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Finance Minister Liu Kun: China will deepen the reform of value-added tax and continue to promote substantial tax reduction

January 11, 2019 22:05

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[Minister of Finance Liu Kun: China will deepen the reform of value-added tax and continue to promote substantial tax cuts] Finance Minister Liu Kun said in an interview with reporters that China will deepen the reform of value-added tax and continue to promote substantial tax cuts. Actively study and formulate a comprehensive plan to reduce the social insurance premium rate with high market attention, and further reduce the burden of corporate social insurance contributions.

In an interview with the reporter, Finance Minister Liu Kun said that China will deepen the reform of value-added tax and continue to promote substantial tax cuts. Actively study and formulate a comprehensive plan to reduce the social insurance premium rate with high market attention, and further reduce the burden of corporate social insurance contributions.

  Active fiscal policy to increase efficiency and promote high-quality economic development - Minister of Finance Liu Kun is interviewed on the implementation of the spirit of the Central Economic Work Conference

On the afternoon of January 10, Minister of Finance Liu Kun accepted the joint interview of People's Daily reporter Li Lihui, Xinhua News Agency reporter Han Jie, CCTV reporter Sun Yan, and Economic Daily reporter Zeng Jinhua on implementing the spirit of the Central Economic Work Conference.

Liu Kun said that General Secretary Xi Jinping delivered an important speech at the Central Economic Work Conference held in December last year. He analyzed the current economic situation in depth and fully deployed the economic work in 2019. Premier Li Keqiang made specific arrangements for economic work in 2019. The financial department should implement the spirit of the Central Economic Work Conference. The active fiscal policy should be strengthened to improve efficiency, implement large-scale tax cuts and reductions, optimize the structure of fiscal expenditures, improve the use of fiscal funds, and promote sustained and healthy economic development and overall social situation. stable.

  Reporter: The Central Economic Work Conference proposed that a proactive fiscal policy should be strengthened. What are your considerations for this year's proactive fiscal policy?

Liu Kun: General Secretary Xi Jinping delivered an important speech at the Central Economic Work Conference held in December last year. He analyzed the current economic situation in depth and fully deployed economic work in 2019. Premier Li Keqiang made specific arrangements for economic work in 2019. I understand that in 2019, the positive fiscal policy should be strengthened, and the brief summary is to achieve "two enlargement" and "one improvement."

The "two increases" is to increase the intensity of tax reductions and reductions and expenditures. First, increase tax cuts and fee reductions. On the one hand, the implementation of a larger scale of tax cuts, adhere to the combination of inclusive tax cuts and structural tax cuts, focusing on reducing the burden of manufacturing and small and micro enterprises, and supporting the development of the real economy. On the other hand, we will promote more obvious reductions, clean up and standardize local toll collection projects, and increase efforts to investigate and rectify arbitrary charges. Second, increase fiscal spending. According to the economic situation and various expenditure needs, the scale of fiscal expenditure will be moderately expanded. At the same time, the scale of local government special bonds will be increased to a large extent, and the construction of major projects under construction and short-term support will be supported.

"One improvement" is to improve the efficiency and efficiency of the allocation of financial funds. To improve the efficiency of financial allocation, we must adhere to the pressure of protection, focus on key areas and weak links, and further adjust and optimize the expenditure structure. The expenditure of the insurance must be well protected. It is necessary to increase investment in poverty alleviation, “agriculture, rural areas and farmers”, structural adjustment, scientific and technological innovation, ecological protection, and people's livelihood; the reduction of expenditure must be reduced, and the government must live a tight life. Reducing general expenditures, strictly controlling the "three public" budget, general expenditures should be reduced by more than 5%, and inefficient and ineffective expenditures should be eliminated. For the financial department that should not spend money, the financial department should be "iron cock". To improve the efficiency of the use of fiscal funds, it is necessary to carry out the budget performance management throughout the budget preparation and implementation process, and better promote the implementation of the policy; continue to revitalize the financial stock funds, and recover the long-term deposit funds that are difficult to spend, and co-ordinate the funds for financial support. field.

