The General Office of Changsha Municipal People's Government issued a circular outlining 23 measures to stabilize the economy on April 23, 2023. The measures will effectively bolster enterprises' confidence in development by stimulating consumption vitality, increasing effective investment, and helping enterprises tide over difficulties.
The city will implement policies concerning fiscal and tax subsidies for the destocking of non-residential commercial houses. The subsidies will apply to the sale of such houses, newly built or in stock, in the city. The city will carry out incentive policies for automobile consumption promotion activities, and reward qualified individual consumers who buy new cars. The policy of granting funds to new energy vehicle buyers will be implemented to drive the production and consumption of new energy vehicles. By 2023, the city's output of new energy vehicles will reach 700,000. Efforts will be made to strengthen pro-consumption activities. Cultural tourism coupons worth 4 million yuan and consumption coupons worth 40 million digital yuan will be issued.
The city will stabilize investment in the real estate sector and support reasonable financing needs of real estate projects, enterprises participating in the construction of such projects and material suppliers. Foreign trade enterprises will be encouraged to go global, seize overseas orders, and participate in overseas exhibitions on site, online or in a combined manner. The city will host the "Year of Investment in Changsha" activities, carry out a series of investment promotion activities overseas. More than 9 foreign-invested iconic projects worth more than 10 million US dollars will be introduced and fostered throughout the year.
The circular asked for greater fiscal and tax support. Small businesses with monthly sales of 100,000 yuan or less will be exempted from value-added tax (VAT) throughout 2023. For taxpayers who have real difficulties in paying the property tax and urban land tax, the tax fees will be cut or exempted according to regulations. The city will continue to implement a policy that allows businesses to delay paying water, electricity and gas fees within a certain period of time. At the same time, the corresponding overdue fine will be exempted.
The city will continue to implement the policy of gradually reducing premiums rates of unemployment insurance, work-related injury compensation insurance and other social insurances. After the policy of phased deferred payment of social insurance premiums expires, enterprises are allowed to pay deferred payment before December 31, 2023, instead of paying it within 6 months as originally stipulated. Enterprises may, according to their own business conditions, make up the delayed social insurance premiums, in a one-off manner, in installments or monthly. Late fees will be waived during the period.
The measures took effect from April 23, 2023, and are valid until December 31, 2023.
Source: en.changsha.gov.cn
