During the fiscal and tax reform, there was a big move during the year to reduce the deficit rate and leave room for macroeconomic regulation and control.

The Chinese economy has shifted from high-speed development to high-quality development, and fiscal and taxation policies have also been updated. According to the government work report of Premier Li Keqiang on the 5th to the 13th National People's Congress, the fiscal deficit rate (the ratio of fiscal deficit to GDP) has fallen for the first time since 2012. It is planned to arrange 2.6%, 0.4 lower than last year's budget. percentage point. However, the fiscal deficit of 2.38 trillion yuan this year is the same as last year. In addition, the size of local government special bonds that are not in deficit has also expanded to 1.35 trillion yuan, an increase of 550 billion yuan over last year. "Overall, this year is still a proactive fiscal policy." Jia Kang, chief economist of China Institute of New Supply Economics, told the First Financial Reporter that the fiscal deficit rate has dropped, reflecting the convergence of the positive fiscal policy, but 2.6%. The deficit rate level remains “positive”. The expansion of the scale of local government special bonds is the result of weighing the needs of all parties, not simply following the simultaneous changes in the fiscal deficit rate. The report on the draft budget this year is also clear. The fiscal policy of 2018 should be based on the basic characteristics that China has turned to the stage of high-quality development, continue to implement tax reduction and fee reduction, adjust and optimize the expenditure structure, and deepen the reform of the fiscal and taxation system. Reasonably arrange revenue and expenditure budgets and moderately reduce the deficit rate, and expand policy space for future macroeconomic regulation and control. Reducing the deficit rate and leaving room for macroeconomic regulation The fiscal deficit rate is an important indicator for measuring fiscal risks, and it also reflects the government's fiscal policy to some extent. In 2008, China restarted its active fiscal policy. From 2012 to 2017, the fiscal deficit rate has generally increased, from 1.5% to the highest 3% in history, and the intensity has been increasing. However, the fiscal deficit rate fell to 2.6% for the first time in 2018. The government work report explained that lowering the deficit rate is mainly due to the fact that China's economy is stable and the fiscal revenue is positive, and it also leaves more policy space for macroeconomic regulation and control. Hu Yijian, a professor at Shanghai University of Finance and Economics, told the First Financial Reporter that the fiscal revenue situation last year was better than the expected income. This year's economic growth is also relatively optimistic, and fiscal revenue growth is better than last year's budget level. In this context, the fiscal deficit rate has declined and the active fiscal policy has been slightly tightened. However, the positive fiscal policy orientation has not changed. This aspect is reflected in the fact that the fiscal deficit still maintains a historical high of 2.38 trillion yuan. On the other hand, this year, the scale of local government special bonds has increased to 1.35 trillion yuan, giving priority to supporting the steady construction of local projects under construction. Professor Feng Qiaobin of the National School of Administration told the First Financial Reporter that a moderate downward revision of the fiscal deficit rate is conducive to preventing fiscal risks, and is also in line with the trend from high-speed development to high-quality development. Moreover, according to the economic aggregate, although the deficit rate has declined, the deficit scale has remained the same as last year, which also reflects the positive fiscal policy orientation. The high level of the fiscal deficit has also provided room for tax cuts and reductions of more than 1 trillion yuan this year, thus making up for the fiscal reduction caused by tax cuts and reductions. According to the "Report on the Implementation of the Central and Local Budgets in 2017 and the Draft Central and Local Budgets in 2018" (hereinafter referred to as the "Report on the Draft Budget"), including reducing the VAT rate in the manufacturing and transportation industries, and expanding the income tax by half. The tax reduction measures such as preferential small and micro enterprises will reduce the annual tax reduction by more than 800 billion yuan, and further reduce and standardize various fees such as government funds and administrative fees, which will reduce the tax burden by more than 1 trillion yuan. "At the same time, coordinating income, deficits, special debts and calling the budget stabilization fund, moderately expanding the scale of fiscal expenditures, providing necessary financial support for building a well-off society, building a modern economic system, improving security and improving people's livelihood." Said. Force to protect the people's livelihood to support environmental protection CPPCC member and president of China Institute of Fiscal Science, Liu Shangxi that the current supply-side structural reforms, not by fiscal deficits, debt to flood irrigation to expand aggregate demand, but adjustments in the structure . The adjustment of fiscal expenditure structure is also a highlight of this year. The draft budget report said that it will improve the publicity and inclusiveness of fiscal expenditures, strictly control general expenditures, and ensure support for supply-side structural reforms, poverty alleviation, eco-environmental protection, education, national defense and other key projects. Specifically, this year, the