This article will proceed from the industry policy and development planning, and review and prospect the electronic invoice industry and its blockchain application industry environment.
Chapter 4 Analysis of the Development Environment of the Blockchain Electronic Invoice Industry
Analysis of industry policy environment
Related policies of the blockchain industry
In general, the blockchain has experienced support from the cold winter of 2017 to 2019. While the state strengthens supervision, it supports research and technology development in the domestic blockchain field and is committed to promoting standardization policies.
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In 2016, the State Council released the "Thirteenth Five-Year Plan" National Informationization Plan for the first time to incorporate blockchain into the new technology category and make it a cutting-edge layout, marking that China has begun to promote the development of blockchain technology and applications. Since then, the central and local governments have promulgated related supervision or support policies (local policies favor support), which has created a good policy environment for blockchain technology and industrial development.
In supporting the development of blockchain technology
In October of the same year, the Ministry of Industry and Information Technology released the "China Blockchain Technology and Application Development White Paper (2016)". The white paper summarizes the development status and typical application scenarios of domestic and foreign blockchains, introduces the roadmap for the development of China's blockchain technology, and the future direction and process of blockchain technology standardization.
In December 2016, the State Council issued the "Thirteenth Five-Year Plan" National Informatization Plan, in which the "Planning" for the first time included blockchain technology in the content of a national-level informatization plan.
In January 2017, the “Opinions on Innovative Management, Optimized Services, and Cultivation of New Economic Power for Accelerating Economic Development and Accelerating the Continuous Conversion of New and Old Power” issued by the General Office of the State Council put forward: In the cross-integration fields of artificial intelligence, blockchain, energy internet, and big data applications Constructing several industrial innovation centers and innovation networks.
In January 2017, the Ministry of Commerce issued the "Guiding Opinions on Further Promoting the Construction of National E-commerce Demonstration Bases" to promote the incubation of demonstration bases, and proposed to promote the innovative applications of big data, cloud computing, Internet of Things, artificial intelligence, and blockchain technology. .
In July 2017, the State Council issued the "Notice on the Development Plan for the New Generation of Artificial Intelligence", which proposed to promote the integration of blockchain technology and artificial intelligence and establish a new social trust system.
In August 2017, the State Council issued the "Guiding Opinions on Further Expanding and Upgrading Information Consumption to Continuously Release the Potential of Domestic Demand", and proposed to launch pilot applications based on new technologies such as blockchain and artificial intelligence.
In October 2017, the State Council issued the "Guiding Opinions on Actively Promoting the Innovation and Application of Supply Chain", which proposed to study the use of emerging technologies such as blockchain and artificial intelligence to establish a credit evaluation mechanism based on the supply chain.
In June 2018, the Ministry of Industry and Information Technology issued the Industrial Internet Development Action Plan (2018-2020), which proposed and encouraged the application research of emerging cutting-edge technologies such as edge computing, deep learning, and blockchain in the Industrial Internet.
In March 2018, the Ministry of Industry and Information Technology issued the "Key Points of Standardization Work in the Informatization and Software Services Industry in 2018" and proposed to promote the establishment of the National Information Technology and Industrialization Integrated Management Standardization Technical Committee, the National Blockchain and Distributed Accounting Technology Standardization Committee.
In October 2018, the Ministry of Industry and Information Technology's "Thirteenth Five-Year" National Informationization Planning Notice stated that it will actively build and improve the blockchain standard system, accelerate the development and application of key standards, and gradually build a perfect standard system.
In supporting the development of blockchain applications
In October 2017, the State Council's "Guiding Opinions on Actively Promoting the Innovation and Application of Supply Chain" proposed to study the use of emerging technologies such as blockchain and artificial intelligence to establish a supply chain-based credit evaluation mechanism.
November 2017 State Council's "Guidelines on Deepening the" Internet + Advanced Manufacturing "to Develop the Industrial Internet" Promote research and exploration of emerging cutting-edge technologies such as edge computing, artificial intelligence, augmented reality, virtual reality, and blockchain in the Industrial Internet .
In December 2017, the State Post Office's "Guiding Opinions on Promoting the Construction of the Postal Service" Belt and Road "and the countries along the route exchanged experiences in the integrated development of the postal industry and the Internet, big data, cloud computing, artificial intelligence and blockchain, and jointly launched Technology application demonstration.
