China News Service, Beijing, March 24 (Reporter Liu Wenwen) China's Finance Minister Lan Fo'an said in Beijing on the 24th that he will actively plan a new round of fiscal and taxation system reform, establish and improve a modern fiscal system that is compatible with Chinese-style modernization, and effectively Prevent fiscal risks and continuously enhance fiscal sustainability.
Lan Fo'an introduced at the 2024 annual meeting of the China Development Forum on the same day that future financial support for high-quality development will focus on supporting the accelerated development of new productive forces and supporting the expansion of effective demand.
In terms of supporting the accelerated development of new productive forces, in recent years, the Ministry of Finance has insisted on prioritizing scientific and technological innovation as a key area. Driven by the guidance of fiscal funds, social R&D expenditures have ranked second in the world, with an average annual growth rate of more than 10%. The next step will be to strengthen policy integration, increase support for innovative development, promote self-reliance and self-reliance in high-level science and technology, coordinate the promotion of the upgrading of traditional industries, the growth of emerging industries, and the cultivation of future industries, develop new productive forces according to local conditions, and create new momentum and new advantages for development.
In terms of supporting the expansion of effective demand, China's final consumer spending will contribute 82.5% to economic growth in 2023, driving economic growth by 4.3 percentage points. In the next step, the Ministry of Finance will continue to organically combine the strategy of expanding domestic demand with deepening supply-side structural reform, expand effective investment, stimulate potential consumption, and enhance the role of domestic demand in driving economic growth.
Recently, the State Council issued the "Action Plan for Promoting Large-Scale Equipment Updates and Trade-in of Consumer Goods." In this regard, he said that the Ministry of Finance will adhere to the linkage between central finance and local finance to support large-scale equipment updates and the replacement of old consumer goods. At the same time, the Ministry of Finance will also actively promote the construction of a unified national market, treat all types of business entities equally in terms of tax incentives and government procurement, support the consolidation of the basic foreign trade and foreign investment, and enhance the linkage effect of two resources in the two domestic and international markets.
Lan Fo'an also proposed specific measures to support the improvement of people's livelihood and well-being, support the expansion of high-level opening up to the outside world, and deepen the reform of the fiscal and taxation systems, including allocating more financial resources for education, medical care, social security, environmental protection and other people's livelihood areas; strengthening international finance and economics Exchanges and cooperation, strengthening communication and coordination with major economies on macro policies, etc. (over)