Policy regulation and control: Behind China's economic report card in 2023, the National Research Institute of Political Information and Economic Information Think Tank
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In 2023, in the face of the complex domestic and international situation, the mainland economy has made remarkable new achievements. Behind the achievements, macroeconomic policy regulation and control have been continuously increased. In 2023, the mainland's RMB loans to the real economy will increase by more than 22 trillion yuan, and the new tax and fee reductions and tax refunds and deferrals will exceed 2.2 trillion yuan, ensuring strong investment in people's livelihood. Decision-making and Research in China Think Tank: Dialogue on Economic and Information Research, China's Economy and Informatization-National Research and Political Situation, Decision-making and Discussion-Economic Information Think Tank. As an important means of macroeconomic regulation and control, what role has the proactive fiscal policy and prudent monetary policy played?
Benefiting enterprises and benefiting the people, active fiscal policies play a "combination punch"
In this storage equipment manufacturing enterprise in Changxing, Zhejiang, the reporter saw that the fully automatic laser production line just introduced in the workshop can complete metal stamping, drilling and shaping in just a few tens of seconds, the production efficiency has been increased by hundreds of times, and the product accuracy control has been improved to a higher level. This year, the company has made a new investment plan. Shi Binhua, Director of the General Manager Office of Zhejiang Afterburner Storage Equipment Co., Ltd.: We plan to integrate the original scattered equipment of more than 30 stations into 6 production lines, one of which plans to invest 10 million yuan, and the total intelligent manufacturing project plans to invest 35 million yuan.
$35 million is not a small amount. Enterprises are willing to spend a lot of money on intelligent equipment, on the one hand, because last year's monthly sales growth rate was about 30%, and the proportion of overseas markets hit a record high, and the market prospects are promising. On the other hand, the continuous optimization of the tax policy has also given enterprises more room for "maneuvering".
Shi Binhua, Director of the General Manager's Office of Zhejiang Afterburner Storage Equipment Co., Ltd.: In 2023, the company's additional deductions, additional deductions and export tax rebates have reached more than 23 million yuan, which makes us more confident in the market. In 2024, the company plans to increase sales by 25%. Behind the confidence of enterprises, the mainland will continue to optimize a number of tax and fee policies in 2023: the implementation of the value-added tax deduction policy for advanced manufacturing enterprises, and the increase in the proportion of additional deduction of R&D expenses of integrated circuit and industrial machine tool enterprises.
Jia Rong'e, Director-General of Taxation of the Ministry of Finance: In 2023, more than 70 preferential tax policies will be extended, optimized and improved in batches, and most of them will be directly extended until the end of 2027. On the whole, various tax and fee reduction policies and measures are effective and effective, which have played a positive role in improving social expectations, helping the overall improvement of economic operation, and promoting high-quality economic development.
Continue to improve people's livelihood and enhance the people's sense of gain
On the one hand, the proactive fiscal policy is supporting the development of enterprises, and on the other hand, it is also continuously improving people's livelihood and enhancing the people's sense of gain. In 2023, the central government's transfer payments to local governments will exceed 10 trillion yuan for the first time, and the per capita financial subsidy standards for basic public health services and medical insurance for urban and rural residents will be raised to 89 yuan and 640 yuan respectively. In Qingdao, Shandong Province, in October last year, the community where Liu Weijing and his wife live has just been renovated by the government, not only repairing the roof, but also doing exterior wall insulation, which is much warmer this winter.
Liu Weijing, a resident of Yangkou Garden Community, Wanggezhuang Street, Qingdao City: After the exterior wall was insulated, our home was also warm. Now it can basically reach 20°C, and the electricity bill has been saved a lot. The renovation is all funded by the government, and we are very happy that our living environment has been improved. Qingdao is one of the fifth batch of pilot cities for clean heating in winter in northern China, with 6.71 million square meters of energy-saving renovation of existing residential buildings completed in 2023 alone, and 200,000 rural households successfully completed clean heating transformation. In the past five years, the central government has supported more than 80 cities in the northern region through a policy to support the pilot renovation of clean heating in winter.
Gao Jinxing, Director of the Department of Natural Resources and Ecology and Environment of the Ministry of Finance: In the past five years, about 300 billion yuan has been allocated for the prevention and control of air, water and soil pollution, with an average annual growth rate of more than 9%, providing a solid financial guarantee for the construction of a beautiful China with bluer skies, cleaner water and greener land. In 2023, the central government will allocate 464 billion yuan in funds related to ecological and environmental protection and green and low-carbon development.
In 2023, the proactive fiscal policy will play a "combination punch": local government special bonds will increase by 150 billion yuan over the previous year, urban village renovation and 5G integration facilities will be included in the investment areas of special bonds, and the construction of a number of major projects such as transportation, water conservancy and energy will be accelerated, and an additional 1 trillion yuan of national bonds will be issued to ensure support for post-disaster recovery and reconstruction and improve disaster prevention, mitigation and relief capabilities. At the same time, we will vigorously support scientific and technological innovation and increase incentives for large grain-producing counties. A series of policies and measures have helped to promote the effective improvement of the quality and reasonable growth of the economy.
