Stabilize the macroeconomic market
"The real economy is the foundation of a country's economy. China's real economy has developed rapidly, and its manufacturing industry ranks first in the world, which has made outstanding contributions to stabilizing residents' employment, improving economic competitiveness and promoting economic development. Among them, macro policies such as finance and currency play an important role in supporting the real economy. Li, director of the Institute of Finance and Taxation Policy and Application of the National Accounting Institute, said.
In recent years, macro-policies have strengthened directional control, precise control and camera control on the basis of interval control, and continuously increased adjustment in total volume and structure, effectively helping market players solve problems.
By maintaining the necessary expenditure intensity and optimizing the expenditure structure, fiscal policy effectively guarantees the major strategic tasks of the country and strongly supports the high-quality development of the economy and society. Statistics show that the national general public budget expenditure increased from 12.6 trillion yuan in 2065,438+02 to 24.63 trillion yuan in 2026,5438+02, with an average annual increase of 8.5%. The proactive fiscal policy timely and moderately pre-adjusted and fine-tuned, played a counter-cyclical and cross-cyclical regulatory role, and significantly reduced the impact of economic cycle fluctuations. Especially when dealing with the adverse impact of the COVID-19 epidemic on the economy, fiscal policy should focus on the front, make good use of the policy toolbox, make full use of the pre-allocation, focus on stabilizing the macroeconomic market and promoting the economic operation in a reasonable range.
"In the past 10 years, China's monetary policy has maintained a steady tone, and it has supported the steady and quality growth of the real economy, which is powerful and effective." Zhou, a macro researcher in the financial market department of China Everbright Bank, said. Since 20 12, the average annual growth rate of broad money supply (m2) has been 10.8%, which basically matches the average annual growth rate of nominal GDP, effectively promoting the steady development of the national economy.
On the basis of maintaining a reasonable and stable aggregate, structural monetary policy tools will focus on inclusive finance, green and low-carbon, scientific and technological innovation and other key areas and weak links. By the end of June 2022, the balance of structured monetary policy instruments of the People's Bank of China was 5.4 trillion yuan, accounting for about one sixth of the total base currency, which was at a reasonable level.
Since the beginning of this year, fiscal policy and monetary policy have continued to exert their strength. Under the increasing pressure of fiscal revenue, the national general public budget expenditure is 267 1 billion yuan, an increase of more than 2 trillion yuan over the previous year, giving priority to supporting national key projects and moderately promoting infrastructure investment. 10-August, the national general public budget expenditure increased by 6.3%. At the same time, the direct access mechanism of financial funds will be implemented in a normal way, and the scope of direct access of funds will be further expanded, so that funds can be "inserted in the end" and market players can get "blood transfusion" more directly and quickly.
Financial support for the real economy has also maintained great strength. In the first three quarters of this year, the scale of social financing increased by 27.77 trillion yuan, 3.0 1 trillion yuan more than the same period last year. Rmb loans increased by 18.08 trillion yuan, an increase of10.36 trillion yuan year-on-year.
"To focus on the real economy, it is necessary to promote the concentration of resource elements in the real economy, and to tilt policies and measures toward the real economy, especially to increase support for manufacturing. In terms of fiscal policy, from the perspective of expenditure, give full play to the role of fiscal funds, increase financial support for manufacturing, especially advanced manufacturing, and promote the transformation and upgrading of China's manufacturing industry through diversified means such as special debts and financial subsidies. " Li believes.
Support market players to reduce burdens.
In recent years, the macro-policy has focused the economic development on the real economy, which is also reflected in increasing efforts to reduce the burden on market players. Corporate taxes and fees are lower, financing costs are lower, and development momentum is more sufficient.
Recently, the Ministry of Finance and State Taxation Administration of The People's Republic of China issued an announcement to clarify the preferential tax policies for enterprises to invest in basic research. When calculating taxable income, related expenses can be deducted before tax according to the actual amount, and can be deducted before tax according to 100%. This preferential tax policy to encourage enterprises to increase investment in innovation is just one of many "red envelopes" launched this year to reduce the burden on the real economy. Statistics show that from 20 13 to 202 1, the burden on enterprises was reduced by 8.8 trillion yuan, and the market vitality was constantly stimulated, effectively promoting the development of the real economy.
"All kinds of difficulties in the operation and development of the real economy need to be exerted and supported through fiscal policy. The fiscal policy has provided support to key industries and related industries, and the large-scale comprehensive tax and fee support policy has played a very good role in reducing the actual burden of manufacturing enterprises and small and medium-sized enterprises. " National academy of economic strategy Financial Research Office said anything.
