Macro policy increases the adjustment, a package of policy measures and measures to be effective

Since the beginning of this year, my country's economy has overcome difficulties and has shown a stable recovery momentum. The macro policy increases its adjustment, a package of policies and measures have been effective, and strive to stabilize the macroeconomic market. In the second half of the year, fiscal policies and monetary policies are expected to continue to make efforts to maintain economic operation in a reasonable range.

Give full play to policy benefits

As an important tool for active fiscal policies, this year, my country's new special bond quota arrangements have reached 3.65 trillion yuan, which has been basically issued as of the end of June.

"Ensure that the new special bonds will be basically issued before the end of June this year, and strive to use the basics and new energy projects into the key support scope of special bonds by the end of August." It reflects the implementation of macro policies this year.

From the perspective of fiscal expenditure, although fiscal revenue has been greatly affected by tax refunds, the expenditure remains efforts. From January to May, a total of over 9.9 trillion yuan, an increase of 5.9%, and the expenditure of key areas such as people's livelihood was strongly guaranteed.

"The central government will urge to issue various transfer payments as soon as possible, and at the same time require local governments to strengthen budget implementation management, and effectively raise the expenditure progress. Steady to promote the construction of major projects that have been included in the annual plan, increase the activity of the stock capital, and give play to the funds and policies as soon as possible Benefit. "Said Irving, Assistant Minister of Finance.

Luo Zhiheng, chief economist of Yuekai Securities and Dean of the Research Institute, believes that active fiscal policies are advancing, especially to accelerate the progress of fiscal expenditure, accelerate the use of special debt, and expand the scope of support. Infrastructure investment steadily from January to May Growth, strongly support the economy.

At the same time, reducing the deposit reserve rate, payment of deposit profit, and release of long -term liquidity; the two -time guidance of the loan market quotation interest rate decline, and timely launch a number of structural monetary policy tools ... In the first half of the year, the monetary policy leaned forward, and put the efforts of the monetary policy. Stable economic growth is placed in a more prominent position and continuously increases support for the real economy.

Especially since the second quarter, due to the recurrence of the emergence of the epidemic, market entities in some regions, especially small and medium -sized enterprises, some industries and groups have been severely impacted, and the demand for policy support is more urgent. The implementation of stable monetary policies has been further increased. A series of policy measures provided strong support for anti -epidemic, stable economic growth, market entities, employment, and people's livelihood.

From the perspective of the total amount, the implementation of measures such as downshoppers has released more incremental funds to support the real economy. On April 25, the central bank fell 0.25 percentage points, releasing long -term liquidity of 530 billion yuan. At the same time, the central bank has accelerated the profit -making profit to the central government, and has paid 800 billion yuan, exceeding 70%of the annual plan to pay 1.1 trillion yuan, which is equivalent to a reduction of 0.4 percentage points.

Data show that in April and May, the growth rate of broad currencies (M_2) was above 10%year -on -year, and in May reached 11.1%. At the same time, financial management departments have increased their stability and guided financial institutions to increase credit investment, especially credit support for key areas.

Pan Gongsheng, deputy governor of the People's Bank of China, said that next, it will increase the stability of the total credit growth, comprehensively use a variety of monetary policy instruments, increase liquidity investment, and maintain the reasonable and plenty of liquidity; The principle of marketization and prudent operations, accelerate the credit offering of credit loans, actively explore new project reserves, increase loans to the real economy, and maintain the growth rate of currency supply and the growth rate of social financing.

Scientific grasping the rhythm

Scientifically grasping policy strength, rhythm and priorities, and not engaged in strong stimulation of "big water perfusion" is an important characteristic of implementing macro policies this year.

Facing a series of pressures, the production and operation of enterprises is difficult, and the cash flow problem is prominent. Since the beginning of this year, the large -scale value -added tax retaining policy has been implemented in an all -round way, the implementation of tax refund implementation has been continuously accelerated, and tax refund funds have been strengthened to ensure that enterprises, especially small and micro enterprises enjoy timely tax refund policies, and real gold and silver help enterprises to reduce burdens. In order to cope with the downward pressure on the economy and strive to stabilize the employment of the market, the State Council has decided to further increase the retaining tax refund policy, incorporate 7 industries such as wholesale and retail, accommodation and catering industry into the scope of retention tax policy, and increase the tax refund by 142 billion. Yuan, the total tax refund reached about 1.64 trillion yuan throughout the year.

According to statistics from the State Administration of Taxation, from April 1st to June 25th, the value -added tax retained tax refund has been retired to the taxpayer account, coupled with the previous quarterly implementation of 123.3 billion yuan of retirement tax refund policies, which were previously introduced. The tax refund of the taxpayer account reached 1826.6 billion yuan, which was 2.8 times the tax refund scale last year.

