Proactive Fiscal Policy Focuses on Improving Efficiency

　　From the implementation of large-scale value-added tax refunds, to special bonds to strongly stimulate investment growth, a series of proactive fiscal policy measures have become an important highlight of macro-control in 2022.

Since the beginning of this year, my country's fiscal policy has focused on improving efficiency, paying more attention to accuracy and sustainability. By strengthening the overall planning of financial resources and implementing a new combined tax and fee support policy, the intensity of fiscal expenditures is guaranteed, the focus and structure of expenditures are optimized, and financial resources are sinking. Improving people's livelihood has effectively promoted the stability of the macroeconomic market.

　　Maintain appropriate spending intensity

　　In 2022, in the face of the impact of unexpected factors, my country will increase its macro-control efforts, and the proactive fiscal policy will focus on the front to effectively cope with the downward pressure on the economy.

　　In terms of expenditure policy, maintain an appropriate expenditure intensity and optimize the fiscal expenditure structure.

Among them, 26.71 trillion yuan was arranged for the national general public budget expenditure, an increase of more than 2 trillion yuan over the previous year, and the available financial resources increased significantly.

In addition, at the beginning of the year, 3.6 trillion yuan of new local government special bonds were arranged, and in the third quarter, the balance limit of more than 500 billion yuan was revitalized according to law.

Prioritize support for key projects that have been included in the national "14th Five-Year Plan" outline, key special plans, moderately advance infrastructure investment, and increase support for scientific and technological research, ecological environmental protection, basic people's livelihood, modern agriculture and other fields and major regional strategies. .

　　Faced with a "tight balance" of payments, my country has substantially increased the scale of transfer payments from the central government to local governments, especially general transfer payments, and favored difficult and underdeveloped regions.

The general public budget of the central government allocated nearly 9.8 trillion yuan in transfer payments to local governments, an increase of about 1.5 trillion yuan, or 18%. .

　　In addition, we will improve the direct access mechanism for regular fiscal funds, and include all eligible funds that benefit enterprises and the people into the scope of direct access. The total size of funds is about 4 trillion yuan, an increase of about 1.2 trillion yuan over the previous year.

Through the innovation of system and mechanism, the funds are quickly and accurately distributed and used, and the policy of benefiting enterprises and people has obvious effects.

　　"In general, fiscal and taxation policies in 2022 can be fully implemented, the remaining tax refunds will be refunded early and quickly, special bonds will be issued early and quickly used, and various policy measures will be implemented in an efficient, stable and orderly manner, playing an important role in coping with and defusing unexpected shocks. function.” Xu Hongcai, Vice Minister of Finance, said.

　　Real money relief

　　It was midwinter, and the temperature dropped to freezing point. Playing spinning tops and skating cars aroused people's "winter fun".

Liaoning Spring, Summer, Autumn and Winter Cultural Tourism Co., Ltd. also took the opportunity to further develop the "Fantasy Ice and Snow Children's Fun" Luhu Town tourism project. However, due to the impact of the epidemic, the number of tourists received this year has dropped significantly compared with the past.

　　In the analysis of tax big data, the local tax department learned that the company met the requirements of the value-added tax refund policy, so it took the initiative to provide personalized policy interpretation and operation guidance.

"With the support of 3.53 million yuan in tax rebates, we have confidence in the recovery of business operations." Wang Ning, the financial director of the Spring, Summer, Autumn and Winter Cultural Tourism Company, said.

　　Since the beginning of this year, my country has stepped up efforts to reduce burdens and bailouts, adhere to the combination of phased measures and institutional arrangements, and enhance the vitality of market players and the endogenous power of development.

Among them, what attracts the most attention is to focus on small and micro enterprises and key industries to increase the intensity of tax refunds, and to include all eligible small and micro enterprises and six industries including manufacturing into the scope of policy implementation, and further expand to the wholesale and retail industries. In 7 industries including 7, the incremental tax credits will be refunded in full on a monthly basis, and the stock tax credits will be refunded in full at one time.

　　Large-scale leftover tax refunds are accelerated, priority is given to small and micro enterprises, and the time for medium-sized and large-scale enterprises' leftover tax refunds is greatly advanced, and the effect of helping companies to bail out is immediate.

According to data from the State Administration of Taxation, as of November 10, the national tax system has handled a total of more than 3.7 trillion yuan in new tax cuts and fee reductions and tax refunds.

