proactive fiscal policy
1On July 2, 1997, the Asian financial turmoil broke out in Thailand and quickly swept through Southeast Asian countries, seriously impacting China's foreign trade. At the same time, economic structural problems such as unreasonable industrial structure, surplus of low-level products and shortage of high-tech products, unreasonable urban-rural structure and uncoordinated regional economic development have amplified the impact of the Asian financial crisis. Facing the economic and market situation at home and abroad, fiscal policy has become an important tool for macro-control in the case of diminishing effect of monetary policy and adhering to the policy of RMB exchange rate stability. In order to expand demand, the state began to implement a proactive fiscal policy in July 1998.
First, issue additional treasury bonds and strengthen infrastructure investment. 1In July 1998, it issued 100 billion yuan of treasury bonds to state-owned commercial banks, and1270 billion yuan of special treasury bonds to wholly state-owned commercial banks in the first half of 1998. By 2004, a total of 9 1000 billion yuan of long-term construction bonds had been issued. Treasury bond funds are mainly invested in agriculture, forestry, water conservancy, transportation and communication, urban infrastructure, urban and rural power grid transformation and grain reserve construction directly under the state. By the end of 2004, the accumulated funds of national debt projects in the past seven years were 864.3 billion yuan, which was more than 2 trillion yuan through bank loans and various supporting funds.
The second is to adjust tax policies, support exports, attract foreign investment and reduce the burden on enterprises. In order to support foreign trade export, the export tax rebate rate of textile raw materials and products, textile machinery, coal, cement, steel, ships and some electromechanical and light industrial products has been increased in batches, and the implementation of tax management measures of "exemption, credit and refund" has been strengthened; General trade export foreign exchange subsidy, the central foreign trade development fund paid use of special funds for formal use; Adjust the tax policy of imported equipment, reduce the tariff rate, and exempt foreign-invested projects and domestic-funded projects encouraged by the state from customs duties and import value-added tax within the prescribed scope; From 1999, the adjustment tax on investment direction of fixed assets will be levied by half, and it will be suspended from 2000; The enterprise income tax shall be levied at a reduced rate of 40% on the investment in the purchase of domestic equipment for technological transformation projects that conform to the national industrial policy; Give some relief to business tax, deed tax and land value-added tax involving real estate; Personal income tax will be resumed on residents' deposit interest.
The third is to increase expenditures in key areas such as social security and science and education. The proportion of education funds in the central fiscal expenditure increased from 1.998 for five consecutive years, compared with the previous year, by 1 percentage point; 1998 the central government arranged a subsidy loan14.4 billion yuan, which was earmarked for the basic living security and re-employment project of laid-off workers from state-owned enterprises; In order to speed up the reform of the provincial overall endowment insurance system and expand the coverage of endowment insurance, the central government increased the transfer payment by 2 billion yuan. The introduction and implementation of these measures have fundamentally improved the macroeconomic operation of China.
Fourth, give full play to the role of regulating income distribution and improve the personal consumption capacity of urban residents. 1999 From 2002 to 2002, the salary standard of employees in government agencies and institutions was raised three times in a row, and the year-end one-time bonus system was implemented, which doubled the monthly basic salary level of employees in government agencies and institutions. At the same time, the central government has greatly increased its investment in urban "two guarantees" and "minimum living security", increased the wages of administrative institutions in the central and western regions, established "three security lines", and accelerated the construction of the social security system. The adjustment and implementation of these income distribution policies have effectively enhanced the consumption power of residents.
Fifth, support economic restructuring and promote the reform of state-owned enterprises. Support the closure and bankruptcy of state-owned enterprises. In 2002 alone, the central government allocated 65.438+02.958 billion yuan in bankruptcy subsidy funds and resettled 380,000 employees. Actively participate in the system reform of the two major industries of electric power and telecommunications and the joint restructuring of civil aviation enterprises, support the restructuring and reform of industries such as petroleum, petrochemical, metallurgy, nonferrous metals and automobiles, and implement the policy of paying income tax first and then returning it to key enterprise groups; At the same time, support the foreign trade development strategy of "going out" and start the special fund for foreign contracted projects; In addition, some government bonds, as financial discount funds, actively promote the technological transformation of key industries and enterprises to solve deep-seated contradictions and problems in economic operation.
Sixth, intensify efforts to control arbitrary charges and reduce the burden on enterprises and society. Since 1997, the state has cancelled nearly 2,000 illegal and unreasonable charging items and reduced nearly 500 charging standards. 1998 clean up government funds and fees related to enterprises, reducing the burden on enterprises and society by more than 37 billion yuan.
The seventh is to implement "debt-to-equity swap". For some large and medium-sized backbone enterprises with market and development prospects but in trouble due to excessive debts, while establishing a modern enterprise system, financial asset management companies will convert bank creditor's rights into equity, reduce the asset-liability ratio of enterprises and enhance the vitality of enterprises.
