Be proactive and promote fiscal policy to take effect as soon as possible (authoritative interview)
This year's "Government Work Report" proposed that a proactive fiscal policy should be more proactive. Half a year has passed. What role has fiscal policy played in responding to the impact of the new crown pneumonia epidemic, stabilizing economic growth, and providing guarantees for building a well-off society in all respects? What is the overall situation of fiscal revenue and expenditure this year? Our reporter interviewed Liu Kun, Minister of Finance.
Full-year fiscal target can be achieved
●In June, fiscal revenue turned from negative to positive; it is estimated that the new tax cut for the whole year will exceed 2.5 trillion yuan
Reporter: How do you view the fiscal revenue and expenditure situation in the first half of this year and the whole year?
Liu Kun: Affected by the impact of the epidemic, tax cuts and fee reductions, the national general public budget revenue in the first half of the year fell by 10.8% year-on-year. With the progress of resuming work and production and helping companies to relieve the difficulties, fiscal revenue in June increased by 3.2% year-on-year, and the growth rate changed from negative to positive, marking the first monthly positive growth this year.
In terms of expenditures, the central and local governments strictly implement the government’s tight living requirements, vigorously reduce non-urgently needed non-rigid expenditures, the central government has increased transfer payments to local governments, all levels of finance have strengthened fund coordination, and key expenditures such as the “three guarantees” at the grassroots level have been effective. Guaranteed.
Regarding the fiscal revenue and expenditure situation for the whole year, we have seen that since the second quarter, economic operations have improved month by month, production demand has continued to pick up, major indicators have resumed growth, and positive factors have increased significantly. On the whole, the fundamentals of my country's economic stability and long-term improvement remain unchanged. With the steady improvement of economic development, through hard work, we are confident that we will complete the goals and tasks of this year's fiscal work.
Reporter: This year my country has introduced a series of tax and fee reduction measures. What is the current effect?
Liu Kun: In recent years, China has continued to promote tax and fee reductions, especially in 2019, a larger-scale tax and fee reduction measures were implemented, which reduced the social burden by 2.36 trillion yuan throughout the year and enabled tens of millions of enterprises and hundreds of millions of people. Enjoyed the policy dividend. The cumulative effect of these tax and fee reduction policies will continue to be released, and the burden reduction of enterprises will become more and more obvious.
Since the beginning of this year, in the face of severe and complex situations, the central government has issued a series of tax and fee reduction policies. It is estimated that the scale of new tax and fee reductions for the whole year will exceed 2.5 trillion yuan. The release of water and fish will help market players to relieve their development. The resumption of work and production in various industries has provided strong support.
Guaranteed local financial resources
●To secure the bottom line of the “three guarantees” at the grassroots level as a hard task, and transfer payments to local governments at an unprecedented level; establish a special transfer payment mechanism to allow new fiscal funds to reach the grassroots cities and counties
Reporter: This year, the pressure on the balance of fiscal revenue and expenditure has increased. Some grassroots cities and counties are under pressure to "guarantee basic people's livelihood, ensure wages, and ensure operation". What measures have the financial departments taken to this end? In addition, in terms of supporting local economic construction and epidemic prevention and control, how does the central government provide financial guarantees?
Liu Kun: The Ministry of Finance regards securing the bottom line of the "three guarantees" at the grassroots level as the hard task of this year's fiscal work. By increasing transfer payments and issuing special treasury bonds to raise funds to fight the epidemic, the Ministry of Finance will increase the available financial resources of local governments and support the grassroots to do the "three guarantees" work. , To coordinate the promotion of epidemic prevention and control and economic and social development.
This year, the central government has provided unprecedented financial support to local governments.
The first is to increase the intensity of transfer payments. This year, transfer payments from the central government to local governments amounted to 8391.5 billion yuan, an increase of 950 billion yuan or 12.8% over the previous year. Both the increase and the rate of increase were the highest in recent years. Among them, special transfer payments of 605 billion yuan were arranged to support local finances in responding to the impact of the epidemic to make up for the gaps in revenue reduction, increase in expenditures and county-level "three guarantees"; balanced transfer payments, county-level basic financial guarantee mechanism rewards and supplementary funds increased by 10%. The increase in transfer payments in border and poor areas reached 12.4%.
