汇丰银行-中国-宏观经济-中国：使财政政策更明智-2018.1.23-22页

Disclosures&DisclaimerThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofit.Issuerofreport:TheHongkongandShanghaiBankingCorporationLimitedViewHSBCGlobalResearchat:https://www.research.hsbc.comMiFIDII–ResearchIsyouraccessagreed?CONTACTustoday??????Private-sectorfirmsinmanufacturingandserviceshaveincreasedinvestmentintechnologyupgradesandinnovation?AbetterfiscalpolicymixcangivethisgrowthengineafurtherboostbyincentivisingprivatebusinessR&D…?…throughdirectpublicfunding,cutstotaxesandfees,andtaxincentiveschemesfortechnologicalupgradingChina’sprivatelyownedenterprises(POEs)inthemanufacturingandservicesectorshavestartedanewroundofinvestmentintechnologicalupgradingandinnovation(seeChina’ssmartmove,11September2017;Chinainnovation,10October