China News Agency, Beijing, June 12 (Reporter Chen Su) The State Council executive meeting held on the 9th of this month determined a special transfer payment mechanism for the newly added financial funds to directly benefit enterprises and the people. Chinese Vice Minister of Finance Xu Hongcai explained in detail on the special transfer payment mechanism for this special period.

  At the briefing held by the State Council Office on the same day, Xu Hongcai said that the establishment of a special transfer payment mechanism is a special approach taken in a special period, is a system innovation in the macro-control mode, is an important content of a proactive fiscal policy, and it is also a bailout and a market stimulus An important tool for vitality, mainly including five aspects.

  One is to clarify the scope of funds. The main reason is the increase of 2 trillion yuan in funds related to fiscal deficits and special anti-epidemic bonds.

  The second is to refine the distribution process. According to the characteristics of various types of funds such as normal transfer payments, special transfer payments, and special anti-epidemic bonds, the direct flow of funds is elaborated separately.

  The third is to implement ledger monitoring. Establish a direct fund account monitoring system to achieve full coverage and full chain monitoring to ensure that the fund issuance and capital supervision are synchronized "one shot to the end".

  Fourth, compact local responsibilities. Provincial finance departments should be good "passing the god of wealth", and all funds should be sent to cities and counties in a timely manner. They should also sink more of their own financial resources to the grassroots level, and not be "hands-off." City and county financial departments should scientifically arrange fiscal expenditures, strengthen the nature of public finances, focus on people's livelihood, and make every effort to ensure that they are guaranteed.

  Fifth, strengthen supervision and accountability. Departments of finance, auditing, and the People’s Bank of China have cooperated closely to increase the supervision of direct funds to ensure that funds reach the grassroots of cities and counties and benefit enterprises and people directly.

  Xu Hongcai said that the specific operation plan has been clarified. The funds that the central finance directly reaches the grassroots through the special transfer payment mechanism include: the part included in the special transfer payment, which is mainly established separately in response to the economic and financial impact of the epidemic; the anti-epidemic special national debt included in the transfer payment of the government fund Epidemic special treasury bonds are not included in the fiscal deficit, are included in the budget management of government funds, and are issued to local governments through transfer payments of government funds; they are included in the increase and stock of normal transfer payments. Supplement this part of the source of funds to be included in the scope of normal transfer payments; local fiscal deficits are newly increased.

  Xu Hongcai said that the special transfer payment mechanism keeps the current financial management system unchanged, local guarantee main body responsibilities unchanged, and fund allocation authority unchanged. According to the principles of “centralized segmentation, provincial refinement, record approval, and fast direct access”, relevant transfers are improved. Fund allocation procedures, compact local responsibilities, and establish and improve supervision and accountability mechanisms. (Finish)