Effectively support high-quality development, ensure fiscal sustainability and controllable local government debt risks——
Proactive Fiscal Policy Strengthens and Improves Efficiency (Rui Finance)
Our reporter Wang Wenzheng
How effective has the proactive fiscal policy been in the past year?
This year, where is the positive fiscal policy "strengthening and improving efficiency" reflected?
At a series of themed press conferences on the theme of "Comments from Authoritative Departments" held by the Information Office of the State Council a few days ago, the person in charge of the Ministry of Finance introduced the relevant situation.
Increase the intensity of fiscal macro-control
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%, providing the necessary financial support for the efficient coordination of epidemic prevention and control and economic and social development.
In 2023, proactive fiscal policies should be stepped up to improve efficiency.
According to Liu Kun, Minister of Finance, "adding strength" is to moderately increase the expansion of fiscal policy.
The first is to increase the intensity of fiscal expenditure. On the basis of the national general public budget expenditure of 26.06 trillion yuan in 2022, coordinate fiscal revenue, fiscal deficit, discount interest and other policy tools to moderately expand the scale of fiscal expenditure.
The second is to increase the promotion of special bond investment, rationally arrange the scale of local government special bonds, and appropriately expand the areas of investment and the scope of capital funds.
The third is to make more efforts to promote the sinking of financial resources, continue to increase the transfer payments from the central government to local governments, and give preference to difficult and underdeveloped regions, so as to firmly grasp the bottom line of "three guarantees" at the grassroots level.
"Efficiency improvement" means to improve policy effectiveness.
"On the one hand, improve tax and fee preferential policies, enhance precision and pertinence, and focus on helping companies to bail out. On the other hand, optimize the structure of fiscal expenditures, better play the role of fiscal funds as 'four or two pounds', and effectively drive the expansion of investment in the whole society. Promote consumption. At the same time, strengthen coordination and cooperation with monetary, industrial, technological, and social policies to form policy synergy and promote overall economic improvement." Liu Kun introduced.
At present, the foundation of China's economic recovery is not yet solid, the triple pressure of demand contraction, supply shock, and weakening expectations is still relatively large, and the external environment is turbulent.
"Coping with these risks and challenges requires us to increase fiscal macro-control and optimize the combination of policy tools, so as to effectively support high-quality development and ensure fiscal sustainability and local government debt risks are controllable," Liu Kun said.
Implement tax and fee support policies
According to reports, in 2022, China's new tax cuts and fee reductions and tax refunds and tax deferrals for the whole year will exceed 4.2 trillion yuan, of which the value-added tax leftover tax refund will be about 2.46 trillion yuan, more than 3.8 times the scale of the leftover tax refund in 2021 , the intensity is the largest in recent years.
Among them, large-scale value-added tax refunds have been expanded and accelerated. In the first half of the year, the "big head" has been implemented. The annual inventory tax refunds have been completed in the second quarter ahead of schedule. Various preferential policies have realized "early and fast, and early results "; a package of policies such as exemption of value-added tax for small-scale taxpayers, phased deferred payment of social insurance premiums, and reduction of some passenger vehicle purchase taxes have been launched one after another, forming a rescue force.
Zhu Zhongming, vice minister of the Ministry of Finance, introduced that the tax and fee support policy has played a significant role in reducing the burden and bailing out the economy.
According to statistics, in 2022, the tax burden per 100 yuan of operating income of 100,000 key tax source enterprises across the country will drop by 2.7%; the proportion of China's tax revenue in GDP will drop to 13.8%. The negative level is around 15%.
In 2023, various tax and fee support policies will continue to play an important role in helping companies bail out and stabilizing the overall economic market.
"We will comprehensively consider the financial affordability and the needs of helping companies to bail out, study and clarify policies as soon as possible, make sure that they are implemented and effective, and promote the formation of a virtuous circle of 'fish in deep water' and 'more fish in water'." Zhu Zhongming said.
Zhu Zhongming introduced that this year will continue to implement the clear tax and fee reduction policy, and reduce the tax and fee that should be reduced in a down-to-earth manner.
At the same time, the continuation and optimization of the current measures such as tax cuts and fee reductions, tax refunds and tax deferrals will allow policy dividends to better benefit market players.
Key expenditures such as people's livelihood are guaranteed
Will this year's fiscal revenue and expenditure situation affect key expenditures such as people's livelihood security?
Liu Kun predicts that there is a foundation for the recovery of fiscal revenue this year. "First, the economic recovery will drive an increase in fiscal revenue. Second, last year we concentrated on the implementation of tax rebates, and last year's base was correspondingly low."
"From the perspective of fiscal expenditures, key expenditures such as scientific and technological research, rural revitalization, and ecological and environmental protection have increased rigidly, and basic people's livelihood shortcomings such as pensions, education, and medical care need to continue to be strengthened, support regional coordinated development, and enhance grassroots "Three Guarantees" capabilities. The payment also needs to maintain the necessary strength." Liu Kun said.
Liu Kun introduced that the finance will continue to increase investment in people's livelihood:
- In-depth implementation of the employment priority strategy.
Make good use of the central government's employment subsidy funds to support the reduction of burdens, stabilize employment and expand employment.
Support and promote the employment of young people, especially college graduates, and help key groups such as migrant workers, people out of poverty, and retired soldiers find employment and start businesses.
Continue to support the development of vocational skills training to ease the contradictions of structural employment.
—— Prioritize the development of education.
Continue to improve the financial education investment mechanism.
Deeply promote the improvement of weak links in compulsory education and the improvement of capabilities, increase the supply of inclusive preschool education resources through multiple channels, and support the improvement of the basic conditions for running ordinary high schools.
- Improving the capacity of medical and health services.
Support the new stage of epidemic prevention and control, and improve the basic medical insurance financing mechanism.
Deepen public welfare-oriented reform of public hospitals.
Promote provincial overall planning of basic medical insurance.
—— Improve the level of social security.
In-depth implementation of national pooling of basic pension insurance for enterprise employees.
Actively promote the development of personal pensions.
Improve fertility support measures and fiscal policy measures in response to population aging.
Support rigid and improved housing needs.
——Continue to improve the quality of the ecological environment, accelerate the implementation of integrated protection and restoration projects of mountains, rivers, forests, farmland, lakes, grass and sand, support the battle to defend the blue sky, clear water, and pure land, and promote the green and low-carbon development and transformation of key industries and fields.
(People's Daily Overseas Edition)