Fiscal policy folding to promote supply-side reform and reduce tax rate. The supply school asserts that stimulating demand growth with fiscal expenditure can only bring inflation where the natural driving force of economic growth is stifled, and the progressive high income tax rate is the main obstacle to stifle economic growth and inhibit production development.
The supply school believes that tax reduction, especially the reduction of marginal tax rate, can have many positive effects on the economy, such as encouraging people to work overtime, actively operating, delaying retirement and shortening the waiting period, thus increasing income. In this way, people can have more money to spend, especially more money to save. The combination of saving and income stimulation can encourage investment. At this point, it just shows that, unlike the Keynesian school, the role of tax reduction is only to increase aggregate demand. The supply school thinks that tax reduction must be designed in the direction of encouraging savings and work and encouraging investors, and progressive tax and corporate tax reduction should be implemented. It is completely opposite to liberals who advocate raising taxes on high-income groups and reducing taxes only on low-income groups. The supply school believes that when the high progressive tax rate prevents entrepreneurs from accumulating wealth, the society suffers more losses than taxes, and it loses the spirit of invention, innovation, adventure and innovation that entrepreneurs have when developing their own enterprises (see the tax thought of the supply school). +
Reform welfare
The supply school believes that as far as fiscal expenditure is concerned, social welfare expenditure stifles economic growth. They think that transferring income-welfare, social insurance, unemployment benefits, etc. -The negative impact on personal enthusiasm is the same as the high progressive income tax rate. This is because the level of the relief fund is not much lower than the net income that individuals get from work. The effective tax rate levied publicly after conducting a family survey on the applicant before granting relief and allowances makes it an act for some people to earn others' personal income. Therefore, this system encourages those who don't want to work, but not those who are proactive. They believe that the current welfare system in the United States has enabled people living on welfare to receive relief funds that in many cases exceed the net income of many hard workers. This unreasonable phenomenon will lead to a higher unemployment rate. Workers know that unemployment benefits will help them through the unemployment period and are willing to find seasonal jobs, while employers are willing to dismiss workers in the off-season because workers can receive unemployment benefits. The supply school criticized the welfare policy of the American federal government as the embodiment of outdated Keynesian views. It only cares about maintaining the income level of individuals, whether they are working or saving, as long as they can spend. When people can live as well or even better as hard work by receiving unemployment benefits, this system is completely absurd.
Achieve balance
The supply school opposes the deficit fiscal policy. They believe that the increase of budget deficit can only deprive private enterprises of the capital they need, resulting in the "crowding out effect" of financial markets; Or when the government deficit is made up by increasing the circulation of money, it will cause inflation. If tax revenue and government expenditure increase equally, the enthusiasm of private enterprises will be dampened and the economy will be further depressed. Although they are opposed to deficit finance, they are not in favor of a balanced budget as a prerequisite for tax reduction. They criticize those who advocate fiscal surplus before tax cuts as "traditional budget balancers". They believe that the best way to deal with liberals who spend a lot of money is to give priority to tax cuts. The supply school also opposes the view that deficit finance leads to inflation. They pointed out that inflation is basically a monetary phenomenon. If the US Federal Reserve system improperly increases the money supply, inflation will occur regardless of whether the budget is balanced or not. If the Ministry of Finance sells all its bonds to the public to make up the deficit, it will only absorb the same amount of private savings and raise interest rates. Squeezing private investors out of the market is certainly not an appropriate method, but it is not the root cause of inflation. Without an excessive increase in the amount of money, there would be no general increase in the price level.
Active fiscal policy helps supply-side reform ■ Supply management and demand management are complementary rather than antagonistic, and should be implemented in cooperation in practice. As an important means of demand management, fiscal policy should play an active role, cooperate with supply-side structural reform, ensure the organic balance between steady growth and structural adjustment, and thus realize the medium-to-high-speed sustainable development of the national economy. The financial deficit ratio should be moderately increased by stages; Fully implement the tax reduction policy and reduce the burden on the real economy; Create a market environment conducive to deepening PPP, actively optimize the structure of fiscal expenditure, and attach importance to effective investment; Construct an incentive compatibility mechanism that suits the background of China's economic reform and development, and fully mobilize the enthusiasm of local governments for scientific development. Take a multi-pronged approach to ensure accurate fiscal regulation and control, and achieve the goal of boosting effective demand in the short term and optimizing supply structure and quality in the long term.
