(The two sessions will observe) Where are the "special national debt" and "special"?
China News Agency, Beijing, May 22 (Reporter Li Xiaoyu) The government work report published on the 22nd proposed that China will issue 1 trillion yuan (RMB, the same below) special government bonds this year. Where is the "special" special national debt?
On May 22, the third session of the 13th National People's Congress opened in the Great Hall of the People in Beijing. China News Agency reporter Han Haidan
A "special", at the right moment.
Prior to this, China had only issued special treasury bonds twice. The first time was in 1998, the Ministry of Finance of China issued special government bonds totaling 270 billion yuan to the four state-owned banks of industry, agriculture, China, and construction, mainly to improve the problem of insufficient capital of banks; The Ministry of Finance issued 1.55 trillion yuan for the purchase of foreign exchange to commercial banks and the general public to raise capital for the upcoming State Foreign Exchange Investment Company.
Unlike the previous two, the current epidemic has had an unprecedented impact on China's economic and social development. China's reopening of special national debts this time is a special move in a special period. This move highlights the fact that China is adopting a full range of policies to hedge the negative impact, reduce uncertainty, and stabilize the economic fundamentals as the downward pressure on the economy increases.
Two "special", in use.
Since the CPC Central Committee Political Bureau meeting proposed to issue anti-epidemic special treasury bonds in March, the specific use of special treasury bonds has been divided. Some analysts said that special treasury bonds should be used to supplement capital for banks and help banks bail out businesses and individuals. Others believe that special treasury bonds can be used to set up funds to support enterprises, especially small and medium-sized enterprises, to overcome difficulties.
The government work report made it clear that the scale of 1 trillion yuan of special national debt and the increase of 1 trillion yuan of fiscal deficit will be mainly used to protect employment, basic people's livelihood, and market participants, including support for tax and fee reductions, rent and interest reduction , Expand consumption and investment, etc.
When the global epidemic situation and the economic and trade situation are highly uncertain, and China's development faces unpredictable influencing factors, employment, basic people's livelihood and market players are related to the overall situation of China's economic and social stability, and must be maintained as a "top priority." This special national debt is undoubtedly used on the "blade".
Three "special", in usage.
According to the government work report, all special national bonds will be transferred to local governments this time, and a special transfer payment mechanism will be established. This kind of "through train" usage will help alleviate the "urgency" of local funds more efficiently.
In addition to special government bonds, China has also taken measures such as increasing the fiscal deficit rate and expanding the size of local special bonds. This combination will form a restructuring of capital flows and help the Chinese economy "retain the green mountains and win the future." (Finish)