On the 26th of July, at the State Council policy briefing, Liu Wei, the vice minister of the Ministry of Finance, responded positively for the first time that fiscal policy and monetary policy are the two pillars of the macroeconomic regulation system. . Whether it is a proactive fiscal policy or a prudent monetary policy, it is a major macro-policy orientation determined by the Party Central Committee and the State Council. The Ministry of Finance has been unswervingly implementing it.
“Why would the fiscal policy be more active? This is steadily promoted under the central government’s policy of the Central Economic Work Conference and the government work report. We are not going to make a big ups and downs. The State Council’s executive meeting called for camera pre-adjustment and fine-tuning according to the situation.” Liu Wei said, for example, to extend the research and development expenses by 75% to all enterprises. These are further increases under the overall logic at the beginning of the year. It is not a major fluctuation in the macro economy. We have not taken big water. Flood irrigation and assault measures.
Liu Wei believes that the fiscal policy is "more active" mainly has three contents: First, it can be fine-tuned according to the new situation, and it is possible to add some policy measures and do some additions. Second, some work has been included in the plan. Some major policies must be strengthened in the process of landing. Third, the policies of various departments should be linked and coordinated. Fiscal and monetary policies need to be promoted and coordinated.
Liu Wei pointed out that in the next step, the Ministry of Finance will adhere to the general tone of steady progress and strive for the strong stimulus of “big flood irrigation”, focusing on tax reduction and fee reduction to support the development of small and medium-sized enterprises, promote entrepreneurial innovation and stabilize employment. Focus, precise policy, improve efficiency, strengthen departmental collaboration, strengthen policy coordination, and better support the development of the real economy.
The first is to further reduce taxes. From 2018 to the end of 2020, the policy of increasing the deduction rate of R&D expenses to 75% will be expanded from all-skilled SMEs to all enterprises. The initial estimate is to reduce the annual revenue by RMB 65 billion.
Second, the 113 billion yuan that has been refunded to the advanced manufacturing, modern service, and grid enterprises for tax refunds will be basically completed by the end of September, and the policy dividend will be released as soon as possible.
The third is to help solve the financing difficulties of small and micro enterprises and accelerate the formation of national financing guarantee funds. Implement the first phase of fund investment of not less than 60 billion yuan, cooperate with provincial financing guarantee and re-guarantee institutions, support the development of financing guarantee industry, expand the scale of financing guarantee business of small and micro enterprises, and strive to achieve 150,000 (times) small micro-support each year. Corporate and new policy goals of 140 billion yuan in loans. We will reward the local government for expanding the scale of financing guarantee for small and micro enterprises and reducing the financing guarantee fees for small and micro enterprises. In conjunction with relevant departments, we will promptly introduce operational measures to increase the credit line of eligible small-scale enterprises and individual industrial and commercial households with exemption from VAT single-family credits from 1 million yuan to 5 million yuan.
The fourth is to strengthen the convergence of relevant parties, speed up the issuance and use of local government special bonds of 1.35 trillion yuan this year, and achieve early results in promoting infrastructure projects under construction.
"According to this year's budget arrangement, I hope that in the second half of the year, the third quarter and the fourth quarter will be the unreleased part of the 1.35 trillion yuan special bond. According to the project preparation situation, the local government will negotiate the financial institutions in a stable and orderly manner according to the principle of marketization. Released." Liu Wei said that we emphasize the need to effectively protect the financing needs of projects under construction, but these projects must comply with relevant policies and incorporate relevant plans. This is a project that should be promoted locally, and it cannot be a blind spread beyond the financial level. Avoid adding hidden debts.
We believe that the theme of state-owned enterprise reform should be carried out around central enterprises, and continue to grasp the enterprises that have been determined to implement mixed reforms or specific reform plans, such as China Power Construction, China Metallurgical, China Communications Construction, China Construction and other medium-sized enterprises. Big!
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