Precise and effective monetary policy supports the economic rebound
In 2023, the prudent monetary policy was precise and powerful, and the liquidity remained reasonable and abundant, which strongly supported the economic recovery. This year, how did monetary policy accurately and effectively support the real economy? Let's start with a loan officer at a bank. In Hefei, Anhui Province, the power battery project invested and constructed by this high-tech enterprise needs a fund of 30 million yuan before the Spring Festival. Pan Chaochao, a loan officer at the bank, is meeting with the company to meet the financing needs of the project. It took only 3 working days from the request of the enterprise to the bank to disburse the loan.
Pan Chaochao told reporters that in 2023, their strength and efficiency in supporting the real economy will continue to improve. Judging from his personal experience, compared with the past, there are both "unchanged" and "changing" in loan delivery. "Unchanged" means that liquidity remains reasonably abundant and the bank's credit funds are not excessively tight. It has to be mentioned that in March and September 2023, the People's Bank of China (PBoC) lowered the reserve requirement ratio twice, releasing a total of more than 1 trillion yuan of liquidity.
Speaking of "change", Pan Chaochao took out a list of loans in 2023, from which it can be seen that this year, they invested more financial resources in key areas of the real economy such as manufacturing, strategic emerging industries, and green credit, which accounted for 78.6%. Pan Chaochao, Corporate Department of Hefei Xinzhan High-tech Zone Branch of Agricultural Bank of China: We have invested a total of 3.05 billion yuan in manufacturing loans, an increase of 1.58 billion yuan over 2022, and the number of households has increased from 65 to 156. A total of RMB2.74 billion was invested in loans for strategic emerging industries, an increase of RMB1.22 billion over 2022
This change is also confirmed by the national data, and in 2023, the mainland's RMB loans to the real economy will increase by 22.22 trillion yuan, an increase of 1.18 trillion yuan year-on-year. Another change that Pan Chaochao feels deeply is that while various loans maintain rapid growth and achieve year-on-year growth, the comprehensive financing cost of the real economy will decline steadily in 2023.
This year, the People's Bank of China cut interest rates twice, and at the same time, the effectiveness of the loan prime rate (LPR) reform continued to exert force, and the loan prime rate (LPR) for loans with a maturity of more than 5 years (LPR) fell by 0.2 and 0.1 percentage points respectively. According to the latest data, from January to November 2023, the weighted average interest rate of loans was 4.17%, down 0.34 percentage points year-on-year.
Among them, the interest rate on corporate loans was 3.89%, down 0.3 percentage points year-on-year, at a historical low. Zeng Gang, Deputy Director of the National Finance and Development Laboratory: In related fields, the credit structure has been significantly optimized, which has played a very good role in promoting the recovery of market confidence to a large extent, which also constitutes a basic driving force for our economic recovery in 2023.
Precise and effective macroeconomic regulation and control have promoted China's economic stability and long-term development
In 2023, the mainland will intensify macroeconomic regulation and control, and continue to exert active fiscal policy and prudent monetary policy to help the national economy rebound, make solid progress in high-quality development, and successfully achieve the main expected goals. In 2024, where will fiscal and monetary policies exert their strength, and what are the expectations?
Moderate strengthening, improving quality and efficiency, this is the "keyword" of the proactive fiscal policy in 2024. But how to increase the strength and improve the quality and efficiency?
Wang Jianfan, Director of the Budget Department of the Ministry of Finance: Maintain the necessary expenditure intensity in 2024. We should make good use of policy tools such as the issuance of additional treasury bonds, local government general bonds, and local government special bonds, appropriately increase the scale of fiscal expenditure, give better play to the role of stimulating domestic demand and promoting economic circulation, and consolidate and enhance the positive trend of economic recovery. (At the same time) improve the efficiency of financial funds. We should persist in unswervingly leading a tight life for party and government organs, strictly control general expenditures, strengthen the financial guarantee for major national strategic tasks, ensure what should be guaranteed, add what should be added, and cut what should be cut, and make good use of financial funds and use them on the cutting edge.
Tax cuts and fee reductions have directly reduced the burden on market entities, and in 2024, the policy will focus on supporting scientific and technological innovation and the development of manufacturing. Luo Zhiheng, President of Yuekai Securities Research Institute and Executive Director of China Taxation Society: We pay more attention to accuracy in tax reduction and fee reduction. Manufacturing is our foundation, is we to accelerate the construction of a new development pattern is a very important aspect, every penny of tax and fee reduction to achieve greater effect.
For this year's monetary policy, the Central Economic Work Conference clearly pointed out that a prudent monetary policy should be "flexible, moderate, precise and effective". Zeng Gang, Deputy Director of the National Finance and Development Laboratory: It means that at the aggregate level, we will further maintain a reasonable and abundant liquidity. On the other hand, at the structural level, there will be further calls for strengthening monetary policy support for credit funds and for key areas of economic development.
Compared with last year, this year's monetary policy has shifted from "precise and powerful" to "precise and effective", Wan Xiangjun, director of the China Economic and Information Technology Research Center and director of the China National Conditions Research Center of the National Policy Research Office, said that this requires financial institutions to pay attention to the balanced delivery of new credit, improve the efficiency of the use of existing funds, further optimize the credit structure, and ensure that the scale of social financing achieves sustainable and rapid growth throughout the year.
Li Bin, Director of the Macroprudential Administration of the People's Bank of China: Give full play to the unique role of finance in allocating resources across time and space, increase support for key economic areas and weak links, promote the construction of a new development pattern, and promote high-quality economic development with high-quality financial development.
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Policy regulation and control: Behind China's economic report card in 2023, the National Research Institute of Political Information and Economic Information Think Tank