Chinanews.com, March 1st (Chinanews Finance and Economics reporter Xie Yiguan) Will fiscal expenditures increase this year?

How to continue the "red envelope" of tax cuts and fee reductions?

Will new energy vehicles continue to be exempted from vehicle purchase tax?

What is the impact of the decline in land transfer income?

How to prevent local debt risks?

　　On March 1, the Information Office of the State Council held a series of themed press conferences on "Commitment from Authoritative Departments". Liu Kun, Minister of Finance, Xu Hongcai, Vice Minister of Finance, and Zhu Zhongming, Vice Minister of Finance attended the conference and responded to many hot issues.

Moderately expand the scale of fiscal expenditure this year

　　According to Liu Kun, Minister of Finance, in 2022, the national general public budget revenue will be 20.37 trillion yuan, an increase of 0.6% over 2021.

The national general public budget expenditure was 26.06 trillion yuan, an increase of 6.1%.

　　At the same time, the overall deficit rate has been controlled within 3% in the past five years, reserving policy space for dealing with new difficulties and challenges.

In 2022, new tax cuts and fee reductions and tax rebates and tax deferrals will exceed 4.2 trillion yuan, which will push the proportion of my country's tax revenue to GDP to drop from 17% in 2018 to 13.8% in 2022.

　　Liu Kun said that this year we will coordinate policy tools such as fiscal revenue, fiscal deficit, and interest discounts, and moderately expand the scale of fiscal expenditure.

Steadily reduce the taxes and fees that should be reduced

　　How will the "red envelope" of tax cuts and fee reductions continue this year?

　　"In 2023, various tax and fee support policies will still play an important role in helping companies bail out and stabilizing the overall economic market." Zhu Zhongming, vice minister of finance, said that we will comprehensively consider financial affordability and the need to help companies bail out. Research and clarify policies as soon as possible, grasp the effective implementation, and promote the formation of a virtuous circle of "deep water and fish return" and "more water and more fish".

　　Among them, in terms of implementing the existing policies in detail, Zhu Zhongming said that he will continue to implement the clear tax and fee reduction policies, and reduce the taxes and fees that should be reduced in a down-to-earth manner.

At the same time, resolutely crack down on tax evasion and tax fraud, and resolutely stop arbitrary fees.

Data map.

Photo by Zhang Yun

The impact of the decline in land transfer income is controllable

　　Regarding the decrease in land transfer revenue in 2022, Liu Kun responded that land transfer revenue is included in the local government fund budget and is the main body of the local government fund budget.

Judging from the situation of local government fund budgets across the country, part of the revenue is transferred to the general public budget, accounting for about 15% of the local government fund budget. Although there was a decline last year, the impact on local general public budget expenditures is controllable.

　　"Because the specific data has yet to be determined, if the land transfer income is reduced by about 2 trillion yuan in 2022, it will affect the local general public budget by about 300 billion yuan." Liu Kun emphasized, "Land transfer income is gross income. While the income is reduced, cost expenditures such as demolition compensation will also be reduced accordingly. The income and expenditure are linked, so the impact of its income decline is not that great.”

The bottom line of no systemic risk can be maintained

　　The local government debt problem is the focus of people's attention.

Liu Kun pointed out that the debt ratio of my country's statutory debt was about 50% last year.

It is relatively low in the whole world and in the economic circle.

The debt of China's local governments is mainly unevenly distributed, and some local governments have relatively high debt risks, and the pressure to repay principal and interest is relatively high.

　　Liu Kun said that we have urged the relevant localities to earnestly assume their main responsibilities, effectively resolve government debt risks, and firmly hold the bottom line of no systemic risks.

"We can hold on to this bottom line."

Data map.

Photo by Meng Haiyan

Ensure that government investment is not reduced

　　As an important starting point, local government special bonds will increase in scale this year?

Xu Hongcai, vice-minister of the Ministry of Finance, said that the scale of special bonds will be reasonably arranged to ensure that the government's investment will not be reduced, and the leading role of "four or two" will be better played.

　　As for which areas will the focus be invested in?

Xu Hongcai said that in 2023, on the basis of focusing on supporting the construction of projects in 11 existing fields, an appropriate amount of funds will be invested in fields and used as project capital, and the construction of key projects will continue to be strengthened to form a physical workload and investment driving force, effectively Support high-quality development.

New energy vehicles continue to be exempted from vehicle purchase tax

　　In 2023, expanding domestic demand and promoting consumption will become the top priority, so how to use fiscal policy resources to stimulate consumption potential?

　　"The key to unleashing the potential of consumption is to solve outstanding problems such as daring to consume, inconvenient consumption, and unwillingness to consume." Xu Hongcai pointed out that we must start from the following three aspects: first, increase residents' income through multiple channels, so that ordinary people can spend money; Support the increase in the supply of marketable commodities, so that ordinary people are willing to consume; the third is to promote the smooth flow of sales channels and logistics, so that ordinary people can conveniently consume.

　　Xu Hongcai also mentioned that qualified places are encouraged to support the "trade-in" of home appliances and the sending of green smart home appliances to the countryside through existing funding channels.

New energy vehicles with a purchase date of 2023 will continue to be exempted from vehicle purchase tax.

Money that shouldn't be spent, don't spend a penny, it's better to use Yumin economically

　　The government's tight schedule is not only a timely move, but also a long-term solution.

　　"Insist on the tight life of the party and government agencies." "The party and government agencies continue to live a tight life, and don't spend any money that shouldn't be spent. It's better to save the people." Liu Kun pointed out that the financial department will continue to strictly Implement the requirements of living a tight life, be a good "iron rooster", make a good "iron abacus", and spend every penny wisely and urgently.

　　Liu Kun said, specifically, we will strictly prepare the budget, reduce and cancel inefficient and ineffective expenditures, and concentrate financial resources to ensure the country's major strategic tasks; Except for special matters such as emergency disaster relief, in principle, no new expenditure increase policy will be introduced.

It is strictly forbidden to arrange expenditures beyond the budget and standards; the surplus funds will be cleaned up and recovered in time, and the funds will not be allowed to sleep on the account.

Budget arrangements will be reduced accordingly for projects with more carryover funds.

(over)