State Council three-wheel drive steady growth

The State Council's three-pronged approach is driving stable growth: tax cuts for small and micro enterprises, accelerating the transformation of slum areas, and speeding up railway construction. These measures are aimed at boosting economic development, promoting reforms, and achieving structural adjustments. The government is combining policy support with market mechanisms to ensure sustainable growth and improved public welfare. According to reports, on April 2, Premier Li Keqiang presided over a State Council executive meeting, where key policies were discussed, including expanding preferential tax policies for small and micro enterprises, promoting the role of development finance in slum renovation, and reforming the railway investment and financing system. The goal is to accelerate infrastructure development and stimulate economic activity. Industry estimates suggest that this year alone, more than 4.7 million slum units will be renovated, which could boost investments by over 470 billion yuan. Meanwhile, the planned railway construction investment for the year is expected to reach 630 billion yuan. Together, these initiatives could drive over one trillion yuan in total investment. **Tax Reductions for Small and Micro Enterprises** The State Council meeting proposed increasing the income threshold for small and micro enterprises benefiting from preferential corporate income tax policies. Previously, businesses with annual taxable income below 60,000 yuan paid only 50% of their tax, effectively halving their burden. More than 1.2 million companies have already benefited from this policy. By raising the limit, even more small businesses will enjoy tax relief, helping to boost economic vitality and support growth amid downward pressure. **Slum Renovation Finds a "Funding Path"** Accelerating slum renovation is not only a crucial part of improving people’s livelihood but also an important driver of investment and consumption. This year, the target is to renovate 4.7 million households, which could generate over 470 billion yuan in investment. According to Wang Yulin, former deputy director of the Ministry of Housing and Urban-Rural Development’s Policy Research Center, the key to success lies in securing funding. The State Council has introduced new financial mechanisms, including special bonds for housing finance, to provide stable and cost-effective funding for slum projects. **Railway Development Fund Established** The State Council emphasized the importance of speeding up railway construction, especially in central and western regions. This not only supports infrastructure expansion but also promotes urbanization and reduces regional disparities. This year, over 6,600 kilometers of new railway lines are expected to be completed, with nearly 80% of the investment directed toward central and western provinces. To fund this, the State Council announced several measures, including establishing a railway development fund, issuing specialized railway bonds, encouraging private investment, and offering subsidies for public transportation projects. These steps aim to attract social capital, reduce costs, and ensure steady progress in railway construction. Wang Mengshu, an academician of the Chinese Academy of Engineering, noted that railway projects require substantial capital and long-term returns. While private investors may be hesitant, the new railway fund can help mobilize resources and encourage broader participation.

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