The Ministry of Finance announced on May 30 that the video conference on the national financial support and stabilization of the economy held on the same day made it clear that the policy of further increasing the value-added tax credit and refund policy, speeding up the progress of fiscal expenditure, accelerating the issuance and use of local government special bonds and expanding the scope of support ; go all out to stabilize market players, and support the healthy development of small, medium, and micro enterprises. Experts said that the positive effect of fiscal policy in stabilizing growth will continue to be released, and the economic operation is expected to gradually stabilize and pick up.
Intensify the policy of VAT credits and refunds
The meeting pointed out that financial departments at all levels should accurately grasp the current financial and economic situation, and further enhance the sense of urgency to do a good job in stabilizing growth.It is necessary to strengthen confidence, face difficulties, put stable growth in a more prominent position, focus on ensuring market players, employment and people’s livelihood, and strive to ensure that the economy achieves reasonable growth in the second quarter.ChangheUnemployment fell as quickly as possible.
The meeting called for further strengthening of the VAT refund policy to help enterprises tide over difficulties. Focusing on stabilizing the employment of market players, we will study and include more industries in the policy scope of full monthly refund of incremental tax credits and one-time full refund of existing tax credits. The total amount of new tax refunds under various tax refund policies has reached about 1.64 trillion yuan.
Feng Qiaobin, deputy director of the Macroeconomic Research Department of the Development Research Center of the State Council, said that due to the recent downward pressure on the economy, in order to protect market players and ease their cash flow pressures, the progress and amount of tax rebates by the finance and taxation departments far exceeded expectations.
“It is expected that the follow-up tax and fee reduction measures will be more flexible and cover more industries severely affected by the epidemic.” CindasecuritiesChief MacroanalystXie Yunliang said.
Leverage financial and policy benefits as early as possible
The meeting proposed to speed up the progress of fiscal expenditure and bring into play the benefits of funds and policies as soon as possible. Increase the vitality of stock funds, recover the surplus funds and carryover funds that have not been used up for two consecutive years for overall use, and recover funds that do not need to be used according to the original purpose of the carryover funds that are less than two years for overall use in the economy and society. Development in areas in need of much-needed support.
The meeting clarified that the issuance and use of local government special bonds will be accelerated and the scope of support will be expanded, and efforts will be made to promote stable growth and investment. In general, the issuance and use of special bonds in various regions has generally progressed well. As of May 27, a total of 1.85 trillion yuan of new special bonds had been issued, an increase of about 1.36 trillion yuan over the same period last year, accounting for 54% of the issued limit. In order to continue to do a good job in the operation of local debt during the epidemic prevention and control period, the provincial financial department should quickly adjust the special bond issuance plan, choose the issuance time reasonably, speed up the expenditure progress, and ensure that the issuance of new special bonds this year is basically completed by the end of June. It will be basically used up by the end of August.
“Since this year, the issuance and use of special bonds has accelerated, which has played an active role in driving the expansion of effective investment and effectively stabilizing the macroeconomic market.” Quartz Hua, director of the Macroeconomic Research Center of the Academy of Financial Sciences, believes that it can be expected that the effect of the stabilizing growth policy will continue to appear. ,
The effect of fiscal policy that pays more attention to improving efficiency will continue to be released in terms of hedging risks and stabilizing economic operation. During the year, the economic growth rate is expected to be low and then high, and economic operation is expected to gradually stabilize and recover.
Supporting the rescue of small, medium and micro enterprises
The meeting emphasized that all efforts should be made to stabilize market players and support the healthy development of small, medium, and micro enterprises.Make good use of government financing guarantees and other policies to guide and urge state financing guaranteesfundStrictly implement the requirement that the scale of the re-guarantee cooperation business should not be less than 1 trillion yuan, allocate funds for small and micro enterprises to reduce financing guarantee fees, and support the expansion of the scale of financing guarantee business and the reduction of guarantee rates.
Meeting clarified, expanded implementationsocial securityThe policy of deferring payment of pensions, deferred payment of pensions for three items including small and medium-sized micro-enterprises, individual industrial and commercial households, catering, retail and other five destitute industriesInsuranceThe fee policy has been implemented in stages until the end of the year, and has been extended to other extremely difficult industries that have been severely impacted by the epidemic, have large-scale production and operation difficulties in the industry, and are in line with the direction of the national industrial policy.Increase support for job stabilization, and increase the rate of return for job stabilization in large enterprises from 30% to 50%;InsuranceThe scope of benefits of the job retention subsidy has been expanded from small, medium and micro enterprises to all insured enterprises that are temporarily unable to operate normally due to the severe impact of the epidemic; a one-time job expansion subsidy has been increased.
In addition, the meeting also clarified many measures to ensure food and energy security, support and ensure the stability of the industrial chain and supply chain, and protect the basic livelihood of the people.
Feng Qiaobin believes that targeted and policy-oriented tax and fee reductions can be considered for key vulnerable groups, key industries, and key areas. For example, small and micro enterprises and individual industrial and commercial households can be exempted from taxes and fees when necessary, and some import tariffs can be reduced to stimulate domestic consumption of imported goods. Some work can also be done in terms of export tax rebates. The ratio and scope of additional deductions for research and development expenses are still Improve space.
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Responsible editor: Guo Jian