Supply-side reform needs the cooperation of active fiscal policy.
20 15 the central economic work conference emphasized? While moderately expanding the total demand, we should focus on strengthening the supply-side structural reform. ? The focus of national economic management in the future will be supply management, but this is not a denial of demand management. Theoretically speaking, the supply side and the demand side are actually two sides of the national economy: in the short term, the alternation of prosperity and depression stems from the periodic change of economic prosperity caused by the fluctuation of total demand around total supply; But in the long run, the lasting power of economic growth comes from the response and guidance of effective supply to effective demand. Supply management and demand management are complementary rather than antagonistic, and should be implemented in coordination in specific policy practice. As an important means of demand management, China's fiscal policy still has a broad operating space, and it should actively play its role and cooperate with the supply-side reform. We might as well dispel doubts from two aspects.
On the one hand, the spillover tension caused by structural optimization reform should be alleviated by appropriately expanding demand. In recent years, the downward pressure on China's economy has increased, which is not only caused by the interweaving of the long cycle of the world economy and China's own economic operation cycle, but also by the structural factors accumulated by China's long-term extensive development. It can be said that the weakening of potential aggregate supply caused by the imbalance of economic structure is the fundamental reason for the decline in economic growth. ? Supply side reform? It is to optimize the structure, quality and efficiency of the supply side of the national economy, make the supply structure effectively adapt to the changes in the demand structure, complete market clearing, and promote economic transformation and upgrading. However, it should be noted that, first of all, the demand side of the national economy is still relatively weak (PPI, CPI, PMI are lower, overcapacity, insufficient market investment and consumer confidence, and relatively sluggish exports), which stems from Owen? Fisher called it. The debt effect theory of deflation has recently caused extensive discussion in academic circles. And in the frontier theory of macroeconomics? Say's negative proposition? Namely. Sustained short-term insufficient demand will inevitably lead to the weakening of medium-and long-term supply capacity, leading to a decline in potential growth rate and a sustained downturn in the medium and long term? , but also to the current China economy with a profound warning. Therefore, in order to realize that the persistent downturn may become the potential risk of China's economy in the future, it is urgent to introduce scientific and effective demand management policies. Secondly, even if we vigorously promote structural reform, we should moderately expand demand and coordination. It is undeniable that structural optimization and adjustment programs such as de-capacity, de-inventory and de-leverage will inevitably increase the downward pressure on the economy in the short term. During this period, problems such as unemployment and re-employment, elimination of old business forms and remolding of new business forms must be solved through demand management. Demand management usually depends on monetary policy and fiscal policy. However, compared with fiscal policy, the aggregate characteristics of China's monetary policy are more prominent, but the structural characteristics are still not ideal. At present, monetary policy is still not smooth in transmission mechanism and regulation parameters; As the receiver of control signal, micro-subject has not been optimized and reconstructed. Zombie enterprise? What needs to be cleaned up is that rigid redemption and soft budget constraints are widespread, making the micro-foundation less sensitive to monetary control signals. In order to solve these obstacles, it is necessary to further deepen financial reform and market-oriented reform, and optimize the financial ecological environment and the micro-foundation of monetary regulation. If large-scale monetary easing is rashly adopted at present, it will undoubtedly form? Flood irrigation? Not only can it not effectively alleviate the structural liquidity hunger of the market, but it will also interfere with the market clearing, boost the asset price bubble, increase the pressure of capital outflow, and may even bury a new round of inflation risk in the next few years, leading to the continuous solidification of structural contradictions. Therefore, the task of creating a stable macro-environment for the structural optimization reform of moderately expanding demand mainly depends on fiscal policy, and monetary policy needs to cooperate with fiscal policy to play an auxiliary hedging role.
On the other hand, the supply effect of fiscal policy can not be ignored. In the Keynesian framework, fiscal and monetary policies are limited to exerting demand for aggregate demand through free choice. Against the economic wind? The power of adjustment. However, in the actual economic operation, compared with the monetary policy with weak supply effect, fiscal policy can effectively play the supply effect for a long time. If fiscal policy is coordinated with industrial policy, regional policy, micro policy and reform policy, it can produce micro and meso effects, improve supply structure and quality, and improve economic operation efficiency. For example, using tax, supply and redistribution policies can reduce production costs, mobilize the enthusiasm of enterprises and workers, and optimize industrial and regional structures. After the organic superposition of micro and meso categories, the supply quality and efficiency at the macro level will be improved. In addition, financial investment with supply effect (equipment renewal, infrastructure and factory building renovation, education investment, etc. ) can not only stimulate demand in the short term, but also form efficient capital accumulation in the long term, thus optimizing the potential total supply and injecting stable power into long-term economic growth.
