China News Agency, Beijing, December 20 (Reporter Zhao Jianhua) Chinese Finance Minister Liu Kun recently wrote in the media that in recent years, China has adhered to bottom-line thinking, coordinated development and security, and controlled the ratio of the government's statutory debt balance to GDP. If it is below 50%, hidden local debts will be reduced by more than one-third, and the financial situation will be healthy and safe, leaving enough room for dealing with new risks and challenges.
Liu Kun emphasized that the financial department will resolutely prevent the debt risks of local government financing platforms, strengthen the comprehensive governance of financing platform companies, and ensure fiscal sustainability and controllable local government debt risks while effectively supporting high-quality economic development.
The recently held Central Economic Work Conference emphasized that next year we must adhere to the word stability and seek progress while maintaining stability, continue to implement a proactive fiscal policy and a prudent monetary policy, increase the intensity of macro-policy regulation, strengthen the coordination and cooperation of various policies, and form a joint promotion High-quality development synergy.
Liu Kun said that in the face of unexpected multiple shocks such as the new crown pneumonia epidemic, China has made progress while maintaining stability, strengthened inter-cyclical and counter-cyclical adjustments, and made every effort to stabilize the macroeconomic market. The scale of the fiscal deficit is moderate, and the macro leverage ratio of the government sector is significantly lower than the average level of the world and developed economies, which is in sharp contrast to the flood of liquidity and soaring prices in some countries.
Liu Kun introduced that China's fiscal revenue has nearly doubled from 11.7 trillion yuan (RMB, the same below) in 2012 to 20.3 trillion yuan in 2021, and the scale of expenditure has increased from 12.6 trillion yuan in 2012 to 24.6 trillion yuan in 2021, and is expected to further reach 26.3 trillion yuan in 2022. The financial strength is stronger, and the cross-cyclical and counter-cyclical adjustments are effective and effective, providing strong support for key areas such as education technology, agriculture and rural areas, ecological environmental protection, and basic people's livelihood. Assure.
Faced with the escalating technological blockade of some countries, China has intensively introduced a large number of fiscal and taxation policies to support the breakthrough of key core technologies and break through the "stuck neck" problem, giving priority to guaranteeing scientific and technological expenditures and deepening the reform of scientific research funding management.
Liu Kun said that fiscal spending on science and technology has grown by an average of 8.4% annually, which provides strong guarantees for the development of technological innovation.
Liu Kun also introduced that in recent years, China has continued to deepen the reform of value-added tax and corporate income tax, initially established a comprehensive and classified personal income tax system, and implemented large-scale tax and fee reductions. The tax burden of all industries "only decreased but not increased."
China's macro tax burden is relatively low among the world's major economies.
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