Fiscal policy Stabilize the economic market

On August 30, the Ministry of Finance issued the "Report on the Implementation of China's Fiscal Policy in the First Half of 2022". Based on the implementation of fiscal policy in the first half of the year, the "Report" proposes that the next step will increase the adjustment of macro policies, plan incremental policy tools, rely on the front arrangement, speed up the rhythm, timely force, and continue to do "six stability" "Six guarantees" work, continue to ensure improving people's livelihood, and maintain economic operation in a reasonable range.

Generally speaking, the budget execution in the first half of this year is generally better. Statistics show that the general public budget revenue nationwide in the first half of the year was 1052.21 billion yuan, and the cumulative increase of 3.3%after deducting the retained tax refund factor; expenditure of 1.289 trillion yuan, a year -on -year increase of 5.9%, higher than the increase in fiscal revenue. In addition, in the first half of the year, the tax refund tax reduction and reduction fee was 507.4 billion yuan, and the tax refund was 1845.5 billion yuan, which effectively boasted the confidence of the market subject; the cumulative issuance of new special bonds was 3.41 trillion yuan.

"Internal and external environmental uncertainty has increased, economic downward pressure has increased, and the situation of fiscal revenue and expenditure is more complicated. Under the circumstances of large fiscal revenue pressure, fiscal policy maintains higher expenditure intensity, vigorously implement new combined tax support support Policies have played an important role in stabilizing the macroeconomic market, "said He Daixin, director of the Financial Research Office of the Institute of Finance and Economics of the Chinese Academy of Social Sciences.

Regarding the fiscal policy in the second half of the year, the "Report" stated that it is necessary to implement a policies and measures for the economy and stabilize the economy, continue to do a good job of "six stability" and "six guarantees", actively actively actively actively actively consolidate the trend of economic recovery.

In terms of implementing detailed and positive fiscal policies, the "Report" proposes to continue to implement various combined tax support policies and continue to release policy dividends. Make good use of local government special bond funds and support local governments to make good use of special debt limits. Compact the responsibility of the competent authorities and project units, implement the expenditure progress notification and early warning mechanism, and promote the formation of physical workload as soon as possible. Strengthen the linkage of fiscal and monetary policy, and support policy development financial instruments.

Li Xuhong, director of the Institute of Finance and Tax Policy and Application of the Beijing Academy of Accounting, believes that the current market entities are still facing greater difficulties. It is necessary to further implement the combined tax support policy, promote the bonus of various sought -after help policies, alleviate small, medium and micro enterprises Funding is difficult, injecting vitality for market entities. "At the same time, it is necessary to accelerate the use of special bond funds, implement supporting financing support for project construction main body, implement funds faster to project construction, give full play to the effect of infrastructure investment, and effectively drive social needs more effectively "".

In the case where the contradiction between fiscal revenue and expenditure is more prominent, fiscal policy will strengthen the guarantee of major strategic tasks. The "Report" proposes that it adheres to the problem -oriented, continuously promotes the key core technologies of the "card neck" in key areas, supports enterprises to strengthen technology research and development, and continuously improve scientific and technological innovation capabilities. Support the overall planning to promote the key tasks of rural development, rural construction, and rural governance, and firmly adhere to the bottom line of the country's food security. Support strong development of renewable energy, and support energy supply to stable and stable prices. Improve the emergency guarantee mechanism and improve the national reserve system and market regulation mechanism.

At the same time, the "Report" emphasizes that it effectively guarantees and improves people's livelihood. Actively cope with the influence of epidemic, disaster, high temperature weather, etc., timely help the unemployed and the objects that need to be included in the minimum guarantee, and temporarily trapped persons. Pocket, ensure the basic life of the difficult people. Broaden the market -oriented employment channels, encourage enterprises to absorb employment through social security subsidies, entrepreneurial loans, tax and fees, etc., and implement preferential policies to guide graduates to grassroots employment.

In addition, strengthen fiscal sustainability. Combining the reform of the fiscal system below the province, improving the ability of grass -roots fiscal security, and the "three guarantees" bottom lines of the grassroots level. Normalization of the management verification of the use of special bond funds, strictly implement the management requirements of the negative list of special bonds, and ensure that funds are used compliantly according to law. Strengthen departmental information sharing and collaborative supervision, resolutely curb the hidden debt of new local governments, and support the orderly resolving hidden debt of the stock in order.

"In the second half of the year, active fiscal policies will continue to play an important role in stable growth and employment. By maintaining reasonable expenditure intensity, implementation of tax reduction policy, and making good use of special debt deposits, etc. Exercise, keep economic operation in a reasonable range, "He Daixin said.

Reporter Zeng Jinhua

(Source: Economic Daily)

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