In February 2018, the Ministry of Industry and Information Technology's "Notice on Organizing the Application of Pilot Demonstration Projects for Information Consumption" actively explored the use of blockchain technology to carry out full-scale monitoring of information logistics, and promote the reduction of cost and efficiency of information consumption in the logistics industry.
In April 2018, the Ministry of Education released the “ Education Informatization 2.0 Action Plan '', which proposes to actively explore effective ways to record, transfer, exchange, and authenticate smart learning effects based on new technologies such as blockchain and big data, forming ubiquity and intelligence. The learning system promotes the deep integration of information technology and intelligent technology into the entire process of education and teaching, and creates a new growth pole for international competition in education development.
In terms of supporting blockchain application supervision
In August 2017, China Internet Finance Association's "Tips on Preventing Various Risks Related to Absorbing Investment in the Name of ICO" Some institutions at home and abroad adopted various misleading publicity methods to engage in financing activities in the name of ICO, and related financial activities have not obtained any permission. Among them are suspected of fraud, illegal securities, illegal fund raising and other acts.
On September 4, 2017, seven ministries and commissions including the People's Bank of China, the People's Bank of China, the Central Internet Information Office, the Ministry of Industry and Information Technology, the General Administration of Industry and Commerce, the China Banking Regulatory Commission, the China Securities Regulatory Commission, and the China Insurance Regulatory Commission issued an "Announcement on Preventing the Financing Risk of Tokens". It is pointed out that the so-called virtual currencies such as Bitcoin and Ethereum are essentially illegal public financing without approval. There are multiple risks in the financing and trading of tokens, including the risk of false assets, the risk of operating failure, and the risk of investment speculation. Investors must bear their own investment risks. They are required to stop various types of token issuance and financing activities on the same day, and organizations and individuals who have completed the token issuance and financing shall make arrangements such as withdrawal.
On January 22, 2018, the Payment and Settlement Office of the Central Bank issued the “Notice on Carrying out Self-examination and Rectification of Payment Services for Illegal Virtual Currency Transactions”, which requires all units and branches to conduct self-inspection and rectification, and prohibits virtual currency transactions. Provide services and take measures to prevent payment channels from being used for virtual currency transactions. At the same time, strengthen daily transaction monitoring. For discovered virtual currency transactions, close the payment channels of relevant transaction entities in a timely manner and properly handle funds to be settled.
On January 23, 2018, the China Internet Finance Association issued "Reminders on Preventing the Risks of Overseas ICO and" Virtual Currency "Trading", alerting investors to especially guard against overseas ICO institutions' lack of regulation, system security, market manipulation, and money laundering. At the same time, it also pointed out that the behavior of providing services such as payment for "virtual currency" transactions is facing policy risks. Investors should take the initiative to strengthen risk awareness and maintain rationality.
In August 2018, the “ Reminder on Preventing the Risk of Illegal Fundraising in the Name of "Virtual Currency" and "Blockchain" "issued by the Central Cyberspace Office, the Ministry of Public Security, the People's Bank of China, the General Administration of Market Supervision, and the China Banking Regulatory Commission pointed out that some Under the banner of "financial innovation" and "blockchain", criminals have absorbed funds by issuing so-called "virtual currencies", "virtual assets", "digital assets" and infringing on the legitimate rights and interests of the public. This type of activity is not really based on blockchain technology, but is the practice of speculating on the concept of illegal fundraising, pyramid schemes, and fraud.
In January 2019, the National Internet Information Office issued the “ Regulations on the Management of Blockchain Information Services '' to warn blockchain information service providers and users not to use blockchain information services to engage in endangering national security, disrupting social order, infringing on the legal rights and interests of others, etc. Activities prohibited by laws and administrative regulations.
On the afternoon of October 24th, the Political Bureau of the CPC Central Committee conducted the eighteenth collective study on the current status and trends of blockchain technology development. The General Secretary of the Central Committee of the Communist Party of China emphasized that the integrated application of blockchain technology played an important role in new technological innovation and industrial transformation. We must regard blockchain as an important breakthrough in independent innovation of core technologies, clarify the main attack direction, increase investment, focus on overcoming a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation. Speaking while chairing the study. He pointed out that the application of blockchain technology has extended to many fields such as digital finance, the Internet of Things, intelligent manufacturing, supply chain management, and digital asset trading. At present, major countries in the world are accelerating the development of blockchain technology. China has a good foundation in the field of blockchain. We must accelerate the development of blockchain technology and industrial innovation, and actively promote the development of the integration of blockchain and economy and society.
