(Economic Observation) The 6 provinces of Guangdong, Jiangsu, Zhejiang, Shandong, Henan and Sichuan are the "pillars" of China's economy

　　China News Service, Beijing, August 17 (Reporter Zhao Jianhua) Li Keqiang, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Premier of the State Council, presided over a symposium with the principals of the provincial government in Shenzhen on the 16th to analyze the economic situation and put forward suggestions for the next step in economic work. Require.

At the meeting, relevant persons in charge of 6 provinces (hereinafter referred to as 6 provinces) including Guangdong, Jiangsu, Zhejiang, Shandong, Henan and Sichuan made speeches.

　　The total economic volume of the six provinces accounts for 45% of the country's total and is the "pillar" of China's economic development; the number of market players accounts for more than 40% of the country's total, contributing more than 40% of employment.

The 6 provinces have a stable momentum, which is beneficial to the whole country.

　　Potential to rise but not fall.

The major economic provinces should bravely take the lead and play a key supporting role in stabilizing the economy.

Li Keqiang said that the four coastal provinces out of the six provinces contributed more than 60% of the net transfer to the central government, and the task of financial transfer must be completed.

The central government has basically issued transfer payments to local governments. All provinces must insist on the government's tight living, revitalize the financial stock funds, maintain a balance of fiscal revenue and expenditure, increase financial resources, and ensure the "three guarantees" at the grass-roots level, especially basic livelihood expenditures and grassroots wages. issued.

　　This year, due to factors such as the epidemic and large-scale tax rebates, the national fiscal revenue and expenditure are under great pressure.

According to the data released by the Ministry of Finance, from January to July, the national general public budget revenue was 12,498.1 billion yuan (RMB, the same below), an increase of 3.2% after deducting the factors of tax rebates, and a decrease of 9.2% in natural terms.

During the same period, the national general public budget expenditure was 14,675.1 billion yuan, an increase of 6.4% over the same period of the previous year.

Income growth varies widely across regions.

　　According to published data, Luo Zhiheng, chief economist of Yuekai Securities, estimated that, including Guangdong, Jiangsu, Zhejiang, and Shandong, six provinces and three cities across the country made a net contribution to the central finance in 2019.

For the central government to support the development of various regions, it is inseparable from large-scale transfer payments.

　　Li Xuhong, director of the Institute of Fiscal and Taxation Policy and Application of Beijing National Accounting Institute, analyzed that coastal provinces are highly open, economically developed, and have a relatively large scale of fiscal revenue, and more revenue can be turned over to the central government.

This also means that the central government will have more fiscal revenue for transfer payments, support areas with less developed economies and less fiscal revenue, ease the financial pressure on local governments, and balance regional development.

　　At present, the scope of local government expenditure responsibility is constantly expanding, and local finance is under pressure.

Li Xuhong said that in addition to narrowing the gap between local fiscal revenue and expenditure through central transfer payments, revitalizing the local government's financial stock is also an important macro-control method to reduce local fiscal pressure.

　　At the symposium, Li Keqiang also said that sluggish demand is a prominent contradiction in economic operation.

In a province with a large economy and a large population, it is necessary to find ways to promote consumption, expand large-scale consumption such as automobiles, and support rigid and improved demand for housing.

The current balance of local special bonds has not yet reached the debt limit. It is necessary to revitalize the debt limit space in accordance with the law, and make good use of the issued local special bonds and policy development financial instruments. The more eligible projects, the more funds the places will get.

　　In recent years, the issuance limit and issuance scale of local special bonds have continued to expand.

Li Xuhong said that there is still room between the current special debt balance and the limit. It is necessary to revitalize the limit space in accordance with the law, do a good job in the reserve of special debt projects, and effectively play the role of special debt.

At the same time, make good use of the special bonds that have been issued, standardize the use of special bond debt funds, and strictly prohibit the investment of debt funds in areas and projects that do not meet the conditions.

For mature projects that have already been put into construction, it is necessary to accelerate the formation of more physical workloads, and do a good job in the management of the whole process of "borrowing, using, managing, and repaying" special debts.

　　Since the beginning of this year, including 6 provinces, various localities have successively introduced a number of measures to enhance the driving force of economic recovery and development.

　　Among them, in Jiangsu, "23 measures to promote consumption" were recently launched to increase incremental policy support.

For example, in terms of assisting enterprises in relief, further expand the coverage of policies such as deferred payment of social insurance premiums, housing rent reduction and exemption, etc., and promote the implementation of policies and measures such as deferred payment of provident funds, discounts on water and electricity, and broadband dedicated line fee reductions according to local conditions.

　　In Shandong, since the beginning of this year, the key role of investment in economic growth has been brought into full play.

The scale of investment continued to expand, the promotion of key projects was accelerated, the investment structure was optimized and upgraded, and the factor guarantees were strongly supported.

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