What needs to be explained is that the active fiscal policy will increase the effectiveness, and it is not necessary to engage in the strong stimulus of “big flood irrigation”, but to implement counter-cyclical adjustment, actively pre-adjust and fine-tune, stabilize aggregate demand, and iron out economic cycle fluctuations; It is not necessary to break through the bottom line of debt risk. Instead, we must balance the relationship between stable growth and risk prevention. On the basis of strengthening government debt management, we should appropriately expand the scale of fiscal expenditure. It is not necessary to engage in government big package, but to We will adopt more reform methods, use more market-oriented and rule-of-law methods, and work hard to promote the sustained and healthy development of the Chinese economy in the words of “consolidating, enhancing, upgrading, and smoothing”.

  Reporter: Just now you mentioned that a larger tax cut and fee reduction will be implemented this year. Can you tell us about the 2019 tax reduction and fee reduction policy?

Liu Kun: Since the 18th National Party Congress, China has continued to implement the tax reduction and fee reduction policy, focusing on the “subtraction” of government revenue in exchange for the “addition” of corporate benefits and the “multiplication” of market vitality. In 2018, on the basis of implementing the various tax reduction and fee reduction policies set at the beginning of the year, new measures were introduced in time according to changes in the economic situation in the middle of the year. The VAT rate for manufacturing, transportation and other industries will be lowered, the tax rebate for some enterprises will be refunded, the scope of small and micro enterprises enjoying tax preferential policies will be expanded, and new tax policies supporting R&D and innovation will be introduced to promote personal income tax reform. It is estimated that the market will reduce the burden on the market by about 1.3 trillion yuan, regardless of scale orGDPThe proportion of the company exceeds that of any country in the world, effectively reducing the cost burden of the real economy.

In 2019, the Ministry of Finance will, in accordance with the decision-making arrangements of the Party Central Committee and the State Council, and fully implement the tax reduction and fee reduction policies that have been introduced, while studying the larger-scale tax cuts and more obvious reductions. In formulating the plan, we must adhere to the three principles: one is to highlight the general benefits, the second is simple and easy, and the third is to implement the effect as soon as possible.

Taking the recent micro-enterprise inclusive tax breaks as an example, we have relaxed the criteria for small-scale and low-profit enterprises, involving 17.98 million enterprises, accounting for more than 95% of the total number of taxpaying enterprises in the country, 98% of which are private enterprises. Measures such as increasing income tax incentives, raising the threshold for small-scale taxpayers of value-added tax, halving the collection of some local taxes, and expanding the scope of application of preferential policies for start-up technology-based enterprises are all directly improving standards and relaxing scope. Hard hit hard. These measures will be implemented from January 1st, allowing companies to enjoy the policy dividend as soon as possible.

In addition, we will deepen the VAT reform and continue to promote substantial tax cuts. Full implementation of the revised personal income tax law and its implementation regulations, implementation of six special additional deduction policies to reduce the tax burden of residents. At the same time, in coordination with relevant departments, we will actively study and formulate comprehensive plans to reduce the rate of social insurance premiums, and further reduce the burden of social insurance contributions.

It is believed that with the gradual landing of larger tax cuts and more obvious policy of reducing fees, it will further stimulate the vitality of market players, boost market confidence, and promote the economy to achieve high-quality development.

  Reporter: What specific measures will be taken this year to improve the efficiency of the use of financial funds?

Liu Kun: Like a family, the government must pay attention to the benefits of spending money and arranging financial funds, that is, performance management of expenditures. We will follow the decision-making of the party's 19th "Comprehensive Implementation of Performance Management" to further improve the use of financial funds and improve the quality of public services.