Local support for blockchain development policy
As a political, cultural, and economic center of the country, Beijing has obvious advantages in blockchain entrepreneurship, and its blockchain industry has maintained rapid development.
Beijing's policies in supporting the development of blockchain applications:
In August 2016, the “Beijing Financial Work Bureau's 2016 Performance Tasks” by the Beijing Financial Work Bureau promoted the establishment of the Zhongguancun Blockchain Alliance in order to promote the construction of Beijing's financial development environment.
In December 2016, the Beijing Municipal Bureau of Financial Affairs and the Beijing Municipal Development and Reform Commission jointly issued the "Notice of the Development Plan of the Financial Industry in the" Thirteenth Five-Year Plan "Period of Beijing", classifying blockchain as a technology for Internet finance and encouraging development.
In September 2017, the Beijing Municipal Bureau of Financial Affairs and the Beijing Municipal Development and Reform Commission issued the "Notice on the Implementation Measures for the Construction of the Capital's Green Financial System" to develop a blockchain-based green financial information infrastructure and improve the level of security of green financial projects. .
In November 2018, the Zhongguancun Management Committee, the Beijing Financial Work Bureau and the Beijing Science and Technology Commission jointly issued the "Beijing Financial Technology Development Plan (2018-2022)" to include blockchain technology in Beijing's "fintech" development The scope of planning.
On November 12, 2019, Beijing "Optimized Business Environment Version 3.0" was launched. Beijing uses blockchain technology to connect the catalogues and data of 53 departments in the city together to form a "catalog block chain" system that provides support for data aggregation and sharing. At present, real estate mortgage loans and registration "one-off office" have been implemented; Upgrade "e-window pass" to facilitate business start-up and so on.
Beijing's policies in supporting the development of the blockchain industry:
In April 2017, Beijing “Zhongguancun National Independent Innovation Demonstration Zone to Promote the Deep Integration of Science and Finance and Support the Management of Funds for Innovation and Development” carried out demonstration applications of cutting-edge technologies such as artificial intelligence, blockchain, quantitative investment, and smart finance, in accordance with signed technology application contracts Or 30% of the purchase agreement amount is given to the company for financial support, and the maximum amount of support for a single project does not exceed 5 million yuan.
In April 2018, the maker town of Zhongguancun released the Blockchain Innovation and Entrepreneurship "33333" plan. It plans to use 3 years to train 30,000 blockchain industry professionals, train 3,000 blockchain entrepreneurial leaders, and incubate 300 companies. The blockchain team has created 30 unicorns and wants to build Zhongguancun International's "blockchain +" and "+ blockchain" industrial innovation and entrepreneurship bases.
In December 2018, Xicheng District, Beijing issued the “ Several Measures to Support the Construction of Beijing's Financial Technology and Professional Service Innovation Demonstration Zone (Xicheng Area) '' to vigorously support fintech application demonstrations, advocate for safe, green, inclusive financial services, and artificial intelligence. For cutting-edge technological innovations such as blockchain, quantitative investment, and smart finance, a maximum of 10 million yuan will be awarded, which will effectively help industrial and economic development, and help cities run smarter.
On the morning of July 25th, the 14th meeting of the Standing Committee of the 15th People's Congress of Beijing heard the "Report on the Implementation of Beijing's 2019 National Economic and Social Development Plan in the First Half of the Year". Beijing will implement a work plan for accelerating the construction of application scenarios, focusing on promoting the application of new technologies, new products and new models such as artificial intelligence, blockchain, and cutting-edge materials, and grasping the construction of the first 10 scientific and technological innovation application scenarios to better promote the transformation of scientific and technological achievements and the industry. Into.
The Shanghai Municipal Government is relatively conservative in its blockchain policy, and has only issued a number of guiding policies on financial blockchain pilots.
Shanghai's policies in supporting the development of the blockchain industry:
In April 2017, the Shanghai Internet Finance Industry Association released the "Self-discipline Rules for the Application of Blockchain Technology in Internet Finance Institutions", which includes 12 items such as system risk prevention and supervision. This is also the first domestic self-discipline rule for the blockchain in the Internet finance industry.
