As one of the important measures of proactive fiscal policy, the issuance of 1.35 trillion yuan of special bonds is a plan established at the beginning of the year, and is not a "stimulus" measure that was determined recently. Fiscal policy should play a greater role in expanding domestic demand and structural adjustment, and special bonds have great potential to make up for shortcomings in the infrastructure sector.

The State Council executive meeting held on July 23 called for accelerating the issuance and use of 1.35 trillion yuan of local government special bonds this year to promote early results for infrastructure projects under construction. Recently, many provinces have accelerated the pace of special bond issuance. Some people believe that this is a "flood irrigation" type of strong stimulus. What are the facts?

my country's local governments borrow in the form of government bonds, including general bonds and special bonds. Among them, if the development of public welfare undertakings with no income really requires the government to borrow general debt, the local government will issue general bonds for financing, which will be mainly repaid with general public budget revenue; the development of public welfare undertakings with certain profits does need the government to borrow For special debts, the local government shall raise funds through the issuance of special bonds and repay them with corresponding government funds or special revenue.

Continuing to implement proactive fiscal policies in 2018 is the macro policy orientation determined by the Party Central Committee and the State Council. According to the 2018 economic development goals set by the Central Economic Work Conference and the "Government Work Report", this year's national general public budget expenditure budget is 20.98 trillion yuan, an increase of 7.6%; the fiscal deficit is 2.38 trillion yuan, maintaining the same level as the previous year. scale. In addition, 1.35 trillion yuan of special local government bonds not included in the deficit were arranged, an increase of 550 billion yuan over the previous year.

It can be seen from this that, as one of the important measures of proactive fiscal policy, the issuance of 1.35 trillion yuan of special bonds is a plan established at the beginning of the year and is not a "stimulus" measure that was determined recently. At present, my country's economy maintains an overall stable and positive trend. Judging from the data from January to July, investment growth has slowed down, especially in short-term areas where investment is obviously insufficient. The reasons include low corporate investment enthusiasm and insufficient government funding sources for infrastructure investment. At the same time, the issuance of special bonds in the first half of the year was slow, so it is necessary to speed up the issuance and use of bonds and implement proactive fiscal policies.

Proactive fiscal policy should serve the real economy more actively and effectively, focusing on precise regulation rather than "flooding". For example, when it comes to tax reduction and fee reduction, we will focus on supporting the development of small and medium-sized enterprises, promoting entrepreneurship and innovation, and stabilizing employment, and implement precise policies to improve efficiency. In terms of expenditure, we will increase investment in key areas, key links and people's livelihood, and emphasize the effectiveness of expenditure. Specific to special bonds, they are reflected in supporting major strategies such as the coordinated development of Beijing-Tianjin-Hebei and the Yangtze River Economic Belt, as well as key areas such as targeted poverty alleviation, ecological environmental protection, and shantytown renovation, and are given priority for the stable construction of projects under construction.