Since the beginning of this year, the proactive fiscal policy has taken the lead, continuously improved its efficiency, and paid more attention to precision and sustainability, which has played an important role in keeping the economy operating within a reasonable range.
Recently, the State Council executive meeting issued a number of measures to implement the new combined tax and fee support policy, the issuance and use of special bonds, etc., and focus on increasing fiscal policy to support the real economy.
Experts pointed out that relevant measures will effectively help the real economy cope with the impact of the external environment, send positive signals to market players, and promote the expansion of effective demand in China's economy.
Steady and orderly implementation of tax and fee support policies
The relevant person in charge of the Ministry of Finance recently introduced that the finance and taxation departments at all levels continue to accelerate the implementation of the retained tax refund policy, and the task of large-scale retained tax refund centralized refund has been basically completed. Since the beginning of this year, the cumulative tax refund has exceeded 2 trillion yuan.
Statistics from the State Administration of Taxation show that as of July 20, the total new tax cuts and fee reductions and tax rebates and tax deferrals have exceeded 3 trillion yuan this year, and 2,000.5 billion yuan of value-added tax credits and refunds have been refunded to taxpayers' accounts. More than three times the scale of tax rebates last year; 507.4 billion yuan in new tax and fee reductions, including 409.7 billion yuan in new tax cuts and 97.7 billion yuan in new fee reductions; a total of 553.3 billion yuan in tax and fee deferrals.
In order to increase fiscal policy support for the real economy and further consolidate the foundation for economic recovery, China will introduce more tax and fee support policies.
The executive meeting of the State Council held on August 19 made it clear that the remaining amount of value-added tax in the pension and childcare service industry will be refunded in one-time and monthly increments; local “six taxes and two fees” will be reduced or exempted this year; The implementation of the energy vehicle purchase tax policy will be postponed until the end of 2023, and an additional tax exemption of 100 billion yuan is expected; the new energy vehicle consumption support policy will be maintained stable, and the vehicle and vessel tax and consumption tax will continue to be exempted.
The relevant person in charge of the Ministry of Finance stated that the stable and orderly implementation of the combined tax and fee support policy has played an important role in boosting the confidence of market players, stabilizing market expectations, expanding effective investment, stimulating final consumption, and promoting the steady and healthy development of the economy.
In the next step, the Ministry of Finance will increase policy publicity, strictly prevent and control the risk of tax fraud, fully release policy dividends, stabilize the macroeconomic market, and strive to achieve the expected goals of economic and social development throughout the year.
Fully release the effectiveness of the special debt policy
In terms of stimulating effective investment, local special bonds have a leveraging effect of "four ounces".
Since the beginning of this year, all localities have accelerated the issuance and use of special bonds. In the first seven months, a total of 3.47 trillion yuan of new special bonds have been issued, and the progress of issuance and use has accelerated significantly, half a year earlier than last year.
The space for the local special debt limit will also be revitalized according to the law.
On August 24, the executive meeting of the State Council deployed 19 policies to stabilize economic continuity, including making good use of the local balance limit of more than 500 billion yuan of special bonds according to law, and completing the issuance by the end of October.
Up to now, the issuance of new special bonds for project construction this year has basically been completed.
How to improve the use efficiency of special debt funds and form a physical workload as soon as possible?
Yu Changge, a researcher at the Chinese Academy of Fiscal Sciences, believes that in order to fully unleash the effectiveness of the special debt policy, more efforts should be made in project optimization, focusing on major strategies and local conditions, strengthening the overall project planning, optimizing investment direction and efficiency, and investigating and facilitating project advancement. In the third quarter, more physical workloads will be formed and effective investment will be stimulated.
In the next step, the role of special bonds in stabilizing the macro economy will be further brought into play.
The relevant person in charge of the Ministry of Finance said a few days ago that the Ministry of Finance will guide local governments to make good use of government special bond funds, make full use of the relatively small window period of local government bond issuance, and complete the finalization of the issuance of new special bonds this year.
Accelerate the use of special bond funds, and in accordance with the requirements of "zero tolerance", urge local governments to speed up the management of special bond projects, and effectively prevent special bond risks.
At the same time, study and guide local governments to make full use of the special debt limit, revitalize the debt limit space in accordance with the law, and play an effective investment role.
Proactive fiscal policy is more precise and efficient
Experts believe that in order to keep the economy operating within a reasonable range, a proactive fiscal policy should be more precise and efficient.
Yu Changge analyzed that since this year, the complexity, severity and uncertainty of China's economic development environment have increased, and the risks caused by unexpected factors have increased.
Due to the decline in revenue and unabated rigid expenditures in some local governments, the contradiction between revenue and expenditure has increased.
To this end, efforts should be made to mobilize various fiscal policy tools, implement both stock and incremental policies, and give better play to the role of finance in regulating the macro economy.
More precise - in addition to making good use of existing policies, we should also quickly plan incremental policy tools, increase camera control, and grasp the advance and redundancy of target-oriented policies.
"We should continue to implement high-quality tax rebates, tax reductions, deferred payment of social insurance premiums and various assistance policies, so that preferential measures can be implemented to relevant enterprises and individuals in a timely manner to ensure that they can enjoy the full enjoyment. At the same time, according to the needs of the current economic situation , advance research and formulate new and more targeted tax and fee support policies, focusing on vulnerable groups, key industries, key areas and other implementation targets that are more definite structural tax and fee reduction policies." Yu Changge said.
More efficient - Li Xuhong, a professor at Beijing National Accounting Institute, said that active fiscal policy is a key force in promoting economic recovery and a necessary means of macro-control.
"In addition to further exerting the effect of the tax rebate policy to help enterprises and give full play to the effect of special debts and other financial tools to drive social capital investment, we should improve the efficiency of the use of financial funds, ensure the expenditure in key areas such as people's livelihood, and implement the implementation that is conducive to protecting people's livelihood. , tax incentives to promote consumption, enhance residents' sense of gain, and secure the bottom line of people's livelihood from the perspective of revenue and expenditure." Li Xuhong said.
Wang Wenzheng