from January to November, the year-on-year growth rate of national general public budget revenue stabilized at 3.8%, which was the same as that in January-October. But the central and local governments are still dividing.

On December 17th, the Ministry of Finance released the financial revenue and expenditure in November 219. According to the data, from January to November, the national general public budget revenue was 17,896.7 billion yuan, up 3.8% year-on-year. The reporter of Time Weekly noted that this growth rate was the same as that in January-October, and it was the fourth consecutive month of positive growth in the year-on-year growth rate of general public budget revenue since August.

Tang Jianwei, chief researcher of the Financial Research Center of Bank of Communications, told the Times Weekly reporter: "Under the pressure of large-scale tax reduction and fee reduction this year and economic growth, the fiscal revenue maintained a year-on-year growth rate of 3.8% from January to November, and there was no negative growth. It also stabilized and rebounded in the second half of the year, which shows that China's economy is still very resilient. It is expected that the year-on-year growth rate of fiscal revenue will remain stable, but it is basically difficult to reach the year-on-year growth rate of 6.2% in 218. It is very good to achieve a year-on-year increase of 4%. "

The reporter of Time Weekly also noticed that under the overall situation that the national general public budget revenue growth rate is stable at 3.8% year-on-year, the central general public budget revenue and local general public budget revenue are also divided.

data show that from January to November, the central general public budget revenue was 8,611.6 billion yuan, up 4.8% year-on-year, and the growth rate was .4 percentage points higher than that from January to October, with a positive growth for four consecutive months. However, local governments are not so lucky-from January to November, the local general public budget revenue at the corresponding level was 9,285.1 billion yuan, up 3% year-on-year, and the growth rate was .3 percentage points lower than that in January-October, which failed to stabilize the positive growth since August.

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"The local authorities bear heavier responsibilities, so the financial pressure is greater." Tang Jianwei explained that from the perspective of alleviating financial pressure, land sales are one of the important sources of local income increase, but this year we have also seen some good signs, mainly in the division of tax revenue between the central and local governments, and proposed that some tax items of consumption tax be collected later to increase local income sources.

5.7 trillion yuan of land sales made up the income gap during the year

On the other side of the year-on-year growth slowdown of the local general public budget, the local government fund budget revenue at the same level began to grow.

November fiscal revenue and expenditure data show that from January to November, the local government funds budgeted revenue at the corresponding level was 6,436.5 billion yuan, up 1% year-on-year. This is the sixth consecutive month of positive year-on-year growth in the budget revenue of local government funds from January to June. This trajectory is consistent with the local land transfer income-from January to November, the local land transfer income increased by 8.1% year-on-year. According to the local land transfer income of 5,336.2 billion yuan from January to November 218, the local land transfer income from January to November 219 was 5,773.77 billion yuan.

"It does not rule out that the local fiscal revenue is tight, so we have stepped up efforts to sell land. However, the income from land transfer is also affected by the actual situation in the city. " Tang Jianwei said.

The reporter of Time Weekly noticed that the income from local land sales has shown a significant decline and then steadily increased this year. Among them, January-March is a node. From January to February, the local land transfer income was 84.86 billion yuan, a year-on-year decrease of 5.3%. After that, the downward trend continued from January to March, and it fell to a low point in the year, which was 9.5% lower than the same period of last year. Since then, local land sales revenue has started to grow steadily, and successfully got rid of the year-on-year negative growth from January to July, reaching a year-on-year increase of 3.1%, and now it has reached the highest year-on-year growth rate of 8.1%.

Behind the trend in the first half of this year, it is "due to the increase in the credit market after the Spring Festival, it is less difficult for housing enterprises to raise funds. In March and April this year, there was a wave of' Xiaoyangchun' in cities, which made them popular." Zhongyuan Real Estate Research Center once analyzed and pointed out.

"From the situation in the second half of the year, although the supervision has kept up rapidly, especially the financial supervision has been strengthened, the overall city transaction data still showed a positive growth because the housing enterprises have increased the breadth of land acquisition and the local land supply has also increased." Zhang Bo, dean of 58 Anjuke Real Estate Research Institute Branch, once pointed out in an interview with Times Weekly reporter.

but over-reliance on real estate is not a long-term solution.