central government subsidized local special poverty alleviation funds for 106.095 billion yuan, an increase of 20 billion yuan over 2017, an increase of 23.2%. The increase is mainly used for the "three districts and three states" (ie Tibet, four provinces, Tibetan areas, south Deep areas such as the four states of Xinjiang and Liangshan Prefecture of Sichuan, Nujiang Prefecture of Yunnan, and Linxia Prefecture of Gansu Province. This year, the central government allocated a total of 40.5 billion yuan in pollution prevention and control funds for the atmosphere, water and soil, an increase of 6.465 billion yuan over 2017, an increase of 19%. Support to win the "Blue Sky Defence War", focus on supporting the prevention and control of air pollution in Beijing, Tianjin and Hebei, and continue the pilot project of winter clean heating and comprehensive utilization of straw in the northern region. In addition, fiscal expenditures focus on improving protection and improving people's livelihood. For example, starting from January 1, 2018, the basic pensions for retirees of enterprises, institutions, and institutions, and the basic pension levels for urban and rural residents will be raised. The financial subsidy standard for basic medical insurance for urban and rural residents will be raised by 40 yuan (20 yuan for raising the level of major illness insurance protection), reaching 490 yuan per person per year, correspondingly increasing the proportion of individual contributions. The per capita financial subsidy standard for basic public health service projects will be increased by another 5 yuan, reaching 55 yuan per person per year. In support of the supply side structure, the finance supports the optimization and upgrading of the manufacturing industry by reducing the manufacturing value-added tax rate and other measures; promoting the development of new kinetic energy by continuing the implementation of preferential policies for the purchase of new energy vehicles and vehicles; The financial special awards fund to support steel and coal to capacity. "This shows the fiscal efforts to optimize the expenditure structure." Jia Kang said. The fiscal and tax reforms have a big move. The fiscal and tax reforms that have comprehensively deepened the reforms have also made great moves this year. The draft budget report is clearly defined in the 2018 fiscal policy and implements individual income tax reform. In accelerating the deployment of fiscal and tax reforms, it is said to promote the reform of the personal income tax system that combines comprehensive and classified, rationally raise the basic cost reduction standards, and increase special deductions for children's education and major medical care. Jia Kang told the First Financial Reporter that this statement meant that there was action during the tax reform year. Not only a tax, but also a new signal in the adjustment of the central and local fiscal relations between the top tasks of fiscal and tax reform. In February this year, the General Office of the State Council promulgated the Notice on Printing and Distributing the Reform Plan for the Division of Central and Local Common Financial Accounts and Expenditure Responsibilities in the Field of Basic Public Services, and opened up the reform of the central powers and responsibilities in the 18 basic public service areas. The draft budget report stated that it will study and formulate reform plans for the division of financial affairs and expenditures in the fields of transportation, science and technology, and environmental protection. "This is a very good phenomenon. It has been said for many years that the central government's power and responsibility division reform has begun to produce more operational solutions." Jia Kang said. In addition, the reform plan for the central and local income division is also under intense development to promote the construction of the local tax system. The Ministry of Finance will also continue to cooperate with real estate tax legislation. Zhang Yesui, spokesman of the 13th National People's Congress, said recently that the real estate tax is speeding up the drafting of the draft law, the demonstration of important issues, and the internal solicitation of opinions, and strives to complete the preparatory work for the initial review of the Standing Committee. Li Xuhong, director of the Institute of Finance and Taxation and Application of the Beijing National Accounting Institute, believes that in coordinating the fiscal relationship between the central and local governments, the improvement of the local tax system is the entry point, in which real estate tax and personal income tax are the key, and real estate tax has entered a steady advancement of legislation. Link. Local government debt supervision is also being further strengthened. The draft budget report stated that to strictly block the “back door” of illegal and illegal debts, it is absolutely not allowed to impose additional illegal violations or disguised debts. Accurately formulate response plans, and actively and steadily resolve local government debt risks. The overall security of local government debt risk in China is controllable. According to statistics from the Ministry of Finance, as of the end of December 2017, the national local government debt balance was 1,647.6 billion yuan, which was controlled within the quota approved by the National People's Congress (188,17.43 billion yuan). In order to open a "front door" for legal debt, this year's draft budget report determines that the local government debt balance limit for 2018 is 20,997.43 billion yuan, an increase of 218 billion yuan compared with last year's debt limit.

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