Relevant data such as fiscal revenue and expenditure in 2021 have been released a few days ago. It can be found from this that in 2021, the active fiscal policy will improve quality and efficiency, the effect of tax reduction and fee reduction is obvious, the local "three guarantees" guarantee is strong, the debt risk is gradually resolved, the financial management effect is improved, the sustainability is significantly enhanced, and the fiscal work is provided with a dazzling "report card".
Data one: 20.25 trillion yuan
In 2021, the national general public budget revenue was 20.25 trillion yuan, nearly doubling compared with 11.73 trillion yuan in 2012. Specifically, revenue in 2021 increased by 10.7% over the previous year and 6.4% compared with 2019, completing the revenue budget.
How to view the growth of fiscal revenue under tax reduction and fee reduction?
Li Xuhong, director of the Academic Committee of the Beijing National Accounting Institute and director of the Institute of Fiscal and Taxation Policy and Application, said in an interview with reporters that under the background of large-scale tax reduction and fee reduction, the mainland's fiscal revenue still has achieved the expected goals well, on the one hand, due to the implementation of the tax reduction and fee reduction policy, constantly stimulating the vitality of market players, promoting economic recovery and development, achieving the expected effect, and expanding the base for increasing fiscal revenue; on the other hand, it also benefits from the full use of big data and other means by relevant departments. Improve the efficiency of tax collection and management and the ability to audit tax risks, collect taxes and charges in accordance with laws and regulations, improve the ability to collect all receivables, and provide assistance for increasing fiscal revenue.
Luo Zhiheng, chief economist of Yuekai Securities and president of the research institute, told reporters that the economy and finance are two sides of the relationship, in 2021 China's economy continued to recover, GDP average growth rate of 5.2% in two years, the achievements are particularly difficult to come by, and the national general public budget revenue in 2021 has also achieved restorative growth. At the same time, commodity prices rose rapidly, with industrial producer prices (PPIs) rising 13.5 percent year-on-year at one point, pushing up budget revenues.
Bai Jingming, a researcher at the Chinese Academy of Fiscal Sciences, said in an interview with reporters that the implementation of large-scale tax reduction and fee reduction policies has effectively reduced the burden on market players, improved the operating conditions of enterprises, and accelerated the pace of enterprise transformation and upgrading. "In particular, some institutional tax cuts, such as individual tax reform, have also increased individual consumption capacity, forming a virtuous circle." He said.
Data two: 1.1 trillion yuan
In 2021, the new tax reduction and fee reduction will exceed 1.1 trillion yuan. Since the third quarter of last year, in order to alleviate the financial difficulties and operational pressure of enterprises, enterprises have been allowed to enjoy policies such as the deduction of R&D expenses in the first three quarters in advance, helping enterprises, especially small and medium-sized enterprises and individual industrial and commercial households, to alleviate difficulties and develop better, retain Qingshan, win the future, and achieve a virtuous cycle of "releasing water to raise fish" and "more fish in water".
Li Xuhong said that a series of tax and fee reduction measures will continue to land in 2021, providing strong support for stimulating the vitality of market players and enhancing the motivation for innovation. On the one hand, we will promote the high-quality development of the manufacturing industry and empower the real economy. For example, measures such as increasing the proportion of R&D expenses deductions for manufacturing enterprises from 75% to 100%, and allowing enterprises to enjoy preferential policies in advance, effectively drive the whole society to increase investment in R&D expenses. On the other hand, precision drip irrigation of small and medium-sized enterprises and individual industrial and commercial households has played an active role in maintaining economic stability and ensuring people's livelihood. For example, raising the VAT threshold for small-scale taxpayers, and for small and micro enterprises and individual industrial and commercial households with an annual taxable income of less than 1 million yuan, on the basis of the current preferential policies, and then halving the income tax and other policies, effectively reducing the financial pressure on small and medium-sized enterprises, and injecting a strong impetus into ensuring people's livelihood, promoting the development and growth of small and medium-sized enterprises, and promoting higher economic development.
Luo Zhiheng said that the tax reduction and fee reduction in 2021 are mainly aimed at small and medium-sized enterprises and individual industrial and commercial households, which to a certain extent hedges the negative impact of the rise of bulk commodities on small and medium-sized enterprises, and effectively stimulates the vitality of market players.
Bai Jingming said that last year's tax reduction and fee reduction was precise, focusing on small and micro enterprises, individual industrial and commercial households and other groups and manufacturing and other fields, and its implementation not only reduced the burden of market players, but also finally transmitted policy dividends to consumers.
Data three: 2.8 trillion yuan
In 2021, the central government will issue a total of 2.8 trillion yuan of direct fund budget targets, and the total actual expenditure of various localities will be 2.67 trillion yuan, accounting for 95% of the indicators issued by the central finance, providing a solid financial guarantee for the local implementation of the policy of benefiting enterprises and the people and doing a good job in the "six stability" and "six guarantees" work.
