Economic Daily · China Economic Net reporter Zeng Jinhua

  In the face of the impact of the epidemic, China quickly launched policies and measures to support the prevention and control of the epidemic, the relief of enterprises and the resumption of production and production. Tax cuts and fees are expected to reduce the burden of companies by about 1.8 trillion yuan throughout the year, provide 1.8 trillion yuan of refinancing and rediscount, and issue local debt limits in advance this year in excess of 1.8 trillion yuan ... A series of fiscal and financial policies are accurate, powerful and timely. It reflects the "impact of impacting epidemic situation with greater macro-policy efforts" proposed by the central government.

  At present, the effects of these macro-policy measures are showing. They play an important role in doing a good job in "six stability" and implementing the tasks of "six guarantees", and promote the resumption of production and production to reach a normal level gradually. The difficulties of enterprises have been alleviated to a certain extent, and economic and social operations have gradually Tends to normal.

  Help enterprises with all-round tax and fee reduction

  On March 26th, Jiangsu Yizheng Fangshun Cereals and Oils Industry Co., Ltd. received a VAT credit of 4.58 million yuan, which became the first enterprise in Yangzhou City to enjoy the VAT tax refund policy for key production materials for epidemic prevention and control. Not long ago, Fangshun Cereals and Oils also received a 20 million yuan re-loan from China Agricultural Development Bank Yizheng Sub-branch. "Retained tax rebates and low interest rate re-loans have effectively eased the pressure on funds, and we will use the funds for raw material procurement." Wang Xiaoyong, the company's financial chief, said.

  The sudden new coronary pneumonia epidemic has caused a great impact on the economy and society. The central government has made it clear that macroeconomic policy adjustments should be intensified. Macroeconomic policies should focus on counter-cyclical adjustment, and the rhythm and intensity should be able to counteract the epidemic situation. A series of "trillion-dollar" fiscal and taxation policies and measures such as tax reductions, local debts, and re-loan rediscounts were issued and implemented in the first place. From the impact to obtaining policy support, Fangshun Grain and Oil's experience is the epitome of the majority of enterprises.

  "The state has adopted a series of policies aimed at injecting certainty and sharing risks, and hedging the uncertainties and risks brought by the epidemic. A series of fiscal and monetary policies have been introduced intensively, which provides a good way to win against the epidemic and to stabilize the economic operation Support. "Liu Shangxi, Dean of the China Academy of Fiscal Sciences said.

  On the basis of the implementation of a larger tax and fee reduction in 2019, a series of new targeted tax and fee reduction measures were quickly introduced. On February 6, the Ministry of Finance and the State Administration of Taxation issued four announcements in a row to establish a policy system for tax reduction and fee reduction to prevent and control the epidemic situation and help enterprises. Focusing on supporting epidemic prevention and control, reducing the burden of corporate social security fees, supporting the development of small and micro enterprises and individual industrial and commercial households, and stabilizing domestic demand for foreign trade expansion, a series of tax reduction and fee reduction policies have been issued.

  "The key to supporting epidemic prevention and control and coping with downward economic pressure is to put in place a larger-scale tax cut and fee reduction and put enterprises in light positions." Finance Minister Liu Kun said.

  Statistics from the State Administration of Taxation show that in the first quarter of this year, the country has realized a total of 742.8 billion yuan in tax reductions and fees. Among them, new tax incentives to support epidemic prevention and control and economic and social development were newly introduced in 2020. New tax cuts and fees were reduced by 318.2 billion yuan; a larger tax cut and fee reduction policy continued to be implemented in 2020, with tax cuts and fees reduced by 424.6 billion yuan .

  "In order to deal with the impact of the epidemic on the economy and society, many countries have issued corresponding fiscal and financial policies. A series of policy measures in China fully reflect the characteristics of precision, power, and timeliness." Institute of Fiscal and Tax Policy and Application, Beijing National Accounting Institute Director Li Xuhong believes that with the full effect of various tax reduction and fee reduction policies, coupled with the continued introduction of new policies, the scale of the annual burden reduction is expected to reach 1.8 trillion yuan.

  In addition, in order to support epidemic prevention and control, especially to protect the lives and health of the people, the state has introduced a series of policy measures such as subsidies for patient treatment costs and temporary work subsidies for frontline medical personnel. As of April 19, all levels of finance allocated a total of 1452 epidemic prevention and control funds

  100 million yuan, the funds for epidemic prevention and control in various places have been better guaranteed.

  Refinancing and re-discounting effective "blood transfusion"

  While reducing taxes and fees, financial services provide precise support for epidemic prevention and control, resumption of production and production, and development of the real economy.

  To maintain reasonable and sufficient liquidity, the central bank provided 1.7 trillion yuan of short-term liquidity after the financial market opened on February 3. On the basis of a full-scale reduction of 0.5 percentage points at the beginning of the year and the release of 800 billion yuan, the targeted reduction of standards in March released 550 billion yuan of long-term funds for loans in the inclusive field. Soon after, the central bank decided to implement the third RRR cut during the year, which was put into place twice on April 15 and May 15. During the year, the three RRR cuts released a total of 1.75 trillion yuan of long-term liquidity.

  The market is highly concerned that the state provides precise support for refinancing and re-discounting. The amount before and after is as high as 1.8 trillion yuan. At the beginning of February, a 300 billion yuan anti-epidemic special re-loan was set up, and the central government will provide discounts, mainly for key enterprises for. Since then, the new re-loan re-discount line has reached 500 billion yuan, focusing on supporting the orderly resumption of production. On March 31, the executive meeting of the State Council further clarified that it strengthened inclusive financial support measures for small and medium-sized enterprises, and increased the refinancing quota for small and medium-sized banks by 1 trillion yuan.

