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National Financial Work Conference plans to work next year-

Consolidate tax and fee reductions

Author: Zeng Jinhua Dong Bijuan Source: Economic Daily Date: 2019-12-30

The National Financial Work Conference held from December 26 to 27 carried out a comprehensive plan for the implementation of a proactive fiscal policy and the promotion of fiscal and taxation system reform next year. Active fiscal policy next year will vigorously improve quality and efficiency, pay more attention to structural adjustment, consolidate and expand the effect of tax and fee reduction, increase the optimization of fiscal expenditure structure, and insist that the government live a "tight life."

Efforts from both quality and quantity

In 2019, China will implement a larger-scale tax and fee reduction, increase the deficit rate appropriately, increase the local government's special bond quota, make good use of the existing funds and assets, and play a "combination punch" to increase efficiency and implement a proactive fiscal policy.

The recent Central Economic Work Conference clearly called for a proactive fiscal policy to vigorously improve quality and efficiency and pay more attention to structural adjustment. The Minister of Finance Liu Kun said that "improving quality and increasing efficiency" is reflected in the need to further tap the potential of fiscal policy in order to continuously improve the accuracy and effectiveness of the policy. Under the premise that the current pressure on fiscal revenue and expenditure balance continues to increase and there is limited room for afterburner, both the requirements of strengthening counter-cyclical adjustments and fiscal revenue and expenditure balance are taken into consideration. While maintaining the same fiscal policy orientation and positive efforts, we emphasize the policy's "Quality" requirements and "increase efficiency" orientation, from the "quality" and "quantity" to make efforts to effectively improve the efficiency of the allocation of financial resources and the use of benefits, to ensure that the economy achieves reasonable growth and steadily improve the quality.

"Structural adjustment" is reflected in further optimizing the structure and method of fiscal fund use, and more prominently focusing policy priorities and using money on the blade. Liu Kun said that to strengthen counter-cyclical adjustments, it is necessary to strengthen the integration of domestic demand and supply upgrades. We will invest funds in areas such as advanced manufacturing, livelihood construction, and infrastructure shortcomings that benefit from both supply and demand, with multiplier effects, and promote the "dual upgrade" of industry and consumption.

Increase adjustment of expenditure structure

In 2019, China has vigorously reduced general expenditures, and the central government has taken the lead in strictly controlling expenditures. Except for rigid and key projects, the average reduction in expenditures for other projects has reached 10%. Local governments have also stepped up their efforts to reduce general expenditures, with the reduction rate basically exceeding 5%, and many reaching more than 10%.

The National Financial Work Conference made it clear that next year the government will insist on a tight life. Further clarify the priority direction of fiscal expenditure and increase the intensity of structural adjustment. General expenditures should be vigorously reduced, unnecessary project expenditures must be resolutely cancelled, and new project expenditures must be strictly controlled. In principle, no new expenditures should be opened.

"It is necessary to make it more prominent to settle expenditures and improve fiscal balance by reducing expenditures. The general fiscal expenditures of local governments must be further reduced on the basis of this year's reductions, and various stock funds and assets will continue to be activated." Liu Kun It is said that we must adhere to the principle of living within our means, use the zero-based budget concept, and scientifically approve the budget based on the actual needs of the development of our business and the financial resources.

Fiscal expenditures are maintained and under pressure. While adhering to the government's tight schedules, we must ensure key expenditures. "The government takes the lead to live a tight life, the purpose is to live a good life for the common people. The more the financial revenues and expenditures are conflicting, the more important it is to prioritize and effectively use the limited financial funds to achieve greater benefits." Liu Kun said.

It is reported that next year, it is necessary to ensure that general transfer payments are significantly higher than the growth rate of central government expenditures. Balanced transfer payments, supplementary funds for basic financial guarantee mechanisms at the county level, and transfer payments in poor regions of all ages have a higher growth rate; continue to increase investment in fiscal poverty alleviation Intensity, policy and funding focus will be tilted towards deeply impoverished areas such as "three regions and three states".

Consolidate and expand the effect of tax and fee reduction

In 2019, China implemented a larger-scale tax and fee reduction, which is expected to exceed the original scale of nearly 2 trillion yuan in the whole year. The manufacturing and small and micro enterprises will benefit the most. Among the scale of VAT reductions, manufacturing and related sectors account for nearly 70%.

"China's tax and fee reductions are institutional and continuous. After years of implementation, the cumulative effect will be very large, and corporate burden reduction will become more and more obvious. At the same time, it will focus on promoting high-quality development, encouraging technological innovation, attracting high-end talents, and promoting exports. We will continue to study and improve relevant tax policies such as growth. "Liu Kun said that during the implementation of tax reduction and fee reduction, it is necessary to strengthen the sharing of tax reduction and fee reduction information, continue to pay close attention to changes in tax burdens in various industries, and timely research and solve the problems reflected by enterprises. Highlight the problems and continue to exert the effect of tax and fee reduction policies.

The financial conference proposed that we should make good use of special bonds of local governments, adhere to the "funds follow the project", optimize the structure of bond investment, implement policies such as expanding the use of special bonds, and speed up the establishment of project reserves and preliminary preparation, evaluation, and selection work mechanisms.

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