Speed ​​up the progress of fiscal expenditures and speed up the issuance of special bonds——

  Fiscal policy stepped up to play a role in stabilizing the economy

  Our reporter Zeng Jinhua

  To do a good job of economic work in the second half of the year, how to use proactive fiscal policies has attracted much attention.

On August 27, the Ministry of Finance issued the "Report on the Implementation of China's Fiscal Policy in the First Half of 2021", which clarified specific measures for the next step to accurately implement macroeconomic policies and enhance the effectiveness of proactive fiscal policies.

  Accelerating the budgetary expenditures and the issuance of local government bonds in the second half of the year, strengthening financial guarantees for major national strategic tasks, and actively preventing and dissolving risks in key areas. A series of measures will provide strong support for the consolidation of economic stability and improvement.

Speeding up fiscal expenditure

  In the first half of the year, expenditures in key areas such as people's livelihood were effectively guaranteed, and the budget implementation was generally good.

The "Report" shows that in the first half of the year, the national general public budget expenditure was 12,167.6 billion yuan, a year-on-year increase of 4.5%, maintaining a strong expenditure intensity. Education, housing security, social security, employment, and health expenditure increased by 10.1% and 15.1% respectively. , 8.2%, 3.8%.

  Luo Zhiheng, deputy dean and chief macro analyst of Yuekai Securities Research Institute, believes that the general tone of fiscal policy in 2021 is "improving quality and efficiency, and making it more sustainable". In the first half of the year, fiscal revenue has resumed growth, and the expenditure structure continues to focus on people's livelihood. The tilt has strongly supported the economy to consolidate its capital, promote scientific and technological innovation, and stabilize employment.

  To do a good job of economic work in the second half of the year, fiscal policy plays an important role.

The "Report" makes it clear that the next step is to improve quality and efficiency and implement a proactive fiscal policy, better play the key role of stabilizing the economy, speed up the progress of fiscal expenditures, strengthen the protection of expenditures in key areas, and effectively improve the efficiency of capital use.

  "The basic trend of my country's economic growth this year is'high before and low'. It has now entered the third quarter. Affected by factors such as the spread of the domestic epidemic and changes in international market demand, economic growth is facing certain pressures. The proactive fiscal policy in the second half of the year must be more effective. It is effective. On the basis of maintaining constant strength in the first half of the year, take the initiative and act actively." said Feng Qiaobin, deputy director of the Macroeconomic Department of the Development Research Center of the State Council.

  Maintaining a strong expenditure intensity, speeding up the expenditure progress, promoting economic and social stability recovery and continuous improvement of people's livelihood are important aspects of the proactive fiscal policy in the second half of the year.

"The second half of the year will be a period of rapid growth in fiscal expenditures and more in-kind workloads. At the same time, the proactive fiscal policy will be coordinated with monetary policy, regional policy, industrial policy, and employment policy to give full play to the effectiveness of the policy." China Said He Daixin, head of the Financial Research Office of the Academy of Financial Strategy Research of the Chinese Academy of Social Sciences.

  Speeding up the issuance of special bonds

  Special bonds play an important role in stabilizing investment and making up for shortcomings.

Regarding the issuance and use of special bonds in the first half of the year, the "Report" stated that it is better to comprehensively consider the needs of cross-cycle policy design and adjustment, and to combine project preparations, scientifically arrange the quota and issuance pace of new special bonds, and maintain support for key projects. It has ensured reasonable local financing needs, accelerated the filling of shortcomings in people's livelihoods such as medical and health care, and better served the national strategy.

  "In the first half of the year, the fiscal policy is committed to maintaining the continuity and stability of macroeconomic policies, and not making a sharp turn. While continuing to reduce taxes and fees, properly manage deficits and debts, leaving room for follow-up needs." Feng Qiaobin It is believed that the next step is to speed up the issuance of local government special bonds, and strive to form a physical workload in advance.

  In the second half of the year, the role of special bonds in stimulating effective investment will become more apparent.

The "Report" deployed to moderately speed up the issuance of local government special bonds, make good use of local government special bond funds, guide local governments to strengthen project reserves, and promote the formation of physical workloads at the end of this year and early next year; strengthen the performance management of special bond projects, and improve the allocation of bond funds. Use efficiency.

  He Daixin believes that special bonds should give full play to the role of supporting the expansion of effective investment, rationally arrange the term structure, issuance rhythm and use schedule, adhere to the principle of capital following the project, support key projects and major projects, continuously improve the operation and management model, and evaluate investment in a timely manner Operational performance to ensure the maximum benefit of investment funds.

  Strengthen prevention and defuse risks

  For fiscal policy, it is essential to promote sustainable fiscal development and prevent and resolve government debt risks.

The "Report" requires strengthening supervision and accountability, and continue to focus on preventing and dissolving hidden debt risks of local governments; actively play the role of financial and accounting supervision, strengthen policy tracking and query effectiveness, strictly financial discipline, and maintain a good market economy order and business environment.

  "In order to ensure a more sustainable fiscal policy, it is necessary to strengthen the management of local government debt, regulate local government debt-raising behavior through strict supervision and information disclosure, and do a good job in mitigating debt stock risks and preventing incremental risks." Beijing State Li Xuhong, director of the Institute of Finance and Taxation Policy and Application of the School of Accounting, said.

  At present, the overall fiscal revenue and expenditure are in a tightly balanced state. The "Report" proposes that the bottom line of the "three guarantees" at the grassroots level should be secured. On the basis of continuing to increase the central government's financial support to local governments, the implementation of local responsibilities should be strengthened, financial subsidence should be increased, and support for areas in difficulty should be strengthened. He Daixin believes that the pressure on grassroots expenditures, especially the "three guarantees" expenditures, is still relatively high. We must continue to firmly establish the bottom line of the "three guarantees" at the grassroots level. Practically and effectively enhance the effectiveness of fiscal policy.

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