The central economic work conference held a few days ago set the tone for next year's macroeconomic policy. Among them, the active fiscal policy should "improve efficiency and pay more attention to accuracy and sustainability". At the same time, it is proposed to "implement the new policy of tax reduction and fee reduction" and "moderately advance infrastructure investment". In this regard, experts said that next year, China's economic work should be stable and seek progress in stability. In this context, the active fiscal policy will focus on achieving "stability" and "progress". The central economic work conference pointed out that active fiscal policies should improve efficiency and pay more attention to accuracy and sustainability. We should ensure the intensity of fiscal expenditure and speed up the progress of expenditure. We will implement new tax reduction and fee reduction policies, strengthen support for small, medium-sized and micro enterprises, individual industrial and commercial households, manufacturing and risk resolution, and moderately advance infrastructure investment. Party and government organs should adhere to a tight life. Strict financial discipline. We will resolutely curb new implicit debts of local governments. Yang Zhiyong, vice president of the Institute of financial strategy of the Chinese Academy of Social Sciences, said that next year's fiscal policy emphasizes "efficiency", "more precision" and "sustainability", indicating that more attention should be paid to the accuracy of the policy and the sustainability of finance. Specifically, to ensure the intensity of fiscal expenditure, accelerate the progress of expenditure, and emphasize supporting market players, supporting manufacturing and resolving risks are the needs of "stability". Li Xuhong, director of the Institute of fiscal policy and application of the National Institute of accounting in Beijing, said that next year's economic work should be stable and seek progress while maintaining stability. On the one hand, we should consolidate the effect of the implementation of active fiscal policies in recent years and help the stable operation of the macro economy; On the other hand, we also need to take into account the difficulties and uncertainties in the economic environment under the impact of the epidemic, and there is a certain pressure on financial operation to maintain financial sustainability. With regard to the "implementation of the new tax reduction and fee reduction policy", Li Xuhong said that after the large-scale continuous tax reduction during the 13th Five Year Plan period, the policy effect analysis shows that the contribution of tax reduction and fee reduction to the economy is obvious, targeted and accurate policies, and the continuation of effective tax reduction and fee reduction measures can help the economy to stabilize and achieve a long future, It also helps to create better sustainable development space for market players. "In terms of specific measures, we can make precise efforts to strengthen the support for small, medium-sized and micro enterprises, individual industrial and commercial households, manufacturing industry, etc. through a variety of combination measures, such as reducing taxes and fees for small, medium-sized and micro enterprises, increasing the deduction of R & D expenses, and expanding the scope of application of retention tax rebates." Luo Zhiheng, vice president of YueKai Securities Research Institute, believes that "precision" reflects the fiscal policy. We should use limited funds on the "blade", give better play to the function of structural adjustment and serve the national strategic task and overall stability. "Sustainability" reflects that at the cost of not overdrawing future fiscal space, the policy considers not only the present, but also the future. "Under the current downward pressure on the economy, fiscal policy needs to continue to maintain positive efforts and improve efficiency." Feng Xuming, director of the Macro Policy Research Office of the Institute of quantitative economics and technical economics of the Chinese Academy of Social Sciences, said that positive finance will reflect the new connotation of three dimensions next year: first, in terms of "strength", on the one hand, implement the new tax reduction and fee reduction policy, continue to maintain an appropriate intensity of fiscal expenditure and hedge against the downward demand of the private sector. Second, in terms of "structure", optimize the structure of fiscal expenditure. Specifically, there are three "strengthening": strengthening support for small, medium-sized and micro enterprises, individual industrial and commercial households, manufacturing industry and risk resolution; Strengthen the support for the "two new and one heavy" construction, technological transformation, capacity greening and other fields, and help the supply side to consolidate its capital and cultivate its yuan through fiscal expenditure; We will strengthen the expansion of supply and improve the quality of public services such as education, culture, sports, elderly care and medical care. Third, in terms of "rhythm", appropriately move forward the rhythm of fiscal expenditure, especially moderately advance infrastructure investment. On December 14, the Ministry of Finance held a party group meeting to convey and study the spirit of the central economic work conference. The meeting demanded that we should accurately grasp the requirements of stability and progress in stability, improve the efficiency of fiscal policy around the implementation of the decisions and arrangements of the Party Central Committee, strengthen budget preparation, audit and expenditure management, coordinate financial resources, ensure the intensity of fiscal expenditure, accelerate the progress of expenditure, implement the performance evaluation of fiscal funds in the whole process, and strengthen the coordination with monetary policy, Ensure that macro policies are sound and effective. We should implement more precise requirements, plan every fiscal measure, make good use of every fiscal expenditure, accurately provide basic public services, implement new tax reduction and fee reduction policies, and continuously improve the accuracy of transfer payments. The meeting also stressed that we should do our best and act according to our ability, highlight the foresight and pertinence of fiscal policies, highlight the effectiveness and sustainability of people's livelihood policies, implement the tight living requirements of Party and government organs, and reduce administrative costs. We should resolutely curb the increase of local government implicit debt, steadily resolve the hidden risks of local government implicit debt, and ensure financial sustainability. (outlook new era)