Fiscal policy exerts force to stabilize the economy and protect people's livelihood (new economic orientation)

　　On May 31, the State Council issued the "Package of Policies and Measures to Stabilize the Economy" officially released, introducing 33 measures in six areas, 24 of which are directly related to fiscal functions, covering taxation, special bonds, government procurement, spending policies, and people's livelihood. Social Security, etc.

How do the financial departments implement these policies in detail?

Recently, the Ministry of Finance held a press conference to answer social concerns.

"Retire, postpone, make up, purchase, and reward", take multiple measures to protect the main body

From April to May 31, about 1.34 trillion yuan of tax credits have been refunded

　　To stabilize the economy, market players must really quench their thirst and benefit early.

Fiscal policy focuses on the actual difficulties of market entities, and uses various methods such as "retreat, delay, supplement, purchase, and reward" to make precise efforts to relieve difficulties.

　　Further intensify the policy of value-added tax credits and refunds.

On the basis of implementing the policies issued in the early stage, expand the scope of application of the tax rebate policy, and include enterprises in seven industries including wholesale and retail, agriculture, forestry, animal husbandry, fishery, accommodation and catering. 142 billion yuan in tax refunds.

During the year, the total amount of new tax refunds under various tax refund policies reached approximately 1.64 trillion yuan.

　　Assistant Secretary of the Treasury Owen Han said that from April to May 31 this year, about 1.34 trillion yuan in tax credits had been refunded.

The next step will be to speed up the progress of tax rebates, and the centralized tax rebates for small and micro enterprises, medium-sized and large enterprises in the manufacturing industry and other industries will be basically completed in the first half of the year.

　　Small, medium and micro enterprises are an important foundation for stabilizing the economy and the main support for stabilizing employment.

Fiscal and taxation policies provide more assistance to small, medium and micro enterprises in various ways——

　　Postponement: Extend the payment period for the payment of 3 social insurance units for qualified micro, small and medium-sized enterprises and individual industrial and commercial households, as well as the payment period of pension insurance premiums for 5 special hardship industries including micro, small and medium-sized enterprises, individual industrial and commercial households, and catering and retail, to the end of this year. At the same time, the above-mentioned five poverty-stricken industries will postpone the payment of insurance premiums for pension, unemployment, and work-related injuries, and expand them to other poverty-stricken industries that have been severely impacted by the epidemic, have large-scale production and operation difficulties in the industry, and are in line with the direction of national industrial policies.

　　Supplement: Expand unemployment insurance training subsidies to all insured enterprises in difficulty.

For small, medium and micro enterprises that recruit college graduates, increase support such as job expansion subsidies, and fully support the stable development of enterprises.

　　Purchase: Lower the threshold for small and medium-sized enterprises to participate in government procurement, and adjust the price review preferences for small and micro enterprises.

Increase orders, increase momentum and stabilize expectations for small and medium-sized enterprises.

　　Award: Guiding and urging the National Financing Guarantee Fund to implement the requirement that the scale of re-guarantee cooperation business should not be less than 1 trillion yuan, and issue 3 billion yuan in incentives and subsidies for small and micro enterprises to reduce financing guarantee fees, support the expansion of financing guarantee business scale and reduce guarantee rates , to further alleviate the financing difficulties and expensive financing problems of small and micro enterprises.

　　"These policies help enterprises, especially small and medium-sized enterprises, 'stop bleeding' and 'replenish blood' in a timely manner; together with the support of financial policies, they help enterprises overcome the economic downturn," said Feng Qiaobin, deputy director of the Macroeconomic Research Department of the Development Research Center of the State Council.

Stabilize investment, promote consumption, smooth circulation, and focus on steady growth

The issuance of new special bonds this year should be basically completed by the end of June

　　Since the beginning of this year, in the face of the downward pressure on the economy, fiscal policy has taken the lead and made efforts ahead. In terms of stabilizing investment, promoting consumption, and smoothing circulation, the incremental measures are sufficient.

　　Effective investment plays a key role in stabilizing growth.

Since the beginning of this year, the finance department has continued to speed up the issuance and use of local government special bonds and expand the scope of support, giving play to the multiplier effect of government investment and guiding social investors to form stable expectations.

As of May 27, a total of 1.85 trillion yuan of new special bonds had been issued, accounting for 54% of the issued limit, an increase of about 1.36 trillion yuan over the same period last year.

The State Council requires that the issuance of new special bonds this year should be basically completed by the end of June, and strive to be basically used up by the end of August.

　　Owenhan said that in order to complete this task, new infrastructure and new energy projects have been included in the scope of key support.

At the same time, the central government will do a good job of reporting and early warning on the progress of the issuance and use of special bonds on a monthly basis, and local finance will allocate funds to project units in a timely manner, giving priority to supporting mature projects under construction and with sufficient preliminary work.

　　Measures have been introduced to stabilize the "ballast stone" of food security and ensure energy supply.

Owenhan said that on the basis of the previous 20 billion yuan of agricultural subsidies, another 10 billion yuan will be issued to appropriately increase the minimum purchase price of rice and wheat, and improve the ability to ensure food security.

