Large-scale equipment upgrades activate a "new engine" for China's economic development
2024-08-24
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This article is reproduced from [People's Daily Online];
Editor’s Note:
Tax big data not only covers the entire economic field and reflects economic activities quickly, but also has the characteristics of fine data granularity and accurate recording of economic activities. Recently, the State Administration of Taxation released a number of value-added tax invoice data showing that my country's overall economy continued to recover and improve, and high-quality development was steadily promoted, showing many highlights.
Recently, a new batch of fully automatic production lines were put into use in the production workshop of a marine engineering company in Zhoushan, Zhejiang, to undertake the production task of the upper modules of the floating natural gas liquefaction unit.
"In the first half of this year, we responded to the country's call for large-scale equipment renewal and invested 540 million yuan to purchase new machinery and equipment, which is more than five times the same period last year. After this equipment renewal, we have taken on more orders for offshore engineering equipment manufacturing with higher technical content, which has greatly expanded the company's business territory." said Xu Tianfeng, the company's financial director.
Since the beginning of this year, a wave of "large-scale equipment renewal" has been set off across the country, centering on energy conservation and carbon reduction, safe production, digitalization and intelligence. At present, the equipment renewal of many new fields such as old elevators, energy and electricity, and energy-consuming equipment has been fully launched, and the equipment renewal of seven major fields such as industry and transportation has been accelerated.
According to the tax data released by the State Administration of Taxation, from April to July this year, the amount of machinery and equipment purchased by enterprises nationwide increased by 6.4% year-on-year. Among them, as the action plans for equipment renewal in various fields are gradually implemented, the year-on-year growth in July was 8.5%, which was significantly faster than the previous period.
From the State Council's issuance of the "Action Plan to Promote Large-Scale Equipment Updates and Trade-in of Old Consumer Goods" in March, to the State Administration of Taxation's release of the "Announcement on Matters Concerning Reverse Invoicing by Resource Recycling Enterprises to Natural Person Sellers of Scrap Products" in April, to the National Development and Reform Commission and the Ministry of Finance's joint release of the "Several Measures to Increase Support for Large-Scale Equipment Updates and Trade-in of Old Consumer Goods" in July, policy measures to support the "two new" have been continuously expanded and strengthened.
For relevant companies, replacing old equipment with new equipment and introducing new production technologies not only improves productivity, but also helps them to improve the level of high-end, intelligent and green development of the manufacturing industry.
Panshi City, Jilin Province, is the largest steel pipe distribution center in Northeast China, gathering many steel production companies. "Now the market competition is fierce. If we want to maintain our advantage in the market, we must increase the intensity of equipment renewal, reduce energy consumption, and promote product upgrading." Guo Fangrui, financial manager of a local steel pipe company, said that since the beginning of this year, the company has invested more than 4 million yuan to update annealing furnaces and other equipment and accelerate the implementation of digital transformation and other projects.
"The tax department sorted out the tax preferential policies that the company has and has not enjoyed, and pointed out the existing risks, so that we can control the 'policy' and 'financial' aspects of equipment renewal." According to Guo Fangrui, last year the company enjoyed a series of tax preferential policies, including income tax reduction and exemption for high-tech enterprises, additional deduction for research and development expenses, and one-time deduction before corporate income tax for newly purchased equipment within 5 million yuan, saving nearly 10 million yuan.
"During the critical period when funds were short of purchasing a new catalyst production line, the tax department helped the company enjoy a total of more than 6.45 million yuan in VAT additional tax deductions, alleviating the financial pressure." In Xia County, Shanxi Province, Sun Aihong, deputy general manager of a chemical company, said that tangible tax policy support played a vital role in the company's equipment upgrade and innovative research and development. The company will continue to accelerate the pace of technological innovation research and develop more competitive new products through product innovation.
Recently, the National Development and Reform Commission and the Ministry of Finance jointly issued the "Several Measures on Strengthening Support for Large-Scale Equipment Renewal and Consumer Goods Trade-in" (hereinafter referred to as the "Measures"), which clearly arranged the use of about 300 billion yuan of ultra-long-term special treasury bonds in the field of equipment renewal and consumer goods trade-in, increased the special expenditure of fiscal policy, and also provided supporting tax incentives and re-lending supporting policies. Industry experts believe that the "Measures" will help further stimulate consumption, promote industrial upgrading, and promote green development, thereby providing new impetus for high-quality economic development.
"Promoting large-scale equipment upgrades and trade-ins of old consumer goods is an important measure to accelerate the construction of a new development pattern and promote high-quality development." Li Ping, deputy director of the Institute of Taxation Science of the State Administration of Taxation, said in an interview with People's Daily that data released by the tax department showed that the benefits of the country's policy measures to support large-scale equipment upgrades and trade-ins of old consumer goods are gradually being released, companies are constantly increasing their efforts to update equipment, trade-ins of old consumer goods are making positive progress, and sales in related industries are continuing to grow, effectively promoting the production and application of advanced equipment, promoting the continuous increase in the proportion of advanced production capacity, and promoting more high-quality durable consumer goods into residents' lives.