To sum up, it should be a wise choice of macro-control concept in the near future to help supply-side structural reform with a proactive fiscal policy (supplemented by a stable and slightly loose monetary policy). We should not engage in large-scale inefficient stimulus, but also prevent the economic contraction caused by structural reform, ensure a stable macro environment for supply-side reform, and gradually build a healthy micro foundation for it.
What dilemmas need to be solved in implementing a proactive fiscal policy?
It is undeniable that the traditional fiscal policy in the past has shown signs of fatigue. Recently, although the relevant departments advocate a proactive fiscal policy, many local governments and private sectors are in a state of spontaneous deleveraging, and it is difficult to bridge the fiscal revenue and expenditure gap in the short term, which may weaken the effect of fiscal policy to some extent. In the process of implementing a proactive fiscal policy, the following contradictions need to be properly resolved.
First, the fiscal revenue and expenditure gap needs to be bridged urgently. In recent years, due to the superposition of cyclical and structural factors, the economic growth rate in various places has declined. Compared with previous years, the revenue growth rate of governments at all levels has declined, but the expenditure pressure is still relatively high. According to the data of the Ministry of Finance, in 20 15 years, the national general public budget revenue increased by 5.8%, but the general public budget expenditure increased by 13. 17%. Under the motivation of reducing leverage, local government debt income and extra-budgetary income from land transfer are blocked, while new standardized financing channels are relatively limited. The local government still bears more responsibility for affairs and expenditure, and the active fiscal policy puts it under greater pressure, which leads to the phenomenon that local matching funds are in a neutral position; The replacement of local bonds only relieves the cost pressure of some existing debts, and the high interest expense of the remaining 1 1 trillion existing debts cannot be ignored; With the reform of social security fields such as endowment insurance in institutions and institutions, the burden of social security expenditure will also rise in the future. The above factors make the fiscal revenue and expenditure unbalanced, which poses a certain test to the local fiscal space.
Second, the marginal output effect of traditional financial investment is weakened, which squeezes the total factor productivity and production efficiency. In the past, the traditional inefficient and repeated investment weakened the pulling effect on economic growth, and the resulting overcapacity and capital mismatch also weakened the return on capital and squeezed the total factor productivity. If the investment structure is considered, in general, investment in advanced equipment promotes the improvement of total factor productivity, while investment in construction and installation, which focuses on real estate and other investment targets, inhibits total factor productivity. After 2008, China's real estate and infrastructure investment expanded rapidly, accumulating a certain bubble, which brought risks to the real estate market in small and medium-sized cities. However, the proportion of equipment investment in the total investment shows a rapid downward trend, and the total factor productivity and production efficiency are squeezed. It is necessary to coordinate fiscal policy with industrial and regional policies, optimize investment structure and attach importance to effective investment, improve marginal efficiency of investment, and promote the improvement of total factor productivity, so as to achieve the effect of moderately expanding demand in the short term and optimizing supply quality and structure in the long term.
Third, because the original assessment mechanism of local governments has been broken, some areas are not adapted, which weakens the effect of fiscal policy implementation. First of all, in recent days, although the financial project investment approval is very strong, the actual rate of funds in place and the project operating rate are not optimistic. Many key projects and people's livelihood projects have been delayed, including the renovation of railways, expressway, power grid and communication facilities, agricultural infrastructure, renovation of dangerous houses, etc., involving the country's long-term development planning, and the phenomenon that funds are not in place has emerged. Secondly, compared with the past, the growth rate of China's fiscal expenditure slowed down in 20 15, and the decline of local fiscal expenditure was more significant. The growth rate of local fiscal deposits has accelerated, and a large amount of solidified funds have been accumulated. According to the calculation of relevant experts, in recent years, the bank deposits of government departments have increased by about 20% every year, accounting for an increasing proportion in M2. Local governments lack enthusiasm for revitalizing existing funds, resulting in a large balance of funds. The inefficient operation of financial funds has reduced the space for macro-policy implementation and dragged down economic growth. Of course, this is also related to the tightening of financial supervision and the mechanical mode of fund management in recent years. In the process of the allocation of central financial funds, the allocation between different departments is too detailed, and the special funds are overemphasized, which weakens the flexibility of the use of funds and leads to the decline of the enthusiasm and initiative of local governments in using central financial funds.