"In the first half of this year, my country’ s increased macro policy regulation is a highlight of the combined tax support policy. "Li Xuhong, director of the Institute of Finance and Tax Policy and Application of the Beijing Academy of Accounting, said that it is expected to accelerate the implementation of 7 newly added 7 newly added in the second half of the year. The industry's retention of tax refund has strictly implemented various tax reductions and fees and fees, promoting the timely implementation of various rescue policies to help enterprises, alleviating the problems of financing difficulties in small, medium and micro enterprises, and injecting vitality into market entities.

While the total policy is unrelatial, the structural monetary policy tools continue to make efforts. A series of structural monetary policy tools such as scientific and technological innovation, inclusive pensions, and special re -loans of transportation and logistics have been settled one after another. Recently, 300 billion yuan of policy and development financial instruments have been launched to supplement major project capital including new infrastructure including new infrastructure. Gold, guide financial institutions to increase credit support for key areas and weak links. In the first half of the year, the cost of financing of the real economy dropped steadily. From January to April this year, the interest rate of corporate loan was 4.39%, a further decrease of 0.22 percentage points from last year. This interest rate level set a low level since the statistical record. "In the next stage, it will highlight the key areas of financial support and increase the support of inclusive small and micro loans." Pan Gongsheng said.

Strengthen coordination

"The Central Political Bureau's meeting proposed that the epidemic should be defended, the economy must be stabilized, and the development is safe. Due to the occurrence of multiple super -expected factors, the economic operation in the first half of the year is affected. To achieve the work goals of the year, it is necessary to use unconventional policies in the second half of the year. Support method. "Feng Qiaobin, deputy minister of the Macroeconomic Research Center of the State Council's Development Research Center, analyzed.

In the first half of the year, due to the economic downlink pressure and the impact of the large -scale retention tax refund, the fiscal revenue situation was more severe. Feng Qiaobin believes that in the second half of the year, to maintain the intensity of expenditure determined at the beginning of the year, new financial resources need to be raised. Therefore, the two enthusiasm of the central and local governments need to be mobilized, and the current and future are needed to make corresponding treatment.

"From the perspective of monetary policy, we must pay special attention to the coordination with fiscal policy in the second half of the year, and cooperate well in terms of total, investment, interest rates, and management. There are two main aspects. One is that in the infrastructure construction in advance The strong intervention of sexual finance and development of sexual finance is a key point for the current fiscal and monetary policy. The second is that in terms of raising new financial resources, fiscal and monetary policy needs to be coordinated. "Feng Qiaobin said.

Li Xuhong believes that transfer payment is an important means for the central government to regulate local fiscal conditions.

In the second quarter of the Monetary Policy Committee of the People's Bank of China, the second quarter meeting emphasized that the implementation of the stable monetary policy has been increased, and the two functions and structural dual functions of monetary policy tools are used to actively respond, boost confidence, provide more powerful support for the real economy, stabilize the macroeconomic economy to stabilize the macroeconomic economy The market.

Lian Ping, the chief economist and dean of Zhixin Investment, believes that in the second half of the year, the stable monetary policy reverse cycle adjustment will only increase, and monetary policy may increase the basic currency investment of total tools and alleviate bank capital costs. pressure.

"At present, the domestic economy is in an important stage of recovery, and fiscal and monetary policy is expected to continue to provide strong support for economic recovery." Zhou Maohua, a macro researcher at the Everbright Bank Financial Market Department, said that monetary policy will continue to exert the advantages of total amount and structural tools to fully tap the reform of interest rates reform Potential, guide financial institutions to increase the support of key areas such as inclusive small and micro enterprises, green development, manufacturing, infrastructure, and guide financial institutions to reasonably reduce the cost of comprehensive financing of the real economy. , Will give full play to the structural tools to reach accurate advantages and support the resumed development of the real economy. "

Wen Bin, chief economist of China Minsheng Bank and Dean of the Research Institute, said that in the second half of the year, my country should adhere to the monetary policy operation of "mastering me" and "both internal and external", and continue to play the dual functions of the total amount and structure. Policies focus on the lack of overall demand, and increase support for key areas and weak links through structural policies.

"Fiscal policy and monetary policy are the two major policy tools for regulation of counter -cyclical regulation. They can play a role in stabilizing the economy. We must strengthen coordination and cooperation." Luo Zhiheng believes that recently launched "increasing policy banks 800 billion yuan in credit quota" and "Issuing 300 billion yuan of development financial bonds is used to supplement the two policies of project capital, including new infrastructure," which helps maintain the growth rate of infrastructure investment. (Zeng Jinhua Chen Guojing)

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