On July 6, 2018, the "Opinions of the Shanghai Municipal Committee of the Communist Party of China on Enhancing the Energy Level and Core Competitiveness of Shanghai City Facing the World and the Future" was released. The opinions released by Shanghai clearly expressed Shanghai's great efforts in the development of blockchain. Support and attention. Promote the continuous improvement and self-pressurization of Shanghai blockchain enterprises, and make the blockchain industry move towards standardization and institutionalization.
In September 2018, Yangpu District issued "Several Policies and Regulations to Promote the Development of the Blockchain (Trial)", which provides 12 policy support for the development of the blockchain industry, including subsidies for start-up fees, office space subsidies, Alliance support, financing support, etc., are valid for 3 years.
On March 13, 2019, Shanghai held the "2019 China · Shanghai Blockchain Technology Application Summit". The summit was guided by the People's Government of Jiading District, Shanghai, hosted by the People's Government of Nanxiang Town, Shanghai Jiading District, Shanghai Blue Sky Economic City, and hosted by Chuangfei Group and Chain Certificate Economy. Further promote the development of blockchain technology to empower the real economy.
On September 6, 2019, Shanghai released the “ 2019 Shanghai Blockchain Technology and Application White Paper '', which analyzes and interprets the domestic and foreign, especially Shanghai, blockchains in detail from multiple dimensions, including enterprises, technologies, applications, and talent training. The development status of the industry is very instructive and influential in the industry.
Shanghai's policies on supporting the development of blockchain applications:
In January 2018, the Shanghai Education Commission's "2018 Shanghai Education Commission Work Essentials" recommended educational demonstration applications based on artificial intelligence and blockchain technology.
On March 13, 2019, after the CPPCC Industry and Commerce Sub-sector Group Meeting, Zhou Hanmin, member of the CPPCC Standing Committee, vice chairman of the China Democratic National Construction Association, and deputy chairman of the Shanghai CPPCC, stated that the Yangtze River Delta region should be more extensive in improving the business environment. The consensus is to accelerate the use of the Internet, big data, cloud computing, and blockchain in the field of government services.
On March 7, Shanghai's “Jing'an Sports Public Welfare Distribution” platform was officially launched. This project provided public welfare vouchers to citizens to enjoy discounted fitness services at various sports venues. The platform introduces a trusted blockchain system certified by the China Academy of Information and Communications Technology of the Ministry of Industry and Information Technology to solve the credit problem in the public welfare distribution link and ensure the security and transparency of distribution funds.
On November 8, 2019, the Shanghai headquarters of the People's Bank of China released the "Integrated Service Plan for High-quality Development of Advanced Manufacturing in the Yangtze River Delta G60 Science and Technology Corridor". The "Plan" mentioned that relying on the core enterprises of the advanced manufacturing industry chain and using blockchain technology to carry out warehouse supply pledge loans, account receivables pledge loans, bill discounting, factoring, international and domestic letters of credit, and other supply chain financial innovations to improve Overall financing efficiency.
On November 20, 2019, the Yangpu District People's Government of Shanghai and Tencent Cloud reached a strategic cooperation. Both parties will actively promote Tencent's emerging technologies in artificial intelligence, blockchain and other aspects, and deep integration with urban construction, government governance, and people's livelihood services. , Jointly foster emerging artificial intelligence industries and accelerate the upgrading and transformation of traditional industries.
Compared with other cities, Guangzhou has the largest investment.
Guangzhou's policies in supporting the development of the blockchain industry:
In December 2016, the speech of Ren Xuefeng, the secretary of the Guangzhou Municipal Party Committee on the main tasks of the five-year work, mentioned the development of cutting-edge technologies such as blockchain.
In October 2017, the Shenzhen Municipal People's Government issued the “Several Measures to Support the Development of the Financial Industry in Shenzhen” to the district people's governments and units directly under the municipal government, which mentioned that “the key rewards are in the use of blockchain, digital currency, financial big data, etc. Outstanding projects in the field, the annual reward limit is controlled within 6 million yuan. "
In December 2017, Guangzhou issued the first government support policy on the blockchain industry, “Measures for Promoting the Development of the Blockchain Industry in the Guangzhou Development Zone of Huangpu District, Guangzhou City”. There are 10 policies in total. The core clauses include 7 aspects, covering Growth rewards, platform rewards, application rewards, technology rewards, financial support, event subsidies, etc. It is estimated that the annual financial investment will increase by about 200 million yuan.
On October 28, 2019, the Huangpu District Industrial and Information Technology Bureau of Guangzhou City and the Economic and Information Technology Bureau of Guangzhou Development Zone officially issued the "Implementation Rules for Several Measures to Accelerate the Blockchain Industry to Lead the Transformation of Guangzhou Development Zone in Huangpu District, Guangzhou City".
