Active fiscal policy protects the economic market

  □ Our reporter Zeng Jinhua

  Fiscal policy is an important tool for macro-control.

This year, the proactive fiscal policy has been implemented with precision, tax cuts and fee reductions, special bonds, direct funds, etc. have formed a "combination punch" to effectively hedge the downward pressure on the economy, and promote economic operation within a reasonable range and high-quality development.

  The Central Economic Work Conference held a few days ago made it clear that the proactive fiscal policy will continue to be implemented next year, and that proactive fiscal policies must improve efficiency and pay more attention to precision and sustainability.

A series of measures are being exerted to escort the steady progress of the macroeconomic market.

  Strong support for economic recovery

  A series of data shows the strength and effect of the implementation of the proactive fiscal policy this year: In order to consolidate and expand the results of epidemic prevention and control and economic and social development, the national general public budget expenditure is arranged to exceed 25 trillion yuan, and the deficit rate is arranged at about 3.2%. The size of the deficit is 3.57 trillion yuan.

  At the same time, we will vigorously maintain the bottom line of basic people’s livelihood, so that the people will have a greater sense of happiness and security: the national general public budget has arranged education expenditures of 3061.6 billion yuan, social security and employment expenditures of 3442.7 billion yuan, and health and health expenditures of 1,865.9 billion yuan. 418 billion yuan was spent on cultural tourism, sports and communication.

At the same time, implement the requirements of the party and government organs to insist on over-tightening, and further substantially reduce non-urgent non-rigid expenditures.

  "This year, in order to maintain the continuity and stability of the macro policy, not to make a sharp turn, and to maintain the necessary support for economic recovery, my country's proactive fiscal policy will reasonably arrange deficits, debts, Expenditure scale, with greater efforts to adjust and optimize the expenditure structure, strengthen the coordination of financial resources, strengthen the management of local government debt, and make contributions to ensuring a good start and a good start in the "14th Five-Year Plan"." Macroeconomic Research Department, Development Research Center of the State Council Vice Minister Feng Qiaobin said.

  Local government special bonds are of great significance for driving the expansion of effective investment, coping with internal and external shocks and economic downward pressure.

This year, the National People's Congress approved the arrangement of new local government special bond quotas of 3.65 trillion yuan.

  As of December 15, new special bond issuances amounted to 3.42 trillion yuan, accounting for 97% of the issued quota. The annual issuance was basically completed, and funds were invested in transportation infrastructure, municipal and industrial park infrastructure, and affordable housing projects. field.

  Since the beginning of this year, under the effective guarantee of construction funds, a series of major projects such as the second phase of Xi’an International Convention and Exhibition Center in Shaanxi Province, the third phase of Xi’an Xianyang International Airport, the Xiyan High-speed Railway, and the Yan’an New District Health Industrial Park have been accelerated.

“In 2021, the province’s 78.8 billion yuan of special bonds have all been issued, and the physical workload is being accelerated. The role of special bonds to stabilize investment, make up for shortcomings, expand domestic demand, and promote consumption has been effectively brought into play.” said Zhou Jinguang, director of the Shaanxi Provincial Government Debt Center .

  One of the highlights of the implementation of the proactive fiscal policy in 2021 is to establish a normalized direct fiscal fund direct mechanism on the basis of direct work in 2020, and include 27 transfer payments as a whole into the direct range, and the total amount of funds will reach 2.8 trillion yuan, which is higher than that. The annual increase of 1.1 trillion yuan has basically achieved full coverage of the central government’s livelihood subsidy funds.

In the past year, the normalization of the direct mechanism has been advanced in an orderly manner, the implementation has been good, and the funds have quickly fallen to the grassroots.

  "The expansion of the direct fiscal funding mechanism has shifted from a special response to the epidemic to a normalized management, which has effectively strengthened the financial resources of the grassroots." Feng Qiaobin said.

  Effectively enhance corporate vitality

  Datong No. 2 Power Plant and Datong Power Generation Co., Ltd. are the main power generation companies in my country's "West-to-East Power Transmission" and are also important hubs of the North China Power Grid.

A series of tax reduction and fee reduction policies gave the two companies "sweet charcoal in the snow": in October, they can apply for 48 million yuan in value-added tax refund at the end of the period, and in the fourth quarter, they can postpone the payment of various taxes of 11.6 million yuan.

  "Through the implementation of tax cuts, tax rebates, and tax deferral measures, the tax burden of coal-fired power companies has been effectively reduced, which has injected strong impetus into the development of coal-fired power companies, and effectively served the guarantee of energy and power supply this winter and next spring." Party Secretary of Shanxi Provincial Taxation Bureau , Director Qi Zhihong said.

