Exclusive|2 trillion central financial funds have reached the grassroots level, the principle of distribution is disclosed
"We worked overtime overnight last night, and allocated central direct funds to the county level." A prefecture-level financial person told First Financial Reporter on July 1.
The impact of the epidemic has superimposed 2.5 trillion yuan in tax cuts and fees, and grass-roots fiscal revenue has decreased significantly, but the pressure of spending on “six stability” and “six guarantees” has increased dramatically. In order to alleviate the grass-roots financial difficulties, at the two sessions of the country that ended at the end of May this year, the central government decided to give all the newly added 2 trillion yuan to local governments, and created a special transfer payment mechanism to let this fund go directly to the county finance and provincial level. Finances do not allow retention.
Grassroots financial personnel in several provinces confirmed to First Financial that they received the direct funding quota yesterday.
"We were busy all night yesterday, and requested that the amount of funds received be allocated before 9 o'clock this morning (July 1). The Ministry of Finance will supervise the allocation of funds." A county finance official in the west told First Financial .
An eastern grassroots financial person said that the local government has received more than 200 million direct funds from the central government.
The Jiangsu Provincial Department of Finance publicly stated that on June 30, the central government will increase the deficit and issue special treasury bonds with a total of 2 trillion yuan. All of the province’s provinces and cities will be allocated to all cities and counties. Without leaving a point, they will take the initiative to be a "passing god of wealth"; The cities and counties will include all of the above funds in the monitoring system for the whole process of monitoring, and do not do "hands-off" to ensure that "direct access to the city and county grassroots level, direct benefit to enterprises and people".
Professor Shi Wenwen of China University of Political Science and Law analyzed the First Financial and Economics. It took about a month from the end of the two sessions to the official release of funds at the grassroots level. This speed is still very fast. Recently, the National Audit Office disclosed that the transfer of a small number of central transfer funds to the grassroots took the slowest half a year. Normally, it may take two or three months. From this comparison, the direct fund transfer rate is faster this year. This money is "life-saving money" for difficult enterprises and ordinary people, and quick release is conducive to the implementation of the "six guarantees" task.
In order to regulate the special transfer payment of a total amount of 2 trillion yuan and the management of funds for special anti-epidemic bonds, the Ministry of Finance has formulated fund management methods to clarify the use of funds, distribution and allocation, repayment of principal and interest, budget preparation, etc. And the content of special transfer payment fund allocation calculation, appropriation, supervision and management and incentive constraints.
On this basis, the Ministry of Finance has also specially formulated the supervision and management measures for direct funds, clearly establishing requirements such as account books, periodic reports, information disclosure, and supervision accountability, so as to provide institutional basis and guarantee for strengthening capital supervision.
How to allocate this huge amount of funds has attracted attention. The Jiangsu Provincial Department of Finance disclosed the principle of local direct funds distribution.
Among the 2 trillion yuan of direct funds, the scale of the central government’s new transfer payment funds to local governments is 1 trillion yuan, which includes special transfer payment funds of 605 billion yuan.
According to the Jiangsu Provincial Department of Finance, for special transfer payment funds, the Provincial Finance will allocate according to the three factors of city and county tax reduction and fee reduction, "three guarantees" guarantee ability, balance protection and risk prevention, and consider the city and county financial guarantee ability classification bin factor. The principle of leaning towards areas with more tax reductions and fees, weaker "three guarantees" capabilities, and greater difficulty in maintaining balance and preventing risks.
Of the 2 trillion yuan of direct funds, 1 trillion yuan of anti-epidemic special treasury bonds accounted for half of the country. This amount of funds has been allocated to the city and county level.
According to the Jiangsu Provincial Department of Finance, the provincial treasury funds are allocated according to the proportion of the general public budget of 2019 in the local anti-epidemic funds, and the relevant indicators of debt management are used as adjustment coefficients, reflecting the large demand for infrastructure construction and response to the epidemic. Support from regions with a high degree of debt effort, taking into account regional solvency.
The First Financial Journalist learned from local finance sources that the funds for anti-epidemic government bonds used for infrastructure construction can all be used as project capital to better leverage the capital leverage effect.
The Jiangsu Provincial Department of Finance requires cities and counties to use funds in accordance with the scope specified by the Ministry of Finance, and in accordance with the policy that “special anti-epidemic national bonds can be used as project capital in full”, priority is given to the high-speed rail and highways established by the Jiangsu Provincial Party Committee and Provincial Government And other major transportation infrastructure projects.
Author: Chen Yi-Journal