"The land market is still cooling down." Zhang Bo said. From the data, from January to November, the land acquisition area of real estate development enterprises was 217.2 million square meters, down 14.2% year-on-year, and the land transaction price was 1,196 billion yuan, down 13.% year-on-year, but the decline rate was narrowing. However, from the perspective of premium rate, the data of the cities and cities of the China Central Finger Research Institute in November showed that in November 219, the average premium rate of land in 3 cities nationwide was 8%, which was .3 percentage points lower than last month and 1 percentage point lower than the same period last year.

according to the fiscal revenue data from January to November, although the revenue from local land sales began to increase positively year-on-year, its contribution to local fiscal revenue was not as strong as that in the whole year of 218. The data shows that from January to November 219, the income from local land transfer was 5,773.77 billion yuan, accounting for 89.7% of the budget income of local government funds, .5 percentage points lower than that of the whole year of 218; The contribution rate to local total fiscal revenue (including local general public budget revenue and local government fund budget revenue) was 36.7%, which was 1.8 percentage points lower than the whole year of 218.

"this year, the city is not prosperous. Therefore, although the local government hopes to vigorously sell land, the collection of gold is not satisfactory, so the contribution to finance is limited. " Tang Jianwei pointed out.

in p>22, the fiscal focus will be on "improving quality and increasing efficiency"

Whether it is to increase local fiscal revenue or to complete the land supply plan, near the end of the year, the land supply in various places has begun to accelerate obviously, and it seems that we can't bear to miss the "last bus" of land transfer at the end of the year.

according to the data of the China Central Finger Research Institute, in the second week of December (from December 9 to December 15), 348 cases of various types of land were launched in 4 major cities such as Beijing, Shanghai, Guangzhou and Shenzhen, which were monitored by the China Central Finger Research Institute, an increase of 59.6% compared with last week, with an area of 17.1 million square meters, an increase of 58.8% compared with last week. The supply in the first week (from December 2 to December 8) also increased from the previous month.

"The local dependence on land transfer is very obvious." Wan Zhe, chief economist of China National Gold Group, bluntly told the Times Weekly reporter, "But under the pressure of China's overall economic and financial situation and the real estate market situation, local finance has also ushered in an opportunity for transformation. This transformation not only requires local finance to get rid of the original growth path dependence, but also requires local finance to improve quality and efficiency. "

"Improving quality and increasing efficiency" is the latest requirement of the just-concluded Central Economic Work Conference in 219 for fiscal policy in 22.

the central economic work conference was held in Beijing from December 1th to 12th, in which the fiscal policy for next year was put forward: continue to implement a proactive fiscal policy, vigorously improve quality and efficiency, pay more attention to structural adjustment, resolutely reduce general expenditures, do a good job in ensuring key areas, and support the grassroots to ensure wages, operations and basic people's livelihood.

"Next year's fiscal policy is set to' improve quality and increase efficiency', and it is expected that the fiscal expenditure will be restrained, and improving the quality and effect of fiscal use is the key point." Tang Jianwei believes.

in addition, increasing the proportion of profits paid by state-owned enterprises, reducing expenses and reforming the division of financial affairs between the central and local governments are also solutions. Ren Zeping, chief economist of a certain group, pointed out that in 22, the angles of financial efforts include appropriately expanding the deficit, increasing the amount of special debts, optimizing the way of tax reduction and fee reduction, increasing the proportion of profits paid by state-owned enterprises, reducing expenditures, and reforming the division of financial affairs between the central and local governments. Among them, the ways to alleviate the local financial pressure are: increasing the proportion of profits paid by state-owned enterprises, and avoiding the "unreasonable charges" and other behaviors that worsen the business environment in the context of the downward growth of fiscal revenue; Cut expenses other than people's livelihood and social security, streamline institutional personnel, optimize expenditure structure, and improve the efficiency of fiscal expenditure; Reform the financial system, delegate power to local governments, stabilize the 5-5 share of value-added tax between the central and local governments, and implement the consumption tax and gradually allocate it to local governments.