  Tax cuts and fee reductions are key measures to help companies relieve their difficulties.

Facing the complex and severe domestic and international environment, my country will continue to introduce tax and fee reduction policies and measures in 2021, further increase tax reduction and exemption for small and micro enterprises and individual industrial and commercial households, and vigorously support manufacturing and technological innovation.

According to data from the State Administration of Taxation, in the first three quarters of this year, new tax cuts and fees were reduced by 910.1 billion yuan, of which 788.9 billion yuan was added in tax cuts and 121.2 billion yuan in additional fee cuts.

  "The main body of the market is where my country's economic resilience and potential lies, and it is related to employment, growth, and innovation. In 2021, my country will optimize and implement tax and fee reduction policies to effectively reduce the cost of real economy enterprises, optimize the taxation business environment, and activate market vitality. Vigorously promote high-quality development." said Li Xuhong, director of the Institute of Finance and Taxation Policy and Application of Beijing National Accounting Institute.

  In the third quarter, in response to the impact of rising commodity prices and rising production costs on the industrial economy, especially manufacturing companies, the state has further increased the allowable enterprises to enjoy the first three quarters of R&D in advance on the basis of the tax and fee reduction policies that have been introduced. Expense deduction policy, implementation of phased tax deferral measures for small, medium and micro enterprises in manufacturing, and implementation of "reduction, refund, and deferral" tax measures for coal power and heating enterprises.

According to the latest data from the State Administration of Taxation, more than 4,800 coal-fired power and heating enterprises across the country have processed a total of over 21.5 billion yuan in tax reductions, refunds, and deferrals; at the same time, a total of more than 783 manufacturing small, medium and micro enterprises have delayed the payment of taxes and fees. 100 million yuan.

  Spending intensity becomes the vane

  The Central Economic Work Conference emphasized that "a proactive fiscal policy must improve efficiency and pay more attention to precision and sustainability."

In 2022, a proactive fiscal policy will continue to play an important role in stabilizing the macro economy.

  Expenditure intensity is the vane of fiscal policy.

"Next year, a certain level of expenditure intensity will be maintained, and the new expenditure will be used to moderately advance infrastructure investment, focusing on the two main lines of digital transformation and green transformation, and invest in the future and the overall situation, and consolidate the foundation for high-quality economic and social development. "Feng Qiaobin thinks.

  Recently, the Ministry of Finance has issued an advance special debt limit of 1.46 trillion yuan for 2022 to all localities.

"We will continue to strengthen supervision and promote the advance release of quotas for use in the first quarter of next year, and provide strong support for stabilizing the macroeconomic market." Deputy Finance Minister Xu Hongcai said.

  How to further reduce taxes and fees has attracted the attention of market entities.

Li Xuhong said that tax cuts and fee reductions should strengthen support for small, medium and micro enterprises, individual industrial and commercial households, and the manufacturing industry. The scope of tax refunds can be expanded to promote the transformation of the manufacturing industry and stimulate investment; through the deduction of R&D expenses. Expand the scope of application, promote scientific and technological innovation, and achieve high-quality development; through comprehensive tax reduction and fee reduction for small, medium and micro enterprises, help enterprises overcome difficulties and promote employment and social stability.

  Feng Qiaobin believes that next year’s tax reduction and fee reduction will more highlight the accuracy and pertinence of the policy. From the perspective of the method, the “tax reduction” is mainly to further optimize the implementation of the policies that have been introduced, such as the deduction of R&D expenses and the retention of value-added tax. Tax incentives for small and micro enterprises, etc.; the “fee reduction” is mainly to increase the “fee clearing” efforts, focusing on clearing and rectifying various unreasonable and illegal fees, effectively reducing the burden on market entities, and further improving the quality of China’s business environment .

  For a proactive fiscal policy to improve its effectiveness, development and security must be coordinated.

Li Xuhong believes that the prevention of local government debt risks must not be relaxed, and at the same time, it is necessary to reduce unnecessary fiscal expenditures and strengthen budget management methods to ensure fiscal sustainability.

  "On the one hand, the funds released by the proactive fiscal policy must be targeted accurately, focused on efficiency, and improved performance. On the other hand, we must always maintain the sustainability of our country’s finances, strictly control general expenditures, and resolutely curb hidden new local governments. Debt, maintain the overall health of the finances." Feng Qiaobin said.