Proactive Fiscal Policy Strengthens to Consolidate the Foundation for Economic Recovery-clevelanddrifters.com

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Proactive Fiscal Policy Strengthens to Consolidate the Foundation for Economic Recovery

time：2023-03-24 02:26:10 source：clevelanddrifters.com author：Individual stock analysis

Proactive Fiscal Policy Strengthens to Consolidate the Foundation for Economic Recovery

The research and development are in an orderly manner, and the production workshop is busy. "We are in a critical period of research and development, and the 9.17 million yuan in tax refunds guarantees the normal operation of the company." said Zhao Feng, the financial director of Haima New Energy Vehicle Co., Ltd. New combined tax and fee support policies have been implemented successively, revitalizing the stock of special debt limits for local governments, and supporting the good use of policy-based development financial instruments... Recently, fiscal policies have continued to exert force, providing stable market players and economic stability. Strong support. Experts said that active fiscal policies will continue to play an important role in stabilizing growth and ensuring employment. By maintaining a reasonable expenditure intensity, implementing the policy of reducing taxes and fees, and making good use of the local balance limit of special bonds, we will consolidate the foundation for economic recovery and keep the economy operating within a reasonable range. The comprehensive release of policy dividends is the most important part of the combined tax and fee support policy, and large-scale tax refunds are implemented to directly provide cash flow for enterprises through real money, which boosts the confidence of market players and enhances enterprise development. endogenous power. "Affected by the epidemic, the company's operating conditions did not meet expectations, and the capital chain was on the verge of breaking several times. The tax refunds were received in time to help the company survive the most difficult period. It is simply 'life-saving money' for the company." Guangdong Haisi Xiao Qingxin, the legal representative of Kangerpujun Health Management Co., Ltd., said with emotion. This year, my country has implemented a new combined tax and fee support policy. Phased measures and institutional arrangements have been coordinated. There are not only large-scale tax refunds, but also various policy tools such as tax reduction and fee reduction, and tax and fee deferral. Great force. According to data recently released by the State Administration of Taxation, as of August 15, more than 2.1 trillion yuan in tax refunds had been refunded to taxpayers' accounts this year. With the continuous acceleration of the implementation of relevant policies, the task of centralized refund of large-scale residual tax refunds has been successfully completed in the near future, providing strong support for the healthy development of the majority of market players. Continuing to implement the tax and fee support policy is one of the driving forces of the proactive fiscal policy in the next stage. The Ministry of Finance recently made it clear that in the next step, it will continue to implement various tax and fee support policies and fully release policy dividends. Li Xuhong, director of the Institute of Fiscal and Taxation Policy and Application of Beijing National Accounting Institute, said that the tax refund is a key measure to implement a proactive fiscal policy this year, and it is also one of the major measures to deepen the reform of value-added tax, especially the way of taking into account the stock and incremental tax refund More efforts will be made to resolve the financial difficulties of enterprises, which is of great significance for alleviating the impact of the epidemic and macroeconomic pressure. He Daixin, director of the Financial Research Office of the Institute of Financial and Economic Strategy of the Chinese Academy of Social Sciences, believes that under the circumstance of relatively high financial revenue pressure, the fiscal policy maintains a high expenditure intensity and vigorously implements a new combined tax and fee support policy, which will stabilize the macroeconomic market. to an important role. Activating the special bond balance limit and local government special bonds is an important starting point for implementing a proactive fiscal policy. "Since this year, all localities have accelerated the issuance and use of special bonds and optimized the direction of capital investment, which has become an important force for stabilizing investment and growth." He Daixin said. According to data from the Ministry of Finance, as of the end of August, a total of 3.52 trillion yuan of special bonds had been issued, and the quota for project construction had been basically issued, much earlier than in previous years. In order to further play the role of special debts in stabilizing growth and promoting investment, the executive meeting of the State Council held a few days ago proposed to revitalize the limit of more than 500 billion yuan of special debts accumulated by local governments since 2019 in accordance with the law. All localities will complete the issuance before the end of October, give priority to supporting projects under construction, and create more physical workloads during the year. Assistant Minister of Finance Owen Han said that in accordance with the arrangements of the Political Bureau of the Central Committee and the executive meeting of the State Council, the Ministry of Finance intends to guide local governments to make good use of the special debt balance limit of more than 500 billion yuan in accordance with the law, issue new special bonds to support the construction of major projects, and support those with conditions. Provinces completed the expected economic and social development goals, consolidating the positive trend of economic recovery. "Next, the Ministry of Finance will actively study to appropriately expand the investment fields of special bond funds and expand the scope of special bonds used as project capital, so as to better play the role of special bonds in stimulating effective investment." Owenhan said. For the market, the issuance of the special bond balance limit of more than 500 billion yuan by the end of October is an important manifestation of the implementation of incremental policy tools. The report released by Shenwan Hongyuan predicts that after the implementation of the special debt balance limit of more than 500 billion yuan, the formation of physical workload in the third and fourth quarters is expected to accelerate. Wang Qing, chief macro analyst at Orient Jincheng, predicts that the growth rate of infrastructure investment will reach 10% this year, significantly higher than last year's level, which is expected to boost GDP growth by 1 percentage point this year, thus playing an important role in the process of stabilizing growth. While the "quasi-fiscal" tools are exerting efforts at both ends of the fiscal policy revenue and expenditure, the policy-oriented development financial tools called "quasi-fiscal" are also exerting force. "1.8 billion yuan! With this fund from the CDB Infrastructure Investment Fund used to supplement the project capital, this 20-kilometer expressway will be fully constructed soon." Li, chairman of Zhejiang Tongxiang City Communications Investment Group Feng said excitedly that the fund is used to supplement the capital of the project, which not only promotes the early start of the project, but also helps to reduce the company's asset-liability ratio and reduce the investment pressure of the company's shareholders. After the 300 billion yuan quota of policy-based development financial instruments was issued, projects were connected smoothly, and fund investment continued to accelerate. As of August 26, the CDB Infrastructure Investment Fund has signed 422 projects and invested 210 billion yuan; the Agricultural Development Infrastructure Fund has completed the investment of 90 billion yuan. The executive meeting of the State Council held a few days ago made it clear that on the basis of the 300 billion yuan of policy development financial instruments that have already fallen into the project, the quota will be increased by more than 300 billion yuan. "As a phased measure to supplement project capital and help expand investment and stabilize growth, policy-based development financial instruments have a typical fiscal and monetary policy linkage effect." Xuan Yu, chief economist of Caida Securities, said that the use of policy Development financial instruments are of great significance for effectively guiding and improving market expectations, accelerating the formation of precise and effective investment, and accelerating the release of the package of policies to stabilize the economy. Dong Ximiao, chief researcher of China Merchants Union Finance, believes that increasing the quota of policy development financial instruments will strengthen the policy effect, and at the same time, it is expected to leverage more social funds to participate, and better play the key role of effective investment in economic recovery and development.

(Responsible editor：Trend)

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