The first is to expand. Promote the central government departments and localities to study and implement the program, coordinate the implementation of all measures for the full implementation of budget performance management, and extend the budget performance management to the grassroots units and capital use terminals. At the same time, expand the scope of the overall performance evaluation pilot of the central departments and units.

The second is optimization. Organize the central department and local finance to revise the budget performance management system, improve the budget performance management methods and processes, establish budget performance indicators and standards systems by industry, sub-area and sub-level, and accelerate the construction of budget performance management information.

The third is integration. Integrate the performance approach into the entire process of budgeting and implementation, and promote the integration of budget and performance management. Study and introduce the incentive and restraint mechanism linked to the performance evaluation results and budget arrangements, and promote the results of major policy and project performance evaluations to be submitted to the same level of people, and open to the public.

  Reporter: We have noticed that the Standing Committee of the National People's Congress has decided to authorize the State Council to issue local government governments to increase the debt limit in advance. What is the progress of this work? What measures will the Ministry of Finance take to strengthen the management of issuance and use?

Liu Kun: As you are concerned, the Seventh Session of the Standing Committee of the National People's Congress of the 13th National People's Congress decided to authorize the State Council to issue a new local government in advance in 2019, before the National People's Congress approved the local government debt limit in March 2019. The debt limit is 1.39 trillion yuan, including a new general debt limit of 580 billion yuan and a new special debt limit of 810 billion yuan. Currently, these new debt limits have been released.

At the same time, the Ministry of Finance has issued a special notice to improve the relevant management system, optimize the process of distribution and use, and require all localities to do a good job.

First, supervise the implementation of legal procedures. The provincial financial departments are required to allocate new local government debts to the budget in accordance with the new debt limit approved by the State Council in advance, and be implemented by the provincial government after being approved by the people's congress at the same level.

The second is to do a good job in project preparation. All localities are required to organize and prepare a batch of major projects that are in urgent need of financial support, especially the “half-pull” project under construction, and urge the regions and departments applying for bond funds to strictly implement project management responsibilities and prepare projects for debt financing in advance. Prepare work to ensure timely physical workload after debt issuance.

The third is to start the issuance of debt as soon as possible. It is required to start issuing bonds in January, and some parts of the Northeast that do not have construction conditions in the first quarter, etc., may be appropriately delayed in conjunction with the actual situation. The delay in the issuance of new bonds will not allow the development of major projects to be affected.

The fourth is to properly arrange the investment of funds. Require local governments to add some local government bond funds in advance in 2019, and use them for public welfare capital expenditures in accordance with the law, and focus on supporting major national strategies, implementing ex situ poverty alleviation and relocation, and poverty-stricken areas, especially the “three districts and three states” and other deep poverty areas. Infrastructure, pollution prevention, shantytown reconstruction, etc. The Party Central Committee and the State Council have made major decision-making arrangements to promote the construction of public welfare infrastructure for major railway projects, highways, major water conservancy projects, rural revitalization, ecological environmental protection, urban infrastructure, and rural infrastructure. .

The fifth is to speed up the use of funds. All localities are required to speed up the disbursement of local government bond funds. It is strictly forbidden to keep funds in the state treasury or settle in departmental units, urge project units and competent departments to implement management responsibilities, use bond funds in projects on time, and give full play to local government bond funds to stabilize investment and expand domestic demand. To complement the role of the short-term board and ensure that the decision-making arrangements of the Party Central Committee and the State Council are implemented and implemented.

  Series interview >>

  Liu Kun: Active fiscal policy to increase efficiency and promote high-quality economic development

  Ning Jiwei: Play a good role in the macro-policy counter-cyclical adjustment to ensure that the economy operates in a reasonable range

  Yi Gang: Implementing a sound monetary policy to maintain a stable and healthy development of the stock market, bond market and foreign exchange market

  Nursery: Accelerate the construction of a strong manufacturing country and a network powerhouse to maintain a stable and healthy development of the industrial communications industry

(Article source: Securities Times)

                (Editor: DF506)

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