China is likely to extend its current value-added tax credit refund policies to seven more industries including wholesale and retail, agriculture, accommodation and catering, education, social work, entertainment and sports.

中国可能将目前的增值税留抵退税政策扩大到批发和零售、农业、住宿和餐饮、教育、社会工作、娱乐和体育等7个行业。

The move is expected to increase this year's tax refunds by 142 billion yuan ($21.23 billion) to 1.64 trillion yuan.

预计新增留抵退税1420亿元，今年出台的各项留抵退税政策新增退税总额达到约1.64万亿元。

Experts believe the move will bring wide-ranging benefits to market players, and revitalize the country's production and supply chains comprehensively.

专家认为，此举将使市场参与者普遍受益，并全面重振生产和供应链。

On Tuesday, the State Council, China's Cabinet, announced a package of 33 measures covering fiscal, monetary, investment and industrial policies to give fillip to economic growth.

5月31日，国务院发布关于印发《扎实稳住经济一揽子政策措施》的通知，总共涉及财政、货币、投资和产业政策在内的共33项措施。

On the fiscal front, the current policy of refunding outstanding and newly added VAT credits will be extended to businesses in the seven industries.

在财政方面，7个行业企业纳入按月全额退还增量留抵税额、一次性全额退还存量留抵税额政策范围。

In addition, the process of VAT tax refund will be improved to ensure outstanding VAT credits for micro and small businesses can be refunded in one lump sum by the end of this month.

此外，还将完善增值税退税流程，抓紧办理小微企业留抵退税，6月30日前基本完成集中退还存量留抵税额。

Most of the seven industries are in the services sector, which has been affected severely by the recent COVID-19 resurgence.

这7个行业大多数都属于服务业，因疫情反弹受到重创。

The VAT credit refund program, first announced in this year's Government Work Report in March, was initially launched to ease liquidity crunches among micro and small businesses. It covers manufacturing and other key industries that are essential for production and growth.

今年3月，《政府工作报告》首次宣布了大规模增值税留抵退税计划。这项政策起初是为了缓解小微企业现金流紧张问题，覆盖范围包括对生产和经济增长至关重要的制造业和其他关键行业。

Shi Yinghua, a professor at the Chinese Academy of Fiscal Sciences, said that the COVID-19 resurgence since late March has piled severe liquidity pressure on most businesses in the services sector.

中国财政科学研究院教授石英华表示，自3月底以来，疫情出现反弹，给许多服务业企业带来了极大的现金流压力。

"As VAT is a major kind of tax payment across the production chain, liquidity freed from the newly announced refund program will be notable. This will boost the country's production chain recovery," Shi said.

“由于增值税是整个生产链的主要纳税方式，新宣布的退税计划释放出的现金流是很关键的，将推动我国生产链的复苏”。

"While the earlier tax refund program leaned toward the manufacturing sector, this widened tax refund program is expected to generate greater certainty for the recovery of the entire economy."

“虽然早期的增值税留抵退税政策倾向于制造业，但政策范围扩大后预计将为整体经济复苏带来更大的确定性。”

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