The detailed rules show: 1. Encourage the establishment of a 1 billion yuan blockchain industry fund, 2. Highlight the original innovation of the blockchain, and choose two companies or institutions that carry out blockchain public chain and alliance chain construction projects each year. Subsidy methods; 3. Deepening the application of blockchain integration; 4. Co-creating the value network of the Greater Bay Area; 5. Co-building the Greater Bay Area Exchange Center; 6. Building the leading industrial park of the blockchain industry; 7. Internalization and repair expo Talent; 8. Supporting the holding of blockchain expo; 9. Creating a zone of blockchain vitality.
Guangzhou's policies in supporting the development of blockchain applications:
In January 2019, the “Blockchain +” Fintech Industry Incubation Center of Guangdong Financial High-tech Zone was officially put into operation, providing incubation office space, policy guidelines, project resource docking, and projects for “Blockchain +” Fintech companies and entrepreneurial teams. Comprehensive services such as investment and financing.
In February 2019, the "Implementation Opinions on Accelerating the Development of Software and Information Technology Services in Guangzhou City" proposed that Guangzhou plans to support the development of the blockchain industry in Huangpu District, and to build the Guangzhou Blockchain International Innovation Center and the Bay Area Digital Economy Innovation Center as the Core China Blockchain Digital Economy Innovation Zone. Guangzhou will pilot "Blockchain + Commercial Services" to promote reform of commercial registration.
In order to ensure that it is at the forefront of international competition in the blockchain industry, Shenzhen actively supports key enterprises and projects, and issues long-term supporting development funds.
Shenzhen's policies in supporting the development of the blockchain industry:
On August 17, 2017, the Shenzhen Economic, Trade, and Information Commission issued the “Notice of the Municipal Economic and Trade Information Commission on Organizing and Implementing the Special Supporting Plan for the New Generation of Information Technology and Information Security for the Strategic Emerging Industries of Shenzhen in 2018.” Chain technology.
In March 2018, the Shenzhen Municipal Economic, Trade and Information Commission issued a document "Notice of the Municipal Economic and Trade Information Commission on Organizing and Implementing the Second-Class Supporting Plan for the New Generation of Information Technology and Information Security for the Strategic Emerging Industries of Shenzhen in 2018." Chain is one of the supporting areas. According to investment calculation, the amount of funding for a single project does not exceed 2 million yuan, and the amount of funding does not exceed 30% of the total project investment.
Shenzhen's policies in supporting the development of blockchain applications:
In November 2016, the Shenzhen Finance Office issued the "Thirteenth Five-Year Plan" for the development of Shenzhen's financial industry, which mentioned that it supports financial institutions to strengthen research and exploration on emerging technologies such as blockchain and digital currency.
On September 25, 2017, the Shenzhen Municipal People's Government issued the “Several Measures for Supporting the Development of the Financial Industry in Shenzhen”, which mentioned that the fintech special award focused on rewarding outstanding projects in the fields of blockchain, digital currency, and financial big data. The annual reward limit is controlled within 6 million yuan.
In July 2019, the "Shenzhen Commerce Bureau Industrial Development Special Fund Consumption Promotion Support Plan Operation Regulations" was issued, which stipulated that each increase of 100 million yuan in retail sales of commercial and commercial enterprises will reward 500,000 yuan, and the maximum reward for a single enterprise will be 10 million yuan. Shenzhen encourages business enterprises to apply new technologies such as the Internet, the Internet of Things, big data, and blockchain to develop new retail projects, and subsidizes eligible markets and projects at 20% of the actual investment.
On August 18, 2019, the Central Committee of the Communist Party of China and the State Council issued their opinions on supporting Shenzhen to build a leading socialist demonstration zone with Chinese characteristics. Opinion points out that it supports the development of digital currency research and mobile payment and other innovative applications in Shenzhen.
On November 19, 2019, the Standing Committee of the Shenzhen Municipal Committee held a meeting and emphasized that it is necessary to give full play to the advantages of Shenzhen's scientific and technological innovation, strengthen the basic research and key technology research of the blockchain, and accelerate the cutting-edge information of blockchain and artificial intelligence, big data, and the Internet of Things. Deep integration of technology, continuously enhancing independent innovation capabilities, and strive to seize the commanding heights of technological development. It is necessary to actively promote the development of the integration of blockchain and economy and society, promote integrated innovation, strengthen application demonstration, and empower the real economy.
