A proactive fiscal policy is not simply a quantitative expansion in terms of expenditure scale and deficit ratio, but more emphasis should be placed on the effects of steady growth and structural adjustment. In order to give full play to the active fiscal policy, we must improve the accuracy and effectiveness of policies and funds, and strive to improve the efficiency according to the needs of meeting the current economic operation risk challenges. This requires paying attention to expenditure efficiency and capital performance, paying attention to market participants’ sense of gain, and strengthening strict adherence to the risk bottom line.
Recently, Politburo meeting of the Chinese Communist Party deployed the economic work in 2022, and proposed that "a proactive fiscal policy should enhance efficiency and pay more attention to accuracy and sustainability". This is a higher requirement for the implementation of a proactive fiscal policy. Next year, while maintaining a positive orientation, the fiscal policy will give priority to improving efficiency, not only maintaining necessary support for the economy, but also attaching great importance to the effective implementation of policies and funds.
Scientific and effective macro-control is an inevitable requirement for high-quality development. As an important means of macro-control, the tools and means of fiscal policy are increasingly abundant, and its role is increasingly prominent, effectively promoting the stable and healthy development of the economy. A proactive fiscal policy is not simply a quantitative expansion in terms of expenditure scale and deficit ratio, but more emphasis should be placed on the effects of steady growth and structural adjustment. To further give full play to its role, we must improve the accuracy and effectiveness of policies and funds.
We should also see that improving efficiency is also the need to meet the current economic operation risk challenges. Efficiency is the inherent requirement of financial operation, and it is particularly important to emphasize improving efficiency under the situation of the impact of COVID-19 epidemic and the increasing downward pressure on the economy. In recent years, a series of fiscal policy tools such as increasing expenditure, reducing taxes and fees, direct funds and special bonds have played a powerful "combination boxing" and achieved remarkable results. At the same time, the contradiction between fiscal revenue and expenditure is prominent, and the room for strength is limited. We must take into account the needs of steady growth and risk prevention, and strictly guard against all kinds of "black swan" and "gray rhinoceros". To this end, we must not only determine a reasonable scale in terms of "quantity", but also ensure that policies are more accurate and effective in terms of "quality" and ensure fiscal sustainability.
To improve efficiency, we should pay attention to expenditure efficiency and capital performance. At present, the overall fiscal revenue and expenditure are in a tight balance, so it is very important to maximize the benefits of limited funds. In terms of expenditure efficiency, China has creatively established and normalized the direct mechanism of financial funds, and it is necessary to study how to expand the scope of direct funds and optimize the allocation and use process. The issuance of special bonds should form a physical workload as soon as possible, and effectively play the role of stabilizing investment, expanding domestic demand and filling shortcomings. At the same time, we should continue to deepen the implementation of performance management, and earnestly ask for efficiency and accountability when spending money. It is worth emphasizing that the use of funds cannot be "flooded", but must be "precision drip irrigation", especially in the field of people’s livelihood security, focusing on key strategic areas such as self-reliance of science and technology and optimization and upgrading of industrial chain supply chain.
To improve efficiency, we should pay attention to the sense of gain of market participants. A key indicator of the effectiveness of fiscal policy is how the market participants feel. Since the outbreak of the epidemic, China has continuously introduced a series of fiscal policies and measures to help enterprises solve problems in many ways, especially reducing taxes and fees effectively reducing the burden on enterprises. In the next step, we should maintain the continuity of tax reduction and fee reduction policies, and study and introduce new targeted measures to meet the needs of enterprises, especially small and medium-sized enterprises, to help them better cope with production and operation difficulties.
To improve efficiency, we must also strengthen the strict adherence to the risk bottom line. In recent years, China has continuously strengthened local government debt management, and the risks are generally controllable, but there are still many problems and hidden dangers. On the one hand, it is necessary to strengthen the management of local government bonds, especially special bonds, improve the performance of fund use, prevent problems such as idle funds and illegal misappropriation, and guard against legal debt risks; On the other hand, we must continue to prevent and resolve the hidden debt risks of local governments, steadily resolve the stock, and resolutely curb the increase.
Politburo meeting of the Chinese Communist Party stressed that next year’s economic work should focus on stability and strive for progress. To implement this requirement, a proactive fiscal policy must be stable and effective, and it is necessary to enhance the pertinence, foresight and flexibility of regulation and control, improve the efficiency and effectiveness of policies, and promote the economic operation to remain in a reasonable range.
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