Overview of the federal budget for 2020/21:
Key projections
2020/21 fiscal deficit will reach 213.7 billion yuan (11% of GDP GDP).
economic growth fell 1.5 percent.
The unemployment rate averaged 7.25 per cent.
salary growth of 1.25.
Net debt increased to 703 billion yuan.
Taxes
11.5 million people received a tax cut of 17.8 billion yuan.
By 2024/25, about 95% of workers will have a personal income tax rate of 30% or less.
Enterprise
Enterprises with a turnover of not more than 5 billion yuan will be able to deduct the full cost of any amount of qualified depreciated assets in the year of acquisition of new equipment.
About a million companies will receive a carry-over of losses.
Small and medium-sized enterprises can enjoy up to 10 tax benefits
house
The first home loan guarantee scheme (First Home Loan Deposit Scheme) will add 10,000 places to those who buy new house and new house, with a down payment of 5% and a government offer guarantee, exemption from loan insurance.
The Federal government National Housing Finance and Investment Corporation (National Housing Finance and Investment Corporation) will receive an additional $1 billion to support more affordable housing.
Infrastructure construction
In the next 10 years on the basis of the original planned expenditure, an additional 110 billion yuan in expenditure.
Health expenditure
Allocation of 4.9 billion yuan to deal with the new crown pneumonia epidemic, including funding hospitals, the purchase of protective equipment, vaccine and treatment.
Social welfare benefits
pension and other social welfare benefits will receive a subsidy of $2.6 billion ,$500 per person, and $250 each in December and March.