1998-2002, fiscal macro-control focused on implementing a proactive fiscal policy, and achieved remarkable results in expanding investment, stimulating consumption, encouraging exports, stimulating economic growth, and optimizing economic structure, successfully resisting the impact and influence of the Asian financial crisis, and fundamentally improving macroeconomic operation. The trend of deflation has been effectively curbed, social demand has rebounded in an all-round way, economic restructuring has been steadily advanced, and the economy has continued to grow rapidly.
Prudent fiscal policy
After remarkable achievements have been made in expanding domestic demand, new problems have emerged in economic operation, such as further expansion of investment demand, large loan scale, intensified tension in coal transportation, increased inflationary pressure, weak links in agriculture, transportation and energy, and serious insufficient investment in small and medium-sized enterprises and service industries. Structural problems are still deep-seated contradictions and problems in China's national economy. To this end, the party and the state have proposed to further strengthen macro-control. As an important means of regulation and control, finance complies with the requirements of the macroeconomic situation and implements a prudent fiscal policy in a timely manner.
First, the scale of national debt investment has been reduced and adjusted. In 2004, the issuance scale of national debt decreased by 30 billion yuan compared with the previous year, which was mainly used for rural areas, social undertakings, western development, old industrial bases in Northeast China, ecological construction and environmental protection, guiding social investment and private funds to shift in the above direction and alleviating local economic overheating.
The second is to postpone the time of constructive expenditure in the budget. From June 2004 to April 2004, the national capital expenditure decreased by 65,438+065,438+0% compared with the same period of last year. In May, the national fiscal expenditure also slowed down obviously, with monthly expenditure of 172 1 100 million yuan, only increasing by 1.9%, of which capital expenditure decreased by 65,438. In addition, in view of the rapid growth of investment in fixed assets, the progress of disbursement of funds for national debt projects has slowed down appropriately. From June to June, 65,438, a total of 24.634 billion yuan of treasury bonds were allocated, a year-on-year decrease of 30.823 billion yuan, accounting for 15.64% of the national treasury bond special fund index, which played a certain role in alleviating local overheating of the economy.
The third is to maintain control and carry out structural adjustment under moderate total control. First of all, vigorously support agricultural production, implement direct subsidies for farmers to grow grain, increase subsidies for farmers to buy improved varieties and large-scale agricultural machinery, and reduce agricultural taxes. According to statistics, there are 28 provinces in the country that have arranged subsidies for improved varieties of more than 654.38+06 billion yuan, of which the central financial subsidies are 6543.8+03, and the major grain-producing provinces are 654.38+024 billion yuan. Secondly, increase support for weak links such as employment, social security and education, culture and health. In the first half of 2004, social security subsidy expenditure increased by11.5% year-on-year; Pension and social welfare relief fund growth19%; National education expenditure growth16.9%; Expenditure on science and technology increased by 37.8%.
The fourth is to deepen the tax reform and give play to the role of tax adjustment. First, reform the agricultural tax. In 2004, the national agricultural specialty tax except tobacco leaves was abolished and the agricultural tax rate was reduced; By the end of 2005, all 28 provinces (autonomous regions and municipalities) were exempted from agricultural taxes and the national animal husbandry tax was abolished; In 2006, the agricultural tax was abolished nationwide, and the agricultural specialty tax was also abolished, which played an important role in reducing the burden on farmers and increasing their income. Second, reform the value-added tax. Since July 1 2004, a pilot reform of transforming production-oriented value-added tax into consumption-oriented value-added tax has been carried out in Northeast China, allowing enterprises included in the pilot scope to deduct the input value-added tax of newly purchased machinery and equipment from the enterprise value-added tax. Third, adjust personal income tax. In 2006, the salary income minus personal income tax was increased from 800 yuan to 1600 yuan per month, and then to 2,000 yuan, which expanded the scope of taxpayers' self-declaration. Fourth, adjust the real estate tax. In order to strengthen the regulation of the real estate industry, in 2006, the business tax exemption period was extended to five years, and the land revenue and expenditure management policies were adjusted and standardized, the housing provident fund management policies were improved, and the paid use fee policies and collection standards for new construction land were adjusted. Fifth, reform the enterprise income tax. In 2007, the income tax system for domestic and foreign-funded enterprises was unified, and it was implemented nationwide from June 65438+ 10/. Sixth, adjust the resource tax. In order to promote environmental protection and save resources, 1 1 provincial coal resource tax standards have been raised. Seventh, adjust the consumption tax. In order to balance market supply and demand, the consumption tax policy was adjusted and the collection scope was appropriately expanded. Eighth, actively promote the reform of the export tax rebate mechanism. The export tax rebate rate has been adjusted several times, and the export tax rebate rate of some products with high energy consumption, high pollution and resources has been cancelled and reduced in a timely manner. Impose export tariffs on some products such as raw materials that are not encouraged to be exported, and reduce import tariffs on some resource products.
The implementation of prudent fiscal policy has made China's economic operation show a good pattern of "faster growth, better economic benefits and more benefits for the people".