Electronic Invoice Industry Policy
Since China's first electronic invoice was issued on June 27, 2013, electronic invoices have been widely used. In particular, since December 1, 2015, the State Administration of Taxation has introduced a new system for value-added tax invoice management to issue general electronic value-added invoices for value-added tax, and electronic invoices have achieved national uniform standards. However, the electronic invoices that are being promoted and applied are still limited to the field of general VAT invoices, and the VAT invoices issued between enterprises that use a larger amount and account for 80% of the total invoices have not yet been realized electronically.
In March 2017, the State Administration of Taxation issued the "Guiding Opinions on Further Improving the Implementation of Electronic General Invoices for Value-added Tax", which clearly further increased the promotion and use of electronic invoices. At present, the main application fields of electronic invoices in China are e-commerce, telecommunications, finance, express delivery, public utilities, taxable services, commercial retail and wholesale industries.
In order to support the construction of the electronic electronic invoice service and supervision technology system throughout the process, the National Key R & D Program of the Ministry of Science and Technology has begun to implement the “Key Space Security Special Project” in 2017. 4.3 Secure Electronic Credential Service and Its Key Technologies for Supervision and 3.3 Support the whole process of electronic electronic invoice and service system pilot demonstration project.
In fact, the pace of replacing electronic paper invoices with electronic invoices has not slowed down at all.
Since January 1, 2018, the tolls paid by using ETC cards or user cards, and the ETC card recharge fees can be issued electronic tolls for tolls instead of paper notes. After the general VAT taxpayer obtains an electronic toll that meets the requirements, he should log in to the province (region, city) value-added tax invoice selection and confirmation platform within 360 days from the date of issuance, and query and select the electronic toll for deduction of tolls. information.
Since February 1, 2018, small-scale VAT taxpayers in the industrial and information transmission, software, and information technology service industries with monthly sales exceeding 30,000 yuan (or quarterly sales exceeding 90,000 yuan) have experienced VAT tax liability. If a special VAT invoice needs to be issued, it can be issued on its own through the new VAT invoice management system, which has expanded the pilot scope for small-scale taxpayers to issue special VAT invoices on their own.
The Announcement of the State Administration of Taxation on the Use of Electronic General Invoices for Value-added Tax (SAT Announcement No. 41 of 2018) mentioned that after the new tax agency was listed, the taxation bureaus of the provinces, autonomous regions, municipalities and municipalities separately under the State Administration of Taxation A new invoice supervision stamp will be enabled. The taxpayer's self-built electronic invoice service platform and third-party electronic invoice service platform shall complete the upgrade work before December 31, 2018. After the e-invoice service platform is upgraded, the generated VAT electronic ordinary invoice layout file uses the newly-used invoice supervision stamp of the provincial (regional, municipal) tax bureaus. Prior to the upgrade of the electronic invoice service platform, the formatted VAT electronic ordinary invoice formatted documents can continue to use the invoice supervision stamps of the State Taxation Bureaus of the provinces, autonomous regions, municipalities directly under the Central Government, and cities with separate plans.
In order to realize the whole process of paperless, cross-industry application, and financial and taxation process reengineering, the relevant departments of the Development and Reform Commission, the Ministry of Finance and other relevant departments are gradually doing a top-level design, realizing the integration of taxation, finance, ERP, archiving, auditing, auditing and other systems, and developing and promoting electronic invoice Policy.
The General Office of the State Council issued Guobanfa  No. 39 document on August 1, 2019, which clearly states that further reduction of business start-up time will be reduced to less than 5 working days by the end of 2019. Reduced to less than 3 working days. By the end of 2019, taxpayers' tax matters and tax time will be reduced by another 10%, and more than 70% of tax matters will be settled at one time.
According to the document issued by the State Council  No. 39, a nationwide unified electronic invoice public service platform will be established by the end of 2019, providing free VAT electronic ordinary invoice issuance services, and accelerating the research and advancement of the VAT special invoice electronic work.
