(Two sessions · After reading) How to use China's restart of special government bonds trillion yuan after 13 years?

　　China News Agency, Beijing, May 23 Question: How to use China's restart of trillion yuan of special government bonds after 13 years?

　　China News Agency reporter Wang Enbolin Chunyin

　　The government work report disclosed on the 22nd shows that China will issue 1 trillion yuan (RMB, the same below) special anti-epidemic bonds. While China restarted its special national debt after 13 years, several ensuing questions gradually became clear.

　　Is it enough?

　　The Politburo meeting held on March 27 proposed the issuance of special national bonds as one of the specific measures of this year's package of macro policy measures. Since then, all parties have been speculating on the scale of their funds.

　　Is 1 trillion yuan enough? Sun Guojun, a member of the drafting group of the government work report and a member of the party group of the State Council Research Office, responded that some expectations of the scale of special government bonds are higher, but the general fiscal policy covers the four major budgets of the general public budget and government fund budget. There are all considerations on the plate. As far as the anti-epidemic special national debt is concerned, a scale of 1 trillion yuan is appropriate.

　　He pointed out that China will also issue local government special bonds of 3.75 trillion yuan this year, an increase of 1.6 trillion yuan from last year. These bonds must be used in conjunction with budgetary investment. "We can't simply look at one item to determine the strength of the fiscal policy. We must look at the fiscal policy proposed in this year's report, including the coordination of financial policies, including the way in which fiscal policies are implemented."

　　Liu Shangxi, member of the National Committee of the Chinese People's Political Consultative Conference and president of the China Academy of Fiscal Sciences, had previously proposed that the scale of special national debt funds could reach 5 trillion yuan. But he also pointed out that while issuing special national bonds, China's new local special bonds have also expanded. If you put the two on a plate, there is not much difference from the previous expectations.

　　Where to invest?

　　For the use of funds for special anti-epidemic government bonds, the government work report made it clear that it will be combined with the increase of 1 trillion yuan in the fiscal deficit, which is mainly used to protect employment, basic people's livelihood, and market participants, including support for tax and fee reductions and rent reduction Cut interest rates, expand consumption and investment.

　　Pan Yue, a deputy to the National People's Congress and a professor in the Department of Finance at the School of Economics of Xiamen University, pointed out that according to relevant regulations, special bonds emphasize special funds and are not included in the fiscal deficit. Therefore, it can be speculated that the special treasury bonds issued this time will be mainly used to increase government investment, with the "six guarantees" and "six stability" as the focus to improve government investment income, and at the same time spur social capital to follow up.

　　In her view, the investment of relevant funds in the following three aspects can effectively bail out companies and stimulate the economy: First, increase investment in "new infrastructure", in order to provide a cornerstone and guarantee for economic iteration, and stimulate overall social construction needs; second, strengthen The construction of people's livelihood promotes the stable employment of residents through vocational skills training, and activates consumer demand with the improvement of people's livelihood as a guide; third, it strongly supports independent innovation, transformation and upgrading of enterprises, and continues to push the industrial chain towards high-quality development.

　　Li Daokui, member of the Standing Committee of the National Committee of the Chinese People's Political Consultative Conference and member of the Economic Committee, emphasized that the use of special national debt funds must be "forty-two pounds". He believes that the relevant funds should be used to inject some financial institutions that need to supplement capital, especially urban commercial banks, rural commercial banks, etc., as well as large state-owned banks, to appropriately increase their capital adequacy ratio. Only in this way can banks be better able to provide loans to enterprises and support the real economy.

　　How to use it well?

　　As a special measure in a special period, the government work report made it clear that the 2 trillion yuan of special national debt and fiscal deficit funds will all be transferred to localities, and a special transfer payment mechanism will be established to directly reach the grassroots of cities and counties and directly benefit enterprises and the people.

　　Talking about the consideration of this move, Pan Yue analyzed that the epidemic situation has the biggest income impact on the city and county finance. According to his understanding, the fiscal revenue of many local cities and counties has fallen by 50%. Therefore, it is an important prerequisite for how to ensure the basic financial capacity of the local government so that it can better implement the subsidies of the central finance department and contribute to the "six guarantees".

　　She further stated that, therefore, this is a highly targeted policy arrangement for the current local fiscal revenues facing income shocks, and based on the differences affected by different places.

　　"The central government will directly transfer funds to the grassroots level of cities and counties, which can improve the efficiency of the fiscal policy transmission mechanism, without allocating funds at various levels." There are some problems that need improvement. This special treasury bond issue reduces the intermediate links through the province, and can be used to protect employment, livelihood, and market players at the fastest speed, and the efficiency will be greatly improved. (Finish)