Fourth, the implementation effect of PPP policy needs to be optimized. Introducing PPP through innovative investment and financing system will help ease the financial pressure, broaden investment and financing channels, and achieve a win-win situation for government capital and social capital. However, PPP is still in the exploration stage, and the actual operation is characterized by thunder and little rain. State-owned enterprises and city investment companies often act as the main force, but there is a lack of linkage effect between government departments and the private sector, and it is still difficult for government capital to incite private capital on a large scale. On the one hand, the degree of economic legalization is not high, and the relationship between government and enterprises is not equal, which leads to the uncertainty of private capital's expectation of cooperation prospects. On the other hand, in the process of PPP implementation, the contractual relationship between the government and enterprises needs to be improved. PPP has the characteristics of large investment, long term, low yield and weak liquidity, including certain market risks, project risks, legal risks and policy risks, but the rights and obligations, risk sharing and interest compensation between the government and enterprises are still unclear. In PPP cooperation, the lack of interest synergy mechanism between the two has affected the enthusiasm of social capital. In addition, there are some bad phenomena in the implementation of PPP: for example, because the financing platform is cut off, some areas use real debt in the name of PPP, and capital preservation and repurchase. This not only did not drag down PPP, but also affected its reputation to some extent.
Thoughts on optimizing financial supervision under the background of supply-side reform
In order to create a good macro environment for supply-side reform, it is necessary to implement a proactive fiscal policy in the future to ensure it? Supply-side structural reform? Keep pace with steady growth. The financial deficit ratio should be moderately increased by stages; Fully implement the tax reduction policy and reduce the burden on the real economy; Create a market environment conducive to deepening PPP, actively optimize the structure of fiscal expenditure, and attach importance to effective investment; Construct an incentive compatibility mechanism that suits the background of China's economic reform and development, and fully mobilize the enthusiasm of local governments for scientific development. Multi-pronged approach, to ensure that the fiscal policy is accurate, to achieve the goal of boosting effective demand in the short term and optimizing supply structure and quality in the long term. Inject lasting impetus into the high-speed development of China's economy, promote China, an economic giant, to achieve the grand goal of building a well-off society in an all-round way.
First, identify the focus to ease the financial pressure, improve the deficit ratio in stages, release the available capital space, and create conditions for the precise development of fiscal policy. Theoretically speaking, fiscal policy is faced with a dilemma between reducing taxes, increasing expenditures and controlling debts. Under the goal of increasing expenditure and reducing taxes, it is an inevitable choice to raise deficit ratio to make up the income and expenditure gap in order to alleviate the financial pressure. Thankfully, China's fiscal deficit and government debt still have a lot of room for expansion. As far as the deficit is concerned, the current 2.3% deficit ratio is far below the 3% red line set by the Maastricht Treaty; As far as debt is concerned, the central government's debt burden is low. Although there are local and regional risks in local bonds, compared with welfare and consumer debts in Europe and America, most local bonds in China are supported by considerable physical assets. If you add other resources that the government can allocate (land, forests, minerals, etc.). ), the proportion of debt in the government's broad assets will be lower. Therefore, there is still a broad space for macro-strategy to alleviate financial pressure by moderately expanding the deficit. If PPP can be successfully used to incite social capital in the future, then the deficit ratio of about 3% should basically meet the financial needs. As far as policy practice is concerned, expanding the deficit, issuing additional debt and replacing local debt should work together. First of all, CDB, the Ministry of Finance and other departments can be used to issue special bonds or special government bonds to support the construction of local key infrastructure and livelihood projects by means of project capital investment and equity investment, appropriately expand the proportion of central investment, and alleviate the shortage of funds for local projects; Secondly, improve the local debt management and disposal mechanism, speed up the replacement and digestion of the remaining 1 1 trillion local debts, and effectively reduce the debt interest burden. At the same time, the future social security fund expenditure gap should also be paid attention to. Reasonable adjustment of the layout of state-owned capital can add some state-owned capital and income to the general budget and pension fund budget, reduce the social security contribution rate and ease the pressure on social security funds. Of course, for the people involved? Five key tasks? In order to cooperate with the issuance of special treasury bonds and special bonds, the central bank should also loosen the monetary policy in time to ease the financial pressure and resolve the potential deflation risk derived from structural optimization reform.