In addition, in order to achieve centralized invoice service and unify planning technology and standard system, the state needs to formulate relevant technical standards as soon as possible, and relevant competent departments need to cooperate with national key special pilot demonstrations to jointly resolve the legality of the pilot invoices, the connection between the pilot system and the actual operation system Reality. At the same time, we will improve the relevant system specifications. Establishing and perfecting system specifications from top to bottom, formulating unified national electronic invoice technical standards, and establishing financial electronic invoice accounting management specifications in conjunction with finance, and formulating appropriate market access and competition rules are also the only way to popularize electronic invoices.
Industry Development Plan
At present, the electronic invoice industry is facing strong market transformation pressure. This trend from one stage to another creates new opportunities for innovative and visionary companies.
In view of the rapidly changing environment, this article believes that in the coming years, the following topics will become catalysts for the market and game changers:
- Regulators are fighting the VAT gap. The new tax regime has resulted in B2B, B2G, and B2C electronic invoices, electronic reports, electronic applications, electronic audits, and compliance requiring all companies to change rules.
- Most organizations' business models and IT systems have evolved with the use of paper-based processes. Companies are required to replace traditional models with electronic models and redesign processes.
- A pure electronic invoice service is no longer sufficient. The need to support other documents, processes, and value-added services is increasing dramatically.
- A paradigm shift is underway regarding the way in which different parties collaborate.
- Emerging technologies will continue to mature, eventually costing them to the point where they can be used in practice.
The electronic invoice market worldwide has been around for more than 20 years. Electronic documents have gradually replaced paper invoices. As part of the first phase, the European market was developed primarily by private companies. This demand is being pushed globally by high-volume industries. Today, however, the main driver is the increasing number of governments requiring organizations to exchange invoices electronically. In this regard, Latin America is very advanced, followed by some countries in Europe and Asia. This trend is gradually spreading to the world including China. As a result of this additional government push, the market for solution providers and integrated third-party platform vendors is growing rapidly.
Billentis estimates that the global e-invoicing and support market size will be $ 4.9 billion in 2019 and will reach approximately $ 20.5 billion by 2025. By 2025, all Latin American and most Asian countries will have a unified electronic bill reimbursement model, and they will require market participants to exchange invoices in electronic format only. Another assumption is that a significant portion of previous anonymous payment receipts will be replaced by actual invoices.
Asia and Latin America are expected to have the highest annual growth rates (56% and 30% CAGR, respectively). Europe is the country with the highest value in the electronic invoice market today, but by 2025, the average annual growth rate may reach only single digits. Another important reason is that the cost of e-invoicing may drop much faster than elsewhere. Currently, the average transmission cost per electronic invoice is much higher than the average cost worldwide. This is due to the very fragmented market structure, the large number of small solution providers operating mainly in the domestic market, and the different languages, regulations and standards. In contrast, countries with reimbursement models and e-invoice requirements use a highly standardized approach, where e-invoices account for a higher percentage of total invoices. The interconnection between different e-invoicing network operators is very easy and cost-effective. Therefore, in countries with reimbursement models, the average cost per electronic invoice is usually in the lower single digit range.
The maturity of blockchain technology is a rare opportunity for value-added services related to electronic invoices, such as payment, trade financing, contract records, pre- and post-processing of supplier / buyer invoices, these upstream and downstream industries and electronics Compared with the invoice industry, there are fewer legal requirements, so it will have a lot of operating space.
Blockchain technology may also be related to new topics related to electronic invoices and hybrid models. These new models combine blockchain technology with other technologies, such as freight tracking + electronic manifest + electronic invoice reimbursement.
Latin America and Asian countries have adopted new reimbursement models, so opportunities may be limited. When service providers in these countries use their current models, their transaction prices have reached the cost of a few cents; this is only slightly more expensive than public blockchain transaction fees, so for these service providers, the block The appeal of chain technology is very limited. Finally, these systems have been tested in the field and successfully run. There is greater hope in countries currently planning and implementing reimbursement models or announcing electronic invoice regulatory rules. As a new and fast-developing industry, China's electronic invoice industry is more likely to use blockchain technology to provide services.
Blockchain technology is unlikely to replace operating B2B networks and existing reimbursement models within the next five years. However, it can complement existing e-invoicing platforms.
Because of the cost of technology, end users will not soon use blockchain technology for large-scale electronic invoice exchange on a peer-to-peer basis. Cloud operators are more likely to use this technology as a complement to their existing services. End users will be able to benefit indirectly.
Beware of illegal financial activities under the banner of blockchain and new technologies. The standard consensus resolutely resists illegal activities such as illegal fundraising, online pyramid schemes, ICOs, various variants, and dissemination of bad information.