Li Xuhong said that the direct fund focuses on supporting enterprises to protect market entities, protect residents' employment and basic people's livelihood, etc., and provide strong financial support for local governments to implement the "six guarantees" task.
"In 2021, the financial department will improve the direct fund management system, expand the scope of direct funds, and include 27 transfer payments in the direct scope as a whole, an increase of 1.1 trillion yuan over 2020." Luo Zhiheng said that the Ministry of Finance has also continuously improved the direct fund monitoring system, keeping an eye on the allocation, allocation and use of direct funds, which has greatly improved the efficiency of fiscal expenditure.
Bai Jingming said that timely landing and accurate landing are the two characteristics of direct funds. On the one hand, the grass-roots "three guarantees" funds benefit enterprises and the people, and play the role of "sending charcoal in the snow"; on the other hand, the establishment of direct fund management mechanisms and monitoring systems ensures that funds can be accurately delivered to a market entity or difficult group, so that limited funds can play the greatest benefit.
"In the next step, we should pay attention to establishing and improving the normalized direct funding mechanism to provide strong support for fully mobilizing the enthusiasm of local governments and better playing the role of fiscal funds in helping enterprises and the people." Li Xuhong said.
Data four: 3.65 trillion yuan
In 2021, the National People's Congress approved a new local government special bond quota of 3.65 trillion yuan, of which the new special bond quota for project construction was 3.5 trillion yuan.
What role does special debt play?
Li Xuhong said that local government special bonds focus on key projects and key areas, which is one of the important means of active fiscal policy. On the one hand, by releasing positive policy signals, we will stimulate the willingness of capital investment and promote high-quality economic development. On the other hand, with the expansion of the scale of local government special debt, the motivation for new local hidden debt has been reduced to a certain extent, which is conducive to preventing and resolving local government debt risks. "It is worth noting that by strengthening the performance evaluation and supervision and management of special bonds, the efficiency of the use of funds can be further improved, and the role of special bonds in leveraging investment and stimulating the economy can be brought into play to a greater extent." She said.
Luo Zhiheng said that special bonds will help exert fiscal efficiency, expand effective investment and promote high-quality development. In recent years, the contradiction between fiscal revenue and expenditure has become increasingly prominent, the pressure of the "three guarantees" at the grass-roots level has continued to increase, and special bonds have become an important starting point for active fiscal policy. At the same time, as the capital of eligible projects, special bonds promote market-oriented supporting financing for special bond projects, leverage effective social investment, and achieve cross-cycle and counter-cyclical regulation and control. In addition, the special bonds also focus on the construction of new infrastructure and new urbanization, support the construction of major engineering projects such as transportation and water conservancy, support economic transformation, and help high-quality economic development.
Data five: 330 billion yuan
According to the statistics of the tax department, in the first three quarters of 2021, the tax reduction and reduction of enterprise R&D expenses will be about 330 billion yuan.
Innovation is an important driving force for achieving high-quality economic development. Li Xuhong said that in recent years, the mainland has continuously increased the amount of R&D expenses plus deductions, and continued to expand the coverage of R&D expenses plus deduction policies. In 2021, the proportion of R&D expenses of manufacturing enterprises will be further increased from 75% to 100%, which will help reduce the tax burden of enterprises, help alleviate the financial pressure of enterprises, enhance the motivation for innovation, and also help promote the transformation and upgrading of mainland industries and achieve high-quality economic development.
Luo Zhiheng said that extending the additional deduction of enterprise research and development expenses and increasing the additional deduction of advanced manufacturing research and development expenses has increased the operating profits of advanced manufacturing enterprises, reduced the occupation of funds, and effectively encouraged enterprises to increase scientific and technological innovation. The data shows that in 2021, the added value of the mainland's high-tech manufacturing industry and equipment manufacturing industry increased by 18.2% and 12.9% respectively, and the growth rate was 8.6 and 3.3 percentage points faster than that of industries above designated size, respectively.
"Overall, the policy effect exceeded expectations, and all kinds of enterprises across the country enjoyed an additional deduction of 1.3 trillion yuan and a tax reduction of 333.3 billion yuan in advance, and enterprises enjoyed the policy dividend earlier and more intensely." Wang Daoshu, deputy director of the State Administration of Taxation, said a few days ago that enterprises enjoying policies in advance is conducive to alleviating financial pressure; increasing policy support is conducive to stimulating innovation vitality; manufacturing industry enjoys double benefits, which is conducive to enhancing development momentum; private enterprises benefit obviously, which is conducive to enhancing development determination.
Reporter Li Zhongfeng
( Source: China Finance and Economics News )
Source: Ministry of Finance