In 2024, our country has clearly defined key tasks for reducing corporate costs. The relevant policies brought together the joint forces of multiple ministries, setting out 22 specific tasks covering tax and fee incentives, financial services, institutional transaction costs, labor costs, costs of raw materials and land, and logistics improvement. These measures aim to continue and deepen the trend of the real economy entering the fray with less burden, in order to stimulate the vitality and innovation capacity of economic entities.

Wei Qijia, a researcher at the State Information Center, analyzed that the real economy and market confidence are gradually recovering, and with the Central Economic Work Conference emphasizing the continuous and stable policy of cost reduction, it shows that policy support is crucial for the rebound of the real economy. The "combination punch" required by the market will not only help to release the benefits of macroeconomic policies and bring actual incentives to enterprises but will also promote the stability of the macro economy and positive market expectations.

The "Notice" puts forward requirements for improving the precision and effectiveness of tax and fee incentive policies. Key points include implementing the additional deduction of R&D expenses before tax, tax incentives for the transformation of scientific and technological achievements, supporting technological innovation and manufacturing development, and timely reducing import tariffs on relevant advanced technology equipment and resource products.

Tax and fee reduction policies will be more focused and precise, striving to play a greater role in stimulating enterprise R&D and innovation, industrial upgrading, accelerating the development of new productive forces, and promoting high-quality economic development.

Wang Qing, chief macro analyst at Dongfang Jincheng, further explained that this year's tax and fee reduction strategy will avoid a one-size-fits-all approach, instead providing strong support for technological innovation and manufacturing development.

Current policies directly related to technological innovation and the development of manufacturing include increasing the pre-tax deduction ratio for R&D expenses of manufacturing enterprises and technology-based SMEs to 100%, expanding the range of R&D expenses collection, and allowing enterprises to enjoy preferential treatment in advance for half a year or the first nine months of the year.

Wang Qing further pointed out that in the future, policies such as loan interest rate subsidies and accelerated depreciation of equipment are expected to be introduced to encourage enterprises to renew large-scale equipment.

In summary, these policies not only play their role in counter-cyclical regulation but will also help the manufacturing industry to continuously transform and upgrade towards digitalization and greening, providing a solid foundation for high-quality development.