"Shadow banking can also effectively cover local financial resources." Wan Zhe said, "For local infrastructure projects, shadow banking can also provide some funds for local governments. However, in recent years, due to the financial risks brought by shadow banking, the supervision has managed it to some extent, but this has also caused local financial constraints. In December 218, Yi Gang, governor of the central bank, said in Chang 'an forum that shadow banking is actually a necessary supplement to the financial market, and the expression has been adjusted. Guo Shuqing, Chairman of China Banking and Insurance Regulatory Commission, also said that he would continue to dismantle shadow banking when he was in Jiangxi on November 14th this year. In the future, if we can sort out local finances and debts, adhere to the principle of credit neutrality, and standardize the shadow banking business, shadow banking can also become an effective supplement to local financial resources. "

next year, tax reduction and fee reduction will strengthen the sense of acquisition of enterprises

"Tax reduction and fee reduction have obvious impact on fiscal revenue during the year, but the sense of acquisition of enterprises still needs to be improved." Wan Hao said.

at present, the data on the scale of tax reduction and fee reduction in China has not been updated, which stayed in the first three quarters, reaching 1,783.4 billion yuan. However, according to the data of fiscal revenue, the policy of tax reduction and fee reduction continues to exert its strength. According to the data, from January to November, the tax revenue of local governments nationwide was 14,969.9 billion yuan, up only .5% year-on-year. Among them, the personal income tax dropped significantly-from January to November, the national personal income tax revenue was 95.2 billion yuan, down 26.8% year-on-year; The year-on-year growth rate of value-added tax revenue also continued to decline-from January to November, domestic value-added tax revenue was 5,794.8 billion yuan, up 2.3% year-on-year, and the growth rate was .9 percentage points lower than that in January-October.

"At present, the year-on-year growth rate of China's fiscal revenue has entered a climbing track. On the one hand, we can see the resilience of China's economy, but on the other hand, it also makes people worry." Tang Jianwei pointed out the other side of the coin. "From the perspective of the tax reduction and fee reduction policy, we hope to see a slowdown in fiscal revenue growth. Because this shows that the policy is exerting strength. "

Wan Zhe also holds this view. She told the Times Weekly reporter: "From the data point of view, the current financial pressure in China is still relatively large. This shows that the intensity of tax reduction and fee reduction is also great. However, when we investigated at the grassroots level, we also found that some enterprises reported that the pressure on taxes and fees has not decreased, but has increased, especially for small and medium-sized private enterprises. "

"this year, with the large-scale tax reduction and fee reduction, there is also the standardization of fiscal and tax revenue. In the past, the taxes and fees of some enterprises were in a relatively flexible state, such as the social security rate, and there was room for flexibility in the level of the rate and the collection. However, with the standardization of fiscal revenue this year, some flexible tax and fee items in the past have been strictly managed. Therefore, overall, the tax burden of enterprises has increased. " Wan Zhe explained.

In this regard, Wan Zhe suggested that the standardization of fiscal revenue is reasonable and necessary, but the tax burden of enterprises in China needs to be reduced.

According to the Report on Corporate Tax Burden in China compiled by Chongyang Financial Research Institute of Renmin University of China, it is pointed out that the total corporate tax burden rate is calculated by dividing the actual total tax paid by the enterprise by the added value of the enterprise. From 28 to 217, the corporate tax burden in China showed a trend of first rising and then falling, but the total corporate tax burden in each year was above 2%, with the highest total tax burden reaching 26.98% in 212, and then it decreased.

"From the direct comparison of numerical values, China's macro tax burden is not heavy compared with other countries. However, because China is currently in a tax structure dominated by indirect taxes and direct taxes (mainly corporate income tax), the main taxpayers are enterprises, so the tax burden of enterprises is actually relatively heavy. " The above report said.

In this regard, Ren Zeping suggested that in 22, we should optimize the way of tax reduction and fee reduction, from the current tax reduction pattern mainly aimed at value-added tax to reducing the social security rate and corporate income tax rate, so as to enhance the sense of enterprise acquisition.