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Policies Inject New Impetus Into China Mining Equipment Industry

Mining is warming up. According to the data of the National Bureau of Statistics, from January to February this year, China's mining industry realized a total profit of 87.79 billion yuan, an increase of 42.1% over the same period last year, while the manufacturing industry realized a total profit of 810 billion yuan, an increase of 12.5%. The total profit of coal mining and washing industry increased 19.6% year on year, while that of oil and gas mining industry increased 1.4 times. This will inevitably lead to equipment manufacturing downstream of the industrial chain.

Reducing fees and taxes at the national level is conducive to equipment manufacturing. The executive meeting of the State Council held on March 28 decided to reduce the VAT tax rate of manufacturing and other industries from 17% to 16% on May 1, 2018. A one-time refund shall be given to those enterprises that meet the requirements of modern service industries such as equipment manufacturing, R&D and other advanced manufacturing industries within a certain period of time. The executive meeting of the State Council held on April 4 decided to further reduce the fees charged by enterprises and reduce the real economic costs.

The promotion and application of major technical equipment have received policy support. The first (set) of major technical equipment refers to the first (set) or the first batch of equipment, systems and core components with independent intellectual property rights but no market performance after independent innovation and major breakthroughs in its varieties, specifications or technical parameters.

According to the Catalogue of Guidance for the Promotion and Application of First (Set) Major Technological Equipment (2017 Edition), which was officially issued in January this year, the innovation of major technical equipment such as large-scale mining metallurgical equipment, large-scale construction machinery, high-tech communication and marine engineering equipment is within the scope of subsidy.
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