Second, actively implement structural tax reduction and comprehensive fee clearing, effectively exert the demand effect and supply effect of tax policy, and increase the potential energy of long-term sustainable economic development with the reduction of short-term tax revenue. Effectively reduce the tax burden of the real economy, expand demand in the short term, stimulate the enthusiasm of micro-subjects in the long term, and optimize the total supply of the national economy. First, under the premise of strengthening top-level design and overall planning, strictly implement the statutory principle of taxation and comprehensively promote it? Camp reform? Reform, reduce the manufacturing value-added tax rate, resolutely clean up non-standard administrative fees, funds and fare increase income, reduce the operating burden of enterprises, and improve the enthusiasm of enterprises for production and innovation. At the same time, we should further reduce the three public funds and unnecessary administrative expenses to avoid? Face project? Such as inefficient investment, broaden the space and reduce the burden on the real economy. Second, increase tax incentives for enterprise equipment investment and transformation, encourage the purchase and renewal of advanced equipment, accelerate capital depreciation, and improve production efficiency and total factor productivity. Third, improve the tax incentives for new formats such as entrepreneurial innovation, and cancel the tax incentives for old formats such as heavy chemical industry. Increase tax support for new products, energy conservation and environmental protection and other emerging economic models and their corresponding consumption, and reduce taxes on all aspects of high-tech industry development; According to energy consumption, pollution and other indicators, the implementation of structural tax incentives for enterprises with high energy consumption and high pollution will force the old format to accelerate technological upgrading and industrial transformation. Ensure that the tax reduction policy expands demand in the short term and optimizes the supply structure and quality in the long term.
Third, pay attention to the scientific nature of fiscal expenditure, improve the efficiency of fiscal investment, and realize the double optimization of supply side and demand side. Especially in the field of investment, relevant departments need to pay attention to the consideration of investment direction and investment structure, fully reflect the strategic, overall, basic and long-term nature of government investment, effectively improve the marginal output efficiency of financial funds, and improve the social total factor productivity and people's living standards. According to the five development concepts, we should focus on the following aspects in the future. First, increase investment in infrastructure in small and medium-sized towns, central and western regions and rural areas (such as shantytown renovation, urban pipelines, intercity transportation, water conservancy, electricity, communication equipment, etc.) and optimize the supply level of public services. With the reform of household registration system, promoting people-oriented urbanization and giving farmers housing subsidies to encourage them to settle in cities can also improve people's livelihood, release consumer demand and digest real estate inventory, and effectively reduce market risks. Second, increase public investment expenditure on major scientific and technological innovation projects and establish a collaborative and clustered national innovation system. The government should invest in the construction of innovative industrial clusters to integrate R&D forces, break through the innovation constraints of micro-individuals, and promote the complementary advantages and technology diffusion among enterprises; Improve the innovation-driven support and build a national innovation system in which the government, enterprises and scientific research institutions collaborate to innovate; Increase investment in strategic innovation based on quality and efficiency, seize the commanding heights of emerging technologies, and ensure China's control over cutting-edge technologies. Third, increase poverty alleviation expenditure and various short-term expenditures. Actively implement precise poverty alleviation, attach importance to financial support in the fields of industrial poverty alleviation, immigrant poverty alleviation and minimum living security, so as to accelerate the income growth of the poor and promote the overall domestic consumption demand by transfer payment; The financial department should also cooperate with the task of removing production capacity and cleaning up zombie enterprises, support the merger and reorganization of enterprises, and do a good job in social policies such as unemployment insurance, job-transfer training and re-employment. In addition, education, old-age care, medical and health care, ecological protection, land greening, high-end service industry and other fields involving the quality of people's livelihood and the construction of welfare system also have broad investment space. Finally, scientific and efficient fiscal expenditure will moderately expand the total demand, effectively improve the quality of supply side, and promote the continuous optimization of China's industrial structure, regional structure and income structure.
