebate policy for the implementation period, the applicable object, the designated store selection, the refund point of tax rebate, the scope of tax rebate, and so on.

For departure

A lot of details,

The Municipal Finance Bureau said that the specific criteria were still under consideration and had not been finalized.

"If we are slow, many countries will take similar measures to reduce tariffs or even tax exemption, so as to snatch the consumption of high-end products."

senior

Expert Ding Liguo told the daily economic news reporter that in this respect, compared with many European countries, China's action has been relatively slow.

An industry source told reporters that the Shanghai "departure tax rebate" policy approved, will be directly beneficial to Shanghai's local tourism and commodity retail industry.

In addition, the Disney project in Shanghai is under way. Disney's showman will be a good combination with the help of the tax rebate.

Ding Liguo said that the tax rebate and Disney are closely related. Disney can attract a large number of tourists to Shanghai. With the help of the tax rebate policy, it can also promote consumption in Shanghai.

"Disney attracts tourists, leaving the tax rebate will become a" supporting measures. "

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The downward pressure on the economy is a major difficulty facing our country at present.

In 1997~1999, China recorded a 31 consecutive month of decline in PPI, when the financial crisis swept across Asia.

In November this year, PPI fell for 33 consecutive months, once again refreshed its historical record, and the PPI decline increased to 2.7% in that month, lower than market expectations, indicating that domestic demand remained weak.

"In the face of these changes and difficulties, we need to intensify macroeconomic regulation and control.

"Zheng Xinli believes that the economic cyclical ups and downs before and after the reform and opening up, and the golden growth period of 10 years after 2000, all indicate the importance of effective macro-control policies.

The communiqu of this meeting specifically mentioned that active fiscal policy should be strengthened, and monetary policy should pay more attention to tightness and moderation.

China's financial data in October disappointed the market, with new Renminbi loans less than expected and M2 growth at a 7 month low.

Wang Tao said that in order to prevent financial risks, it is necessary for the central bank to maintain sufficient liquidity and further reduce the cost of financing.

The international environment is also not optimistic. Judging by the meeting, the world economy is still in the deep adjustment period after the international financial crisis. Next year, the world economic growth rate may pick up slightly, but the overall recovery weakness situation has not changed significantly. The fluctuation of international financial market, the fluctuation of International bulk commodity prices, and the influence of non economic factors such as geopolitics have increased.

UBS believes that the central bank is expected to further lower the benchmark interest rate to lower borrowing costs, and relax lending control in the form of shadow banking credit contraction.

The central bank may continue to inject liquidity through the "directional relaxation" approach, and may also reduce the accuracy of cross-border capital outflows.

Wang Tao also believes that CPI will slow down to 1.8% in 2015, while PPI will continue to fall, despite rising food prices and some public utilities prices.

To avoid passive contraction of financial conditions, it is estimated that the central bank will cut interest rates by 40~50 basis points before the end of next year, so as to reduce actual borrowing costs and slow down the growth rate of non-performing loans.

The meeting also mentioned that we should speed up the reform of administrative examination and approval, investment, prices, monopoly industries, franchising, government procurement services, capital markets, access to private banks and foreign investment, so that the reform measures can be effectively pformed into development momentum.

At present, China is one of the countries with the highest capital price in the world. Zheng Xinli said that the reason is that monopolization leads to no competition in the private economy. We should relax the entry threshold through the financial system reform, so that qualified private capital can enter the financial field, and at the same time improve the efficiency of foreign exchange reserve, and support Chinese enterprises to go out.

He also believes that the reform of investment and financing system that can release the potential of private capital, the tax reform to release the potential of employment demand, and the reform of science and technology system that releases the potential of independent innovation are also crucial for maintaining the sustained growth of China's economy.