The second is to extend the policy of gradually increasing the proportion of local fiscal funds retained, and extend the implementation of the central and western regions and Liaoning Province to the end of this year. The additional local retained funds from this increase are about 55 billion yuan, all reserved for county-level use.
The third is to issue special treasury bonds to fight the epidemic. In order to support local infrastructure construction and epidemic prevention and control, alleviate business difficulties, and stimulate market vitality, a 1 trillion yuan anti-epidemic special treasury bond was issued. The interest is fully borne by the central government and the principal is repaid by the central and local governments.
The central government's financial support to local governments is not only reflected in "increasing", but also in establishing a transfer payment mechanism for funds to reach the grassroots directly to people's livelihood, and to promote fiscal policy measures to be implemented as soon as possible and effective.
In order to make the newly-increased financial funds go to the grass-roots level of cities and counties directly to benefit enterprises and people, the Ministry of Finance has established a special transfer payment mechanism-constructing an institutional system covering the entire process of fund distribution, appropriation, use and supervision, and development Unicom's direct fund monitoring system at all levels of finance realizes the whole chain and whole process monitoring.
As of July 29, of the 1.7 trillion yuan of funds that have been directly managed, the provincial financial departments have issued 1.5 trillion yuan in detail, and the city and county financial departments have implemented the 1.29 trillion yuan in projects. "Stability" work, implementation of the "six guarantees" task, and implementation of tax and fee reductions have provided effective financial support.
As of July 30, the 1 trillion yuan anti-epidemic special treasury bond has all been issued.
At the same time, the Ministry of Finance strengthens the monitoring of treasury funds, implements daily monitoring and early warning of wage security in key cities and counties, supervises and guides provincial fiscal standards to allocate funds in an orderly manner, and effectively protects grassroots "three guarantees" expenditure; misappropriation of "three guarantees" funds Yes, find one, investigate and deal with it together, take accountability seriously, and deal with people.
On the whole, local finances are currently operating normally. Of course, localities at all levels must also vigorously reduce general expenditures, really live a life tight, and vigorously improve quality and efficiency. All expenditures must be carefully calculated. No money should be spent, and every penny must be spent. Top and important points.
The bottom line of local debt risk can be maintained
●Strengthen the whole chain and all-round management of "borrow, use, manage and return"; never relax risk control for solving short-term problems
Reporter: This year the government has increased its borrowing efforts. How can we improve the efficiency of the use of special debt funds and effectively prevent debt risks?
Liu Kun: This year, local governments have added 3.75 trillion yuan in special bonds. Such a large increase in the size of government bonds is a major decision made by the central government to respond to the impact of the epidemic and take overall consideration of domestic and foreign situations.
How to manage and use the 3.75 trillion yuan of special debt funds is a major test. In accordance with the requirements of the central government, combined with the characteristics of special bond management and local realities, we are considering strengthening the entire chain and all-round management of "borrowing, using, managing, and returning" to maximize the efficiency of fund use.
In the "borrowing" link, it is necessary to reasonably control the release rhythm. We will coordinate the issuance of new special bonds, anti-epidemic special treasury bonds, and general bonds, properly do a good job in stabilizing investment and maintaining stable growth in the bond market, and strive to complete the issuance by the end of October.
In the "use" link, it is necessary to optimize the investment direction of bond funds. Insist that special bonds must be used for public welfare projects with a certain income, and the scale of financing is balanced with the project income. It is strictly prohibited to replace stock debts, to pay wages, unit operating expenses, to issue pensions, and to pay interest, etc., and to commercialized industrial projects and corporate subsidies.
In the "management" link, the use of funds should be accelerated. Relying on the information system, implement penetrating and whole-process monitoring of the issuance and use of special bonds, layer responsibilities, supervise and speed up the use of special bond funds, and form physical workloads as soon as possible.
