(Economic Observation) Proactive Fiscal Policy Strengthens Jiangsu, Zhejiang, Shanghai and Guangdong to Stabilize Economy and Protect People's Livelihood
China News Service, Beijing, June 13 (Reporter Zhao Jianhua) The State Council of China recently launched a package of 33 policy measures in 6 areas to stabilize the economy, 24 of which directly involve the responsibilities of the financial department.
Jiangsu, Zhejiang, Shanghai, Guangdong and other provinces and cities are using fiscal policies such as tax cuts and fee reductions, special bonds, and government procurement to stabilize growth, investment, market players, and employment.
In recent years, China has continued to cut taxes and fees on a large scale to hedge against the downward pressure on the economy.
This year, the national tax rebate is expected to be 2.64 trillion yuan (RMB, the same below).
Among them, regions with developed manufacturing industries, especially eastern provinces and cities, account for a relatively high proportion.
In Jiangsu, the province's new tax rebates will exceed 280 billion yuan this year, of which 180 billion yuan will be retained for value-added tax refunds.
According to the Jiangsu Provincial Department of Finance, as of the end of May, the tax burden has been reduced by 201 billion yuan for market players.
The central government's newly added "wholesale and retail industry" and other 7 industries have implemented the tax rebate policy in place to ensure that they can enjoy it as much as possible, and help market players to enhance their development momentum.
Tax reduction and fee reduction should be enjoyed to the fullest, and the reduction can be reduced as quickly as possible. According to the Guangdong Provincial Department of Finance, the provincial financial resources support grassroots in processing tax refunds in a timely and full amount.
As of May 31, the province has accumulated a total of nearly 147 billion yuan in tax rebates, with nearly 60 billion yuan in tax deferred. The tax rebate has benefited more than 195,000 market players, of which more than 90% are small, medium and micro enterprises.
While reducing taxes and fees to help companies overcome difficulties, provinces and municipalities also use special bonds to stimulate investment.
From January to May, all localities have issued a total of 2.03 trillion yuan of new special bonds.
In Shanghai, the first batch of new bonds of 28.7 billion yuan this year was issued in the first quarter, focusing on road and bridge projects, river improvement, sewage treatment and rail transit projects, supporting a good start to economic and social development.
According to the Shanghai Municipal Bureau of Finance, the second batch of new bond quotas issued by the Ministry of Finance will complete the issuance of bonds as soon as possible according to procedures, further strengthen the reserve of bond projects, speed up the use of bond funds, and promote the formation of physical workload as soon as possible.
In May, Shanghai successfully issued 65.48 billion yuan of refinancing bonds, which better ensured the sustainability of fiscal operations.
In Zhejiang, the Ministry of Finance issued 232.5 billion yuan of new special bonds this year, and 163.3 billion yuan has been issued so far.
The Zhejiang Provincial Department of Finance stated that by carrying out large-scale services, supervising and grasping the implementation actions, supervising the progress of the use of special bond funds in various places, the conversion of reserve projects into issuance projects, and new reserve projects, the progress of use in various places has been significantly accelerated; The increased quota will be basically issued before the end of June, and will be basically used before the end of August.
Special bonds have played a role in stabilizing investment.
In Jiangsu, a total of 68.6 billion yuan of new local government special bonds have been issued, supporting the construction of 397 public welfare projects in the province, driving effective investment of more than 340 billion yuan.
Policies continue to strengthen, but due to factors such as the epidemic, small and medium-sized enterprises are still facing greater difficulties, and bailout them is a top priority.
Financing awards and subsidies, government procurement, assistance to enterprises to stabilize jobs, and various policies have been fully utilized.
In Shanghai, from January to May, the Municipal Small and Medium Enterprise Policy-based Financing Guarantee Center completed 29.91 billion yuan of new guaranteed loans, a year-on-year increase of 36.9%.
For industries seriously affected by the epidemic, such as catering, retail, tourism, transportation, culture, sports and entertainment, accommodation, and exhibitions, if there is no layoff or layoffs, a one-time job stabilization subsidy of 600 yuan will be given to each person according to the number of enterprises participating in social security in the previous month.
Employers are encouraged to recruit people who have been unemployed for more than three months and fresh graduates of colleges and universities for employment. Those who meet the conditions will be given a one-time employment subsidy of 2,000 yuan per person.
In Jiangsu, this year, 2.4 billion yuan of employment subsidies will be arranged to support the expansion of employment of college graduates, stable employment of migrant workers, new forms of employment and flexible employment through multiple channels, to ensure that 1.2 million new urban jobs are created; The insurance policy for the return of stable employment is expected to provide more than 5 billion yuan in return funds for stable employment throughout the year, benefiting more than 400,000 market entities.
In addition to Jiangsu, Zhejiang, Shanghai, Guangdong and other eastern provinces and cities, Yunnan, Shanxi and other central and western provinces and cities are also taking advantage of proactive fiscal policies such as tax cuts and fee reductions to stabilize the economy and protect people's livelihood.
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