Among them, 2,309.7 billion yuan of value-added tax refunds have been refunded to the taxpayer's account, more than 3.5 times the scale of tax refunds for the whole of last year; 789.6 billion yuan in new tax and fee reductions; and a total of 679.7 billion yuan in tax and fee deferrals.

　　"Large-scale value-added tax refunds are the highlight of this year's new combined tax and fee support policy." Cai Zili, chief auditor of the State Administration of Taxation and director of the Department of Revenue Planning and Accounting, said that from the perspective of policy effects, leftover tax refunds are real money Silver has played an active role in "blood transfusion" and "blood circulation" for enterprises.

　　Micro, small and medium-sized enterprises and individual industrial and commercial households are facing more difficulties, and a series of policy measures have effectively carried out "precision drip irrigation".

For example, increase the deduction ratio of scientific and technological small and medium-sized enterprises’ research and development expenses to 100%; exempt small-scale taxpayers from value-added tax; And increase the reduction and exemption rate and expand the scope of application.

　　Various tax and fee support policies have effectively reduced the tax and fee burden of enterprises.

The tax burden per 100 yuan of operating income of 100,000 key tax-source enterprises across the country monitored by the taxation department has dropped by 5.3%, of which the equipment manufacturing industry has dropped by 9.6%, helping market players overcome difficulties and overcome difficulties.

　　According to statistics, the annual new tax cuts and fee reductions and tax refunds and fee deferrals are expected to exceed 4 trillion yuan.

"A series of tax and fee support policies have been effectively implemented, and the effect of stabilizing the economy has continued to appear. In particular, small and medium-sized enterprises have a large number of areas and support a large number of employed people. The preferential tax policies for enterprises will help ease the operating pressure of small and medium-sized enterprises, promote stable employment, and protect people's livelihood." Li Xuhong, director of the Institute of Fiscal and Taxation Policy and Application of Beijing National Accounting Institute, said.

　　Optimize the investment direction of special bonds

　　Since the beginning of this year, the construction of Guangdong Huangmaohai Cross-sea Channel Project has been accelerated.

As another major cross-sea project in the Bay Area, Guangdong has issued 2.772 billion yuan of government special bonds for the project, which strongly supports the project construction.

　　As an important tool for macro-control, special bonds are playing an increasingly prominent role.

This year, my country has accelerated the issuance and use of special bonds, optimized the investment fields of special bonds, and continued to strengthen the management of special bonds, effectively driving the expansion of effective investment and helping to stabilize the macro economy.

　　In terms of total volume, special bonds remain relatively large.

In 2022, the National People's Congress approved a new local government special bond limit of 3.65 trillion yuan, the same as the previous year.

In the third quarter, the balance limit of more than 500 billion yuan was revitalized in accordance with the law, all of which were used for major projects and key areas determined by the Party Central Committee and the State Council.

　　At the same time, optimize the allocation of special bond quotas, fully consider factors such as local financial conditions, debt risk levels, and project reserves, and give preference to regions with strong solvency and sufficient project reserves when allocating.

Make good use of special bonds as a capital policy for major projects, optimize the investment areas of special bonds, give priority to the use of funds for key projects included in the national "14th Five-Year Plan" outline and major regional development strategies, and resolutely refrain from spreading "pepper noodles".

　　Statistics show that the issuance of 3.45 trillion yuan of new special bonds for project construction was basically completed in the first half of the year, and the pace was greatly advanced. In the first 11 months, the cumulative issuance of more than 4 trillion yuan has strongly supported the growth of infrastructure investment.

　　"This year's new special bond issuance and actual use scale is larger, the issuance pace is faster, the prying effect is stronger, the proportion of investment in infrastructure is higher, and the efficiency of capital use is higher." Yuekai Securities Chief Economist and Dean of the Research Institute Luo Zhiheng said.

　　The Central Economic Work Conference emphasized in deploying next year's economic work that "a proactive fiscal policy must be strengthened to improve efficiency."

Experts said that it is expected that next year's fiscal policy will maintain a moderate expenditure intensity by coordinating fiscal revenue, fiscal deficit, special bonds, and transferred funds; improve the policy of tax cuts, refunds, and fee reductions to enhance accuracy and pertinence; further optimize the structure of fiscal expenditures, Increase investment in key areas.

　　"The financial department will insist on stability, seek progress while maintaining stability, increase efficiency and implement a proactive fiscal policy, clearly convey the signal of promoting sustained economic recovery and high-quality development, and vigorously boost market confidence." Xu Hongcai said.

(Economic Daily reporter: Zeng Jinhua)