Fourth, create a market environment conducive to the promotion of PPP projects and fully release the potential of social capital, especially private capital. PPP is the key to help supply-side structural reform, and perfecting PPP system is an important means to implement proactive fiscal policy and optimize public service supply mechanism. In the future, we should actively introduce social capital and reduce the financial pressure by creating a legal business environment, establishing a risk-taking mechanism and enhancing the spirit of contract. First of all, actively build a legal business environment, develop an equal relationship between government and enterprises, and improve the contractual spirit between the government and enterprises. The central government needs to strengthen the supervision of local governments, resolutely put an end to disguised debt financing in the name of PPP as a financing platform, and avoid the weakening of the financing environment caused by the damaged reputation of PPP. Establish an interest coordination mechanism between local governments and enterprises in PPP project cooperation, formulate scientific and equal cooperation plans, make risk treatment plans in advance, ensure that both parties act in accordance with contract rules and regulations in PPP cooperation, and effectively avoid moral hazard and other follow-up issues. Secondly, some projects with higher returns will be included in the scope of PPP to increase the attractiveness of private capital. At the same time, on the basis of strengthening risk supervision, we will develop PPP finance (such as asset securitization) through financial innovation to solve the problems of insufficient capital liquidity and stock withdrawal after the initial financing of PPP. Finally, because PPP is mainly based on infrastructure projects, with the characteristics of long term, low income and weak liquidity, government departments should take the initiative to make contractual commitments to bear certain legal risks and policy risks to ensure the realization between the government and enterprises? Enjoy the benefits and take risks? Enhance the security and trust of social capital in PPP project investment.
Fifth, explore and construct an incentive compatibility mechanism that closely conforms to the background of China's economic reform and development, fully mobilize the enthusiasm of local governments, and improve the implementation effect of fiscal policies at the grassroots level. Promote the optimization and reconstruction of the relationship between the central and local governments, so that local governments can actively implement the central policy requirements within the institutional framework, so that they can give full play to their subjective initiative in promoting economic development, thus casting the endogenous motivation for the central and local governments to jointly promote the comprehensive construction of a well-off society. First of all, we should promote the legalization of macroeconomic management and formulate and improve the basic law of macroeconomic regulation and control. China's macro-control only pays attention to the implementation of policies, lacking legislation in objectives, principles, procedures and the relationship between the central and local governments, relying too much on administrative power and lacking legal protection and system construction. This is inconsistent with the goal of market-oriented reform, and to some extent, it has caused the gradual weakening of the game and policies between the central and local governments in the process of top-down implementation. Promoting the rule of law in macro-control will greatly enhance the authority of the central policy at the institutional level and improve the implementation efficiency of fiscal policy at the grassroots level. Secondly, it is necessary to optimize the performance appraisal mechanism, give positive incentives to the scientific development of grassroots governments, and mobilize the enthusiasm of local governments. On the premise of weakening but not giving up GDP indicators, we should pay more attention to the effectiveness of economic reform and development, transformation and upgrading, strengthen the assessment of indicators related to the vital interests of the people, such as green and people's livelihood, and improve the quality and efficiency of economic development. Do you want to break it? Only GDP? It can also encourage local governments to promote economic transformation through scientific and effective investment means. In addition, on the basis of promoting anti-corruption and clearing up gray income, we should build a more scientific, sunny and legal income mechanism for administrative personnel, so that they can get decent income that matches their jobs. Finally, we should deepen the reform of the financial system, properly handle the financial relationship between the central and local governments, and give full play to the enthusiasm of the central and local governments. In terms of income, build a more scientific local tax system and cooperate with? Camp reform? Implement and improve the value-added tax system, increase the proportion of local tax sharing, and improve local income sources (which can also alleviate the financial dependence on land). In terms of expenditure, we should establish a system in which expenditure power and power are more matched, and moderately strengthen the central government's expenditure power and power; On the premise of strengthening supervision according to law, we should optimize the use mechanism of financial funds and improve the flexibility and scientificity of local government funds, so as to mobilize the enthusiasm and initiative of local governments in scientific investment, revitalize financial precipitation funds and improve the efficiency of fiscal policy implementation. The construction of incentive compatibility mechanism is the key to whether the future fiscal policy can be put in place, and it is also an important guarantee for China's economic transformation and upgrading and building a well-off society in an all-round way.