Especially in terms of industries, the manufacturing tax rebate is 5810.8 billion yuan, accounting for 26.3%, which is the most obvious industry; From the perspective of enterprise scale, small and micro enterprises are the main beneficiaries. Among the taxpayers who have refunded taxes, the number of small and micro enterprises accounts for 92%, and the tax refund is 890.2 billion yuan, accounting for 40.2%.
In addition to reducing taxes and fees, the decreasing financing cost in recent years has also brought tangible benefits to enterprises. Since the 18th National Congress of the Communist Party of China, China has continuously deepened the reform of interest rate marketization, improved the formation and transmission mechanism of market-oriented interest rates, promoted the reform of loan market quotation rate (LPR), established a market-oriented adjustment mechanism of deposit interest rates, and promoted the steady decline of real loan interest rates. As of August, 2022, the 1 year LPR was 3.65%, which was 70 basis points lower than the benchmark loan interest rate at the beginning of 20 18. The corporate loan interest rate is 4.05%, which is 65,438+026 basis points lower than the beginning of 2065,438+08, the lowest level since statistics.
Faced with the adverse effects of multiple unexpected factors, this year's tax reduction and fee reduction are unprecedented. As of September 20, this year's new tax reduction and fee reduction, tax refund and tax deferral have exceeded 3.4 trillion yuan. Among them, as the "highlight", the effect of large-scale VAT refund is outstanding, and the tax that has been returned to the taxpayer's account reaches 2211300 million yuan.
Since the beginning of this year, the LPR quotation has been lowered several times. 1 year LPR is lowered twice * * * downward 15 basis points; LPR was lowered by * * * 35 basis points three times in five years. A series of reform measures were introduced in an orderly manner, which also led to a downward trend in deposit interest rates. In mid-September, state-owned commercial banks took the initiative to cut the deposit interest rate, which led other banks to follow suit. Many of them have adjusted the deposit listing interest rate for the first time since 20 15 10.
Promote the expansion of effective investment.
At present, local government special bonds and policy development financial instruments have become important policy tools to stabilize investment, demand and economy, and have played a comprehensive role in promoting effective investment in the real economy.
10 10 On October 20th, Hainan Province successfully issued two new special bonds with a total amount of more than 3.5 billion yuan, which were used for the free trade port and infrastructure construction in Hainan. On the same day, Hebei and Heilongjiang also issued special bonds with different amounts. This is the latest progress in accelerating the issuance and use of special bonds and promoting the expansion of effective investment. As an important tool of active fiscal policy, special bonds play an increasingly prominent role. From 20 15 to 202 1, China arranged to increase local government special bonds 12.2 trillion yuan, which strongly supported the expansion of effective investment.
At the same time, policy development financial instruments and local government special bonds work together to release the policy effectiveness quickly. China Development Bank, Agricultural Development Bank and Export-Import Bank have recently completed 600 billion yuan of policy financial instruments. In order to guide the effective matching of policy funds and market-oriented funds, the People's Bank of China increased the loan quota of policy development banks and the issuance quota of financial bonds by 800 billion yuan, giving priority to supporting network infrastructure construction, industrial upgrading infrastructure construction, urban infrastructure construction, agricultural and rural infrastructure construction and other fields.
This year, China added 3.65 trillion yuan of local government special bonds. On the basis of issuing 1.46 trillion in advance in June last year, all the remaining special bonds for project construction in March were issued to local governments. By the end of August, a total of 3.52 trillion yuan of special bonds had been issued, and the amount used for project construction had basically been issued. At present, all localities are making good use of the special debt balance limit of more than 500 billion yuan according to law, and strive to complete the issuance before the end of 10 and put it into use as soon as possible.
He believes that to persist in focusing on the real economy, we must closely combine improving the effectiveness of proactive fiscal policy with supporting the real economy, take stable economic and social operation as the main line of macro-control, give full play to the leading role and driving effect of fiscal policy, and fully and effectively connect with other macroeconomic policies to form a joint force.
"In addition, it is necessary to strengthen the dynamic adjustment of tax preferential policies, further implement precise policies, and promote the development of manufacturing by optimizing tax preferential methods. At the same time, we will continue to give play to the incentive policy effects of scientific and technological innovation such as R&D expenses plus deduction, guide the manufacturing industry to accelerate new industrialization, form the positioning and layout of leading scientific and technological enterprises, build a manufacturing power in an all-round way, and realize China's modernization. " Li said to him.
Zhou believes that monetary policy needs to maintain some flexibility. At present, domestic demand is still in the recovery stage, and it is necessary to continue to increase support for trapped industries, small and medium-sized enterprises and enterprises in key fields. Increase policy reserves, promote the full release of the comprehensive effects of effective investment, such as "supplementing shortcomings, adjusting structure, stabilizing employment and bringing consumption", and consolidate the foundation of economic recovery.