  In addition, the central bank lowered the interest rate for small and medium-sized re-lending for agriculture and agriculture by 0.25 percentage points, from the original 2.75% to 2.5%, and used low-cost inclusive funds to support small and medium-sized enterprises in key areas to resume production.

  For the 300 billion yuan epidemic prevention special loan, Liu Guoqiang, deputy governor of the People's Bank of China, introduced that as of March 30, 9 national banks and 10 provincial and municipal local banks had issued a total of 228.9 billion preferential loans to 5881 key enterprises Yuan, the weighted average interest rate is 2.51%, and after the financial discount of 50%, the actual financing interest rate of the company is about 1.26%.

  At the same time, the re-loan and re-appropriation of 500 billion yuan supported the resumption of production. As of March 30, the local corporate bank has issued preferential interest rate loans including discounts of 276.8 billion yuan, and the number of supported enterprise households (including farmers) reached 351,400.

  This policy package also pays particular attention to supporting small and medium-sized enterprises and difficult enterprises. For example, tax incentives for small and micro enterprises include value-added tax relief, deferred corporate income tax, and social insurance exemption; in terms of financial support, in addition to discounted loans, it also includes deferred principal and interest repayment policies, supports multi-channel financing, and Create policy tools to support banks to issue more credit loans. Statistics show that more than half of the 300 billion yuan anti-epidemic special refinance loan goes to small, medium and micro enterprises. Li Xuhong believes that these measures are very comprehensive and precise, not only involve the reduction of important taxes, but also provide a lot of financial support, which is a real help for the majority of enterprises, especially small and micro enterprises.

  "The next step is to have a more stable and sound monetary policy. Adhere to the bottom line thinking, according to the epidemic prevention and control and the staged changes in the economic situation, grasp the focus and rhythm of the policy, and put the support for the recovery of the real economy in a more prominent position. Liu Guoqiang said that it is necessary to give full consideration to the characteristics of small and medium-sized enterprises and the constraints currently facing them, and implement the various response measures introduced to help enterprises overcome difficulties.

  Trillion-dollar special bonds to promote investment

  On March 31, Hebei successfully issued government bonds of 24.41 billion yuan, including newly added government bonds of 17.5 billion yuan, supporting 181 key projects such as coastal highways, supporting projects for the South-to-North Water Transfer Project, and university science and technology industrial parks, including epidemic prevention and control and public medical care There are 45 health capacity improvement projects with a total of 2.467 billion yuan, which fully cover and guarantee the epidemic prevention and control projects declared by cities and counties. So far, Hebei Province has issued 86.21 billion yuan of government bonds this year, supporting 1,395 key economic and social development projects.

  In coordinating the advancement of epidemic prevention and control and economic and social development, funding issues are of great importance. Local government bonds are an important tool for active fiscal policy. In particular, increasing the local government special bond issuance limit in advance is conducive to accelerating the progress of bond issuance and use. It has the effect of increasing macroeconomic policy adjustment, coordinating epidemic prevention and control and economic and social development. Significance.

  Since the end of last year, the Ministry of Finance has issued a portion of the newly increased local government bond quota of 1.848 trillion yuan in 2020, including general bonds of 558 billion yuan and special bonds of 1.29 trillion yuan.

  Statistics show that as of April 15th, new local government bonds issued across the country amounted to 15691 billion yuan, accounting for 85% of the advance quota. Among them, general bonds issued 462.4 billion yuan, accounting for 83%, and special bonds issued 1160.7 billion yuan, accounting for 90%.

  It is reported that the new special bonds issued by all regions are used for major infrastructure projects in the fields of transportation infrastructure such as railways and rail transit, agriculture, forestry and water conservancy, municipal and industrial park infrastructure.

  "Intensifying the issuance and use of special bonds has long-term significance. Special bonds can effectively support the construction of major infrastructure projects such as transportation infrastructure and livelihood services and 'new infrastructure', which can not only ease the economic impact of the epidemic and promote Stabilizing the "six guarantees" is also conducive to the optimization of China's economic structure and fostering new economic growth points. "Li Xuhong said.

  A series of policy measures are being implemented and shown to be effective, and new and powerful measures are being continuously launched. The Politburo meeting pointed out that "the impact of the epidemic should be hedged with greater macro-policy", and clarified the increase of the deficit rate, the issuance of special anti-epidemic government bonds, the increase of local government special bonds, and the use of standard reduction, interest rate reduction, and refinancing Measures to maintain reasonable and sufficient liquidity.

  Recently, the executive meeting of the State Council clarified a series of new policies: allowing small and micro enterprises and individual industrial and commercial households to postpone the payment of income tax, extending the implementation period of the relevant tax and fee policies supporting epidemic prevention and control, and guaranteeing the new limit of 1 trillion yuan in special debt And strive to complete the issuance by the end of May; extend the deferred principal and interest repayment policy to enterprises that maintain basically stable jobs, especially small, medium, and micro enterprises.

  "The impact of the epidemic on China's economy is periodic, and it will not change the fundamentals of the economy's long-term improvement. Through a series of policy hedges, the impact of the epidemic on the economy can be minimized. At present, it is necessary to do a solid job of" six stability " To implement the 'six guarantees' mission, with adequate preparation and effective policy and reform hedging, the risks in the great changes have become important strategic opportunities. "Liu Shangxi said.