Support the establishment and improvement of coal production incentive and restraint policy mechanisms, and promote coal and other energy resources to increase production and reserves.

　　In order to support the continuous recovery of residents' consumption and release the potential of domestic demand, the Ministry of Finance issued a notice that the purchase date is from June 1, 2022 to December 31, 2022 and the bicycle price (excluding VAT) does not exceed 300,000 yuan. For passenger cars with a displacement of 2.0 liters and below, the vehicle purchase tax will be reduced by half, and it is expected that the vehicle purchase tax will be reduced by 60 billion yuan.

　　In order to maintain the stability of the industrial chain and supply chain, the Ministry of Finance has actively taken measures to support opening up the "breakpoints" of the industrial chain and the "blocking points" of the supply chain, and to smooth the economic cycle.

　　The first is to increase support for the stable operation of key industrial chains.

Including increasing the value-added tax credits and rebates, arranging special funds to support the manufacturing sector to make up for weaknesses, strengths and weaknesses, and speeding up the cultivation of a group of "specialized, specialized, and new" enterprises and single champion enterprises in the manufacturing industry.

　　The second is to increase support for the rescue and development of enterprises in civil aviation and other industries.

Measures such as suspending pre-payment of value-added tax by branches of aviation enterprises, refunding tax credits to enterprises in the air transport industry, and implementing periodic financial subsidies for domestic passenger flights will further promote the safety, stability and development of the civil aviation industry.

Corresponding support policies have also been issued for other industries and enterprises that have been greatly affected by the epidemic.

　　The third is to increase support for logistics hubs and logistics enterprises.

Arrange about 5 billion yuan to support national key hub cities and accelerate the integrated development of multimodal transport; arrange 6.36 billion yuan to support the acceleration of the construction of agricultural product supply chain systems and implement county-level commercial construction actions; arrange about 5 billion yuan to support agricultural product origins Construction of cold storage facilities.

　　The fourth is to increase support for reducing the operating costs of market players.

This year, the State Council has made it clear that it encourages all localities to give taxpayers who have real difficulties in paying real estate tax and urban land use tax a reduction or exemption; for house owners whose rent is reduced or exempted, this year’s real estate tax and urban land use tax will be reduced or exempted according to regulations.

Owenhan said that the Ministry of Finance has deployed various localities to refine and improve local tax reduction and exemption policies, strengthen communication with industry authorities, and promote the reduction of costs for market players such as water and electricity grids.

　　"These measures are precise, pragmatic, and timely. The intensity and rhythm of the policies have exceeded expectations, and the policy effects of stabilizing the economy will gradually emerge." Quartz Hua, a researcher at the Chinese Academy of Fiscal Sciences, believes that to improve the efficiency of fiscal policy, it is necessary to coordinate financial resources and relieve it in a timely manner. Possible blockages in budget execution and policy implementation.

"Next, relevant departments should pay attention to the 'last mile' of policy implementation and minimize the policy time lag."

Strengthen guarantees, consolidate responsibilities, and secure the "bottom line" to protect people's livelihood

The central government's budget of 154.68 billion yuan for aid and subsidies for people in need has been fully issued

　　The more difficult the time, the more we must pay attention to people's livelihood.

In this package of policies, it is clearly necessary to improve the support policy for agricultural transfer population.

Improve the living security for the people in need, and firmly grasp the bottom line of basic people's livelihood.

　　According to reports, the current budget of 154.68 billion yuan for the central government's financial aid and subsidy funds for the needy people has been fully issued. When the price increase reaches the specified conditions, the linkage mechanism of social assistance and security standards and price increases will be activated in time.

　　At present, grassroots finance in some areas is relatively difficult, and the "three guarantees" of ensuring basic livelihood, wages, and operation have attracted much attention.

Wang Jianfan, director of the Budget Department of the Ministry of Finance, said that in order to implement the hard task of "three guarantees", the central government will transfer nearly 9.8 trillion yuan to local governments this year, an increase of about 1.5 trillion yuan over the previous year.

At present, the local finance is running smoothly and orderly, and the expenditures for the “three guarantees” at the grass-roots level are effectively guaranteed.

The Ministry of Finance regards "three guarantees" expenditures as the focus of budget expenditures. First, it ensures that teachers and other key groups are paid on time, and pensions are paid on time, and the necessary expenditures for epidemic prevention and control, such as vaccination, patient treatment, epidemic prevention materials and the supply of necessary living materials, are used as Important content is guaranteed.

　　Owenhan said that at present, the financial department is making full use of the direct access mechanism of financial funds to ensure that the livelihood subsidy funds can directly reach the beneficiaries.

The financial department will further strengthen the monitoring and management of direct funds, strictly implement the ledger system, and monitor the entire process of fund allocation, release and use, so as to realize the synchronization of fund release and monitoring, and prevent the misappropriation of funds. Funds are used precisely for basic livelihood.

　　Our reporter Qu Zhehan