How to improve the efficiency of proactive fiscal policy

  □ Our reporter Zeng Jinhua

  Fiscal policy is an important tool for macro-control and plays a prominent role in economic operations.

The recent Politburo meeting emphasized that a proactive fiscal policy must enhance policy effectiveness.

  Looking forward to the second half of the year, where should the proactive fiscal policy be used?

How to further improve policy effectiveness?

On these hot issues, the reporter interviewed relevant experts and scholars.

Policy "targeting" precise force

  From the proactive fiscal policy proposed in 2020 to be "more active and promising", to this year’s clear need to "improve quality and efficiency, and be more sustainable", to the emphasis on "improving policy effectiveness" at this meeting, it demonstrates the central government’s proactive fiscal policy. The policy attaches great importance.

  "The current global epidemic and the external environment are complex and severe, and the domestic economic recovery is still unstable and unbalanced. Higher and more specific requirements are put forward on fiscal policies to effectively respond to economic downturn risks and promote sustained and stable economic recovery." China Fiscal Science Research Institute researcher Bai Jingming said.

  Since the beginning of this year, in the implementation of the proactive fiscal policy, the requirements of "improving quality and efficiency, and being more sustainable" have been fully embodied, and the economic operation has been strengthened and improved stably.

  In the second half of the year, how the proactive fiscal policy is exerted has attracted wide attention.

"The current domestic and international environment is still complicated, and there are many uncertain and unstable factors." Minister of Finance Liu Kun recently stated that in the second half of the year, we will coordinate epidemic prevention and control and economic and social development, and maintain the continuity and sustainability of fiscal policy. , To help consolidate the stable and positive trend of the economy.

  To maintain the necessary support for economic recovery, fiscal policies must be more precise and effective in policy operations, and the expenditure structure must be optimized according to the needs of economic development.

"Fiscal policy must be precise and forceful, especially to secure the bottom line of people's livelihood and support major national strategies. In terms of taxation policy, support for small and micro enterprises and manufacturing must be the two main focus points to help'strengthen the chain'." Bai Jingming said that supporting the fight for key core technologies and supporting the full implementation of the rural revitalization strategy will be the focus of the proactive fiscal policy in the second half of the year.

  He Daixin, head of the Financial Research Office of the Chinese Academy of Social Sciences’ Financial Strategy Research Institute, also believes that for a period of time in the future, local financial operation pressure will still exist, and proactive fiscal policies must continue to work hard to secure the bottom line of the "three guarantees" at the grassroots level.

  "A proactive fiscal policy needs to improve policy effectiveness, and it must also play a long-term role in some areas that lay the foundation and benefit the people's livelihood. For example, comprehensively promote rural revitalization, implement the'three-child' birth policy, strengthen pollution prevention and ecological construction and other major tasks. All need to further strengthen financial protection." He Daixin said.

Funds focus on "precise drip irrigation"

  In the first half of this year, national fiscal revenue increased by more than 20% year-on-year.

Although this growth rate is “bright”, considering factors such as the base increase in the second half of last year and the implementation of some new tax reduction policies in the second half of this year, it is expected that the national income growth rate in the second half of the year will be significantly lower than that of the first half of the year.

When the contradiction between fiscal revenue and expenditure is more prominent, it is particularly important to improve capital efficiency.

"The important manifestation of improving the effectiveness of fiscal policy is to spend limited funds on the blade." Bai Jingming said.

  In terms of improving expenditure efficiency, a normalized direct fiscal fund was established this year, and 27 transfer payments were included in the direct scope. The total amount of funds reached 2.8 trillion yuan, an increase of 1.1 trillion yuan over the previous year, basically realizing the central government’s livelihood subsidy funds. Full coverage.

  “The direct fund mechanism quickly drops funds to the grassroots and units, promotes effective protection of expenditures in key areas, and accurately implements policies that benefit enterprises and the people. This is an important mechanism arrangement for improving policy effectiveness. Funds are'precise drip irrigation' to the demand terminal." Bai Jingming said.

  Statistics show that 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 powerful financial guarantee for local governments to implement the "six guarantees" tasks, especially in terms of ensuring employment of residents, ensuring market players, ensuring basic people's livelihood, and ensuring basic wages and operations.

  "We will continue to make good use of the normalized fund direct mechanism, further optimize the allocation process, strengthen execution analysis, and ensure that funds are managed strictly, flexibly, and used accurately." Liu Kun said.

  In improving the performance of fund use, the implementation of budget performance management is an important starting point.

"To improve policy effectiveness, we must focus more on performance orientation, make good use of the limited financial funds, and make sure that we need to be accountable for effectiveness and ineffectiveness when we spend money." Bai Jingming said.

Investment highlights true "blood transfusion"

  Local government bonds, especially special bonds, are important tools to stabilize investment and make up for shortcomings.

The Politburo meeting called for "reasonably grasp the progress of budgetary investment and local government bond issuance, and promote the formation of a physical workload at the end of this year and early next year."

  Statistics show that in the first half of the year, local governments across the country have issued 1,480 billion yuan in new local government bonds, including 465.6 billion yuan in general bonds and 1014.4 billion yuan in special bonds.

"The progress of issuance has slowed down compared with last year, mainly because this year's special bonds have resumed normal management, and local issuance time requirements have been appropriately relaxed. This will not affect the progress of key project construction and funding needs, and it can also effectively avoid idle bond funds." Xiang Zhongxin, deputy director of the Ministry's Budget Department, said.

  It is worth noting that the issuance and use of special bonds has played an important role in supporting the country's major regional strategies and major projects.

  "Since the beginning of this year, my country's economy has recovered steadily, and special bonds have resumed normal management, which is conducive to stable financial operations and recovery of financial resources. However, we should also see that the international and domestic environments are rapidly changing and require macro-level guidance. For now, the progress of government investment and financing There is still a need to speed up in order to drive economic growth.” He Daixin believes that “promoting the formation of physical workloads at the end of this year and early next year” has sent a signal that fiscal policy must speed up investment and financing cycles to maintain the heat of economic recovery.

  In fact, after July, the issuance of special bonds has accelerated significantly.

"Special bonds need a certain process from the issuance to the use of funds and the formation of physical workloads. Therefore, it is necessary for all regions to reasonably grasp the issuance rhythm, pay close attention to the issuance work, and timely transfer the raised funds to the project, avoid idle funds, and truly achieve Give blood to the real economy." Bai Jingming said.

  Regarding how to better play the role of special debt to stabilize investment and make up for shortcomings, Bai Jingming believes that it is necessary to support the construction of eligible key projects in accordance with the principle of "funds follow the project", and to implement penetrating monitoring of special bond projects. Strengthen the performance management of the whole life cycle, and give full play to the benefits of the use of special bond funds.

  Proactive fiscal policy to enhance policy effectiveness also requires the coordination of monetary policy, industrial policy, regional policy and other macro policies.

"For example, a prudent monetary policy to maintain reasonable and sufficient liquidity is an important prerequisite for ensuring the efficient cycle of fiscal investment and financing and the cycle of revenue and expenditure; in terms of industrial policy, the construction of major engineering projects and guiding enterprises to increase innovation and development and technological transformation are all Without the support of fiscal policy, it is also a carrier for fiscal policy to work on a larger scale." He Daixin said.

  □ Our reporter Zeng Jinhua

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