Economy** Author: Wang Liyong.
The financial departments of many places have held financial work meetings one after another a few days ago to "set priorities" for the financial work in 2024. In the past year, the local government finances have maintained a stable operation situation in the face of greater pressure on the balance of revenue and expenditure, and have effectively played an important role in stabilizing expectations and stabilizing the economy.
Since the 18th National Congress of the Communist Party of China, in the face of the complex and severe international environment and the arduous and arduous tasks of domestic reform, development and stability, finance has always played a role as a "paving stone" for reform and development. First, the scale of fiscal expenditure has grown steadily. In order to effectively cope with the impact of the epidemic, the deficit ratio reached 36%, the highest since 2013; In 2023, the deficit ratio will rise to about 38%, a new high. Second, the intensity of tax and fee reductions has been continuously increased. Over the past 10 years, the tax department has handled a total of 15 new tax reductions and fee reductions2 trillion yuan, and more than 12 trillion yuan of new tax and fee reductions have been achieved in the past five years. Third, the financial support for innovation has been continuously strengthened, including increasing financial investment, financial interest discounts, additional deductions for R&D expenses, and accelerated depreciation. Fourth, fiscal and taxation reform has been steadily promoted, and the budget management mechanism, taxation mechanism, and mechanism for adapting to the power and expenditure responsibility have been continuously improved.
* The Economic Work Conference pointed out that the active fiscal policy should be moderately strengthened, and the quality and efficiency should be improved. With the active implementation of various fiscal policies, the foundation of China's economic "stability" has been continuously consolidated, the economic growth rate has been among the best, the industrial structure has been continuously upgraded, the economic structure has been continuously optimized, and the transformation of new and old kinetic energy has continued to accelerate. Finance has played an irreplaceable role in ensuring steady and relatively rapid economic development.
However, there is still room for improvement in improving the quality and efficiency of the finance, mainly including the need to optimize the structure of fiscal expenditure, and the quality and efficiency of investment projects need to be improved; The grassroots financial guarantee mechanism needs to be improved; The expected management effectiveness of the policy has not been fully utilized, and the expectation management is short-term and arbitrary. The financial support for small and micro enterprises is still insufficient, and it is difficult to implement policies and the coverage is not wide; Wait a minute. In view of this, it is necessary to strengthen the evaluation of the consistency of policy orientation, strengthen the coordination and cooperation between policies, especially strengthen the coordination of fiscal, monetary and industrial policies, strengthen policy coordination, ensure the same direction, form a joint force, and promote the development of the real economy and the upgrading of the industrial structure.
On the one hand, optimize the structure of fiscal expenditure, improve the efficiency of the use of fiscal funds and the quality of investment projects. Strengthen financial support for new energy, new materials, new technologies, and education, pay attention to investment in human capital, accelerate industrial transformation and market competitiveness, and improve the quality and efficiency of the supply system. In particular, it is necessary to implement the structural tax and fee reduction policies, and focus on supporting scientific and technological innovation and the development of the manufacturing industry. Build a long-term mechanism for cross-departmental coordination of funds, improve the performance evaluation, review and supervision mechanism for key areas and major projects, build a full-caliber budget and final account review and supervision mechanism, strengthen budget constraints, and ensure the efficient use of financial funds. Do a good job in project reserves and layout, accelerate the issuance and use of local special bonds, and optimize and improve the efficacy of special bonds.
On the other hand, it is necessary to appropriately increase public consumption and establish and improve the expectation management system. Steadily improve the level of public services, promote education, medical care, elderly care, childcare and other fields to make up for shortcomings, and improve the financial guarantee mechanism at the grassroots level. We will continue to increase transfer payments to local governments, strictly supervise transfer payment funds, coordinate people's livelihood security funds, increase subsidies for the "three guarantees", and firmly consolidate the bottom line of the "three guarantees" at the grassroots level. Incorporate expectation guidance into the macroeconomic regulation and control system, enrich the policy toolbox, introduce fiscal policy guidance and information communication mechanisms, and introduce fiscal policies that directly manage expectations. Strengthen economic publicity and knowledge popularization, improve the effect of information guidance and communication, improve the expected management efficiency of policies, do a good job in cross-cycle adjustment of macro policies, reduce policy volatility and uncertainty, reasonably guide the expectations of private enterprises and consumers, and boost the confidence of the main body.
Financial support for small and micro enterprises should also be increased. Accurately and efficiently implement the structural tax and fee reduction policies, strengthen the promotion of direct policy enjoyment, improve the quality and efficiency of tax services, and continuously stimulate market vitality. We can increase support for the innovation activities of small and micro enterprises by increasing R&D subsidies, reduce R&D costs, and promote the technological progress and competitiveness of enterprises.