In the first half of the year, the country’s fiscal revenue grew by more than 20%
economic recovery promoted fiscal revenue growth
Our reporter Zeng Jinhua and Li Hualin
On July 20, the Ministry of Finance released statistics showing that the national general public budget revenue in the first half of the year was 11.7116 trillion yuan, a year-on-year increase of 21.8%; the national general public budget expenditure was 12.1676 trillion yuan, a year-on-year increase of 4.5%.
Behind the financial revenue and expenditure data is related to economic development and people's livelihood security.
Income maintains a high growth rate
Since the beginning of this year, fiscal revenue has maintained a relatively high growth rate.
"The higher year-on-year growth rate is mainly due to the lower income base in the same period last year and the current rapid rise in industrial producer prices, which also reflects the remarkable results of my country's economic recovery." said Liu Jinyun, director of the Treasury Payment Center of the Ministry of Finance.
Tax revenue directly reflects economic development.
In the first half of the year, national tax revenue was 10.0461 trillion yuan, a year-on-year increase of 22.5% and an increase of 8.7% over the same period in 2019.
"Fiscal revenue, especially major taxes, has grown strongly, reflecting the sustained and stable recovery of my country's economy and further improvement in operational quality." said Li Xuhong, director of the Institute of Fiscal and Taxation Policy and Application of Beijing National Accounting Institute.
In terms of non-tax revenue, the national non-tax revenue in the first half of the year was 1.6655 trillion yuan, a year-on-year increase of 17.4%.
Liu Jinyun introduced that the main factors driving the growth of non-tax income include: with the rapid recovery of value-added tax and consumption tax, the increase in special income such as additional education fees; the increase in income from the paid use of state-owned resources (assets); and the administration of certain monopolistic behaviors. Fines, etc. have contributed to the increase in income from fines and forfeiture.
What is the forecast of fiscal revenue in the second half of the year?
"The global epidemic situation is still severe. The domestic economic recovery is not balanced and the foundation is unstable. Coupled with the increase in the base in the second half of last year, the increase in the percentage of corporate R&D expenses plus deductions and the early enjoyment of new tax reduction policies and income reduction are reflected in In the second half of this year, it is expected that the national income growth rate in the second half of this year will be significantly lower than that in the first half of the year. However, taking into account the faster completion of the first half of the year, after hard work, it is expected that the annual budget revenue target will be completed." Liu Jinyun said.
Rapid growth in key expenditures
Revenue has achieved rapid growth, and how the money is spent and where it is spent has attracted much attention.
In the first half of the year, the national general public budget expenditure was 12.1676 trillion yuan, a year-on-year increase of 4.5%.
"The national fiscal'three guarantees' and other key expenditures have grown rapidly, and expenditures on education, social security, employment, and health have increased by 10.1%, 8.2%, and 3.8% respectively." Liu Jinyun said.
In terms of central and local expenditures, central expenditures fell by 6.9% year-on-year, and after deducting part of the expenditure allocation time that was delayed compared with last year, they fell by 2.4%. Non-urgent and non-rigid expenditures continued to be reduced; local expenditures increased by 6.4% year-on-year.
"The year-on-year decline in central expenditures reflects the government's leading role in tightening and reducing non-urgent non-rigid expenditures. It is also a concrete manifestation of optimizing the structure of capital expenditures and effectively controlling fiscal risks. It also provides room for expenditures to increase local people's livelihood and employment security. "Li Xuhong said.
Xiang Zhongxin, Deputy Director of the Budget Department of the Ministry of Finance, said: “The Ministry of Finance insists on the government’s excessive budgeting and implementation as the basic policy for budgeting and implementation, and has made great efforts to optimize the expenditure structure, tighten the budgetary expenditure thresholds, and reduce or eliminate inefficiency. Ineffective expenditures, optimize the allocation of financial resources, and effectively guarantee expenditures in key areas."
Direct funds quickly landed
On the basis of the implementation of direct fiscal funds in 2020, a normalized direct mechanism will be further established this year, and 27 transfer payments will be included in the direct scope. The total amount of funds will reach 2.8 trillion yuan, an increase of 1.1 trillion yuan over the previous year. Full coverage of financial and livelihood subsidies.
"In the first half of the year, the normalized direct mechanism was promoted in an orderly manner, and the implementation was good. Funds quickly fell to the grassroots and units. Expenditures in key areas were effectively guaranteed. The policy of benefiting enterprises and people was accurately implemented, which effectively promoted the continuous improvement of people's livelihood, and strengthened the economy in a stable and stable manner. Stable and good." Liu Jinyun said.
It is reported that in terms of funding, all qualified funds have been released, leaving plenty of time for local governments to arrange the use of funds reasonably.
In terms of the use of funds, more than 60% of the expenditure has progressed, providing timely and strong financial guarantees for local governments to implement the "six guarantees" task.
"Direct funds are issued quickly, grassroots financial resources are supported, and basic people's livelihood, wages, and operating funds are guaranteed. The budget implementation progress is relatively fast, indicating that the efficiency of the new system has continued to improve for more than a year." Financial Strategy of the Chinese Academy of Social Sciences Said He Daixin, director of the Institute's Finance Research Office.
Bai Jingming, a researcher at the Chinese Academy of Fiscal Sciences, believes that the key to the implementation of the direct fiscal fund mechanism in the second half of the year is to open up the “last mile”, that is, the grassroots government must use the money on projects as required to ensure residents’ employment and guarantee In terms of market players, basic people's livelihood protection, and basic-level wage guarantee operations, "this is a test for the grassroots government. The grassroots government must spend money well and spend it in place according to requirements by improving and innovating mechanisms."
In the next step, how can a proactive fiscal policy continue to be exerted?
“Tax and fee reduction policies should be further implemented and detailed, focusing on optimizing the business environment and restoring the vitality of market players. Guided by national strategy and people’s livelihood concerns, actively support corporate technological innovation and green development from the perspective of fiscal and taxation. To provide assistance to build a new development pattern. At the same time, strengthen the management of local government debt, regulate local government debt-raising behavior through strict supervision and information disclosure, and effectively prevent debt risks." Li Xuhong said.
Zeng Jinhua Li Hualin