In the "repayment" link, statutory debt repayment responsibilities must be implemented. Take comprehensive measures to urge local governments, competent departments, bond fund users, etc., to perform their respective debt repayment responsibilities in accordance with laws and regulations, and ensure that the statutory special bonds do not pose any risks.
Since last year, with the joint efforts of financial departments at all levels, local government debt management has achieved certain results, and the national local government debt rate has been steadily decreasing. On the one hand, the statutory debt ratio has risen slightly, and risks are generally controllable. On the other hand, the spread of illegal and disorderly borrowing by local governments has been initially curbed, and hidden debt risks have been further eased.
Here I would like to emphasize that the financial department will effectively manage and use special bond funds, firmly hold the bottom line that systemic risks will not occur, and will never relax risk control to solve short-term problems. We must improve the quality and efficiency of fiscal policies. The "efficiency" is on the ground.
Do not relax in implementing the "six guarantees" task
● Pay more attention to helping people in critical time and in difficulties; focus on the current key and difficult points, and strengthen mid- and long-term strategic planning
Reporter: In the second half of the year, what other areas will the Ministry of Finance "make moves" to support economic and social development?
Liu Kun: Since the beginning of this year, under the strong leadership of the Party Central Committee with Comrade Xi Jinping at the core, the Ministry of Finance has conscientiously implemented the proactive fiscal policy to be more active and promising, and has made positive progress in coordinating and promoting epidemic prevention and control and economic and social development. . However, we must also be aware that the epidemic has caused a deep recession in the global economy and has had a greater impact on my country's economy and society. The Ministry of Finance will follow the decisions and deployments of the Party Central Committee to be well aware of the great nation, insist on implementing a more proactive fiscal policy, continue to focus on the "six guarantees" task, and strive to achieve reasonable growth in economic development and stable quality. Promote.
One is to ensure employment of residents. The focus is to comprehensively strengthen the employment priority policy, support the employment of key groups such as college graduates, migrant workers, and veterans, and stabilize the foundation of economic development and the foundation of social stability.
The second is to protect the basic people's livelihood. The focus is to do a good job of inclusive, basic, and comprehensive people’s livelihood, to provide key protection for the unemployed, college graduates, people in need and retirees, resolutely win the battle against poverty, and further protect and improve people’s livelihood.
The third is to protect market players. The focus is to support the relief and development of small, medium and micro enterprises and industries that have been hit hard by the epidemic, and implement various tax and fee reduction policies and measures to help them save their reserves, ensure their capital chain, and secure jobs.
The fourth is to ensure food and energy security. The focus is to build and improve the policy system and institutional mechanism for financial support for the implementation of the rural revitalization strategy, make every effort to ensure the supply of grain and important agricultural products, and keep the rice bowl firmly in their hands.
The fifth is to ensure the stability of the industrial chain and supply chain. The focus is to give full play to the structural control advantages of fiscal policy, support to open up the "blocking points" and fill up "breakpoints" in the supply chain of the industrial chain, accelerate the resumption of work and production and resumption of the market, stabilize foreign trade and foreign capital, and protect enterprises Production and stability made in China.
Sixth, ensure the operation of the grassroots level. The focus is to increase support for local financial resources, ease the pressure on fiscal expenditures brought about by the slowdown in local income growth, and secure the bottom line of the "three guarantees" to ensure the normal operation of the grassroots.
Difficulties and challenges are unprecedented. This requires us to set our goals, strengthen our responsibilities, be brave enough to take responsibility, and implement them. We must adhere to the people’s supremacy, put the people-centered development thinking into various decision-making arrangements and practical work, highlight the public fairness of finances, make precise efforts to make up for shortcomings, and pay more attention to key timing and The assistance to the needy people will effectively guarantee the basic livelihood of the people, and firmly secure the bottom line of basic people's livelihood. We must be based on the current situation and have a long-term perspective. While focusing on current key and difficult points, we should strengthen mid- and long-term strategic planning, and targeted support for major plans, major reforms, and major policies that are traction for high-quality development and high-efficiency governance, and respond to crises. China holds the initiative in work and takes the initiative in development.
Our reporter Qu Zhehan