On July 14, the semi annual report of China's fiscal revenue and expenditure was released: in the first half of the year, the national general public budget revenue was 10522.1 billion yuan, of which 1840.8 billion yuan was offset by tax rebates. The national general public budget expenditure was 12888.7 billion yuan, an increase of 5.9%. Between one charge and one expenditure, it shows the effectiveness of this year's proactive fiscal policy. Tax rebates, tax reductions, transfer payments, etc. have been strengthened, and the issuance and use of special bonds and the retention of tax rebates have been accelerated, benefiting enterprises and the people, highlighting the accuracy of temperature. The effect of fiscal policy on stabilizing the economy and ensuring people's livelihood has become increasingly apparent. Large scale retention and tax rebate inject cash into enterprises 1845.5 billion yuan - this is the total amount of tax refunds retained and paid to the taxpayer's account in the first half of the year, which has reached 2.9 times the scale of tax rebates handled by the tax authorities last year. A year-on-year increase of 10.6% - this is the growth rate of the sales revenue of tax refunded enterprises nationwide in May this year. 5.547 million households - this is the number of new tax related market entities in the first five months of this year. These groups of data fully confirm that as the "highlight" of China's new combined tax support policy, the implementation of large-scale tax rebates is strong and the effect of benefiting enterprises is good. We will expand the scope of benefits and include more industries in the value-added tax rebate. Accelerate the progress of implementation. Small and micro enterprises will be refunded all at once before the end of June, and medium-sized enterprises and large enterprises will be refunded in advance... The package of policies will send a "timely rain" to more market players to ensure that the policy effect will be released in the first half of the year. An additional 142billion yuan will be added to the original plan of 1.5 trillion yuan of tax rebate; Expand the scope of implementation of the policy of phased deferred payment of social insurance premiums and extend the period of deferred payment; The phased reduction of some passenger vehicle purchase taxes by 60billion yuan has further boosted automobile consumption... Since March this year, in the face of the new economic situation, incremental policy tools have been intensively implemented. "By implementing the large-scale retention tax rebate policy, it has effectively alleviated the financial pressure of enterprises, injected cash into enterprise equipment upgrading and technological transformation, provided a strong driving force for stabilizing market players and employment, and played an important role in boosting the confidence of market players, expanding consumption and investment, enhancing the endogenous driving force of development, and stabilizing the macro-economic market." Wei Yan, deputy director of the tax administration department of the Ministry of finance, said at the press conference held by the Ministry of Finance on the 14th. Special bonds move forward to leverage effective investment In response to the downward pressure on the economy and the impact of the epidemic, China has arranged new special bond lines of 3.75 trillion yuan, 3.65 trillion yuan and 3.65 trillion yuan respectively from 2020 to 2022, maintaining a high scale. Compared with previous years, as an important starting point for the implementation of active fiscal policy, the issuance and use of special bonds of local governments in China this year more reflect the characteristics of fiscal policy, and play an important role in driving the expansion of effective investment. Song Qichao, a first-class inspector of the budget department of the Ministry of Finance and director of the government debt research and evaluation center, said that the issuance of local bonds was early this year - 1.46 trillion yuan of new special bonds was issued in advance in December last year, and all new special bonds for project construction were issued in March this year, about 3 months earlier than the previous year on average. The issuance progress is fast - by the end of June, 3.41 trillion yuan of new special bonds had been issued across the country. The amount of new special bonds for project construction was basically issued in 2022, much earlier than in previous years. Priority support for major projects - 71000 special bond projects will be reserved in two batches in 2022. From January to June, the new special bonds issued supported more than 23800 projects. All localities are required to give priority to supporting key projects included in the outline of the national "14th five year plan" and major regional development strategies, and resolutely not "pepper". The role of leveraging investment is obvious - from January to June, various regions arranged more than 240 billion yuan of special bond funds as capital for major projects, effectively giving play to the leveraging role of government investment. Hold fast to the bottom line of "Three Guarantees" and effectively ensure people's livelihood In the first half of the year, the national general public budget expenditure was 12888.7 billion yuan, an increase of 5.9% over the same period last year. Xue Xianqian, deputy director of the treasury payment center of the Ministry of finance, said that expenditures in key areas such as people's livelihood were effectively guaranteed, including expenditures on science and technology, agriculture, forestry, water, sanitation and health, education, social security and employment, which increased by 17.3%, 11%, 7.7%, 4.2% and 3.6% respectively. In order to effectively guarantee key expenditures and ensure the basic financial resources required by local grass-roots units to "ensure basic people's livelihood, wages and transportation" under the premise of implementing the large-scale tax rebate and reduction policy, since this year, the financial department has taken multiple measures to ensure the bottom line of people's livelihood. Increase the transfer payment from the central government to local governments. In terms of scale, the transfer payment from the central government to local governments in 2022 was nearly 9.8 trillion yuan, the largest scale over the years; In terms of growth rate, the central to local transfer payment in 2022 increased by about 1.5 trillion yuan over the previous year, an increase of 18%, the highest growth rate in recent years. Urge local governments to take the expenditure of the three guarantees as the focus of budget expenditure, and adhere to the priority of the expenditure of the Three Guarantees in the budget arrangement. In 2022, the central government will further expand the scope of direct funds from the central government, including all eligible funds for benefiting enterprises and people, with a total scale of about 4trillion yuan. According to preliminary statistics, the expenditure on basic livelihood such as pension, compulsory education, basic medical treatment and basic housing reached 1.17 trillion yuan. …… Jia Li, vice president and researcher of the Chinese Academy of fiscal Sciences, said that fiscal expenditure maintained a stable growth in the first half of the year. Expenditures in key areas such as people's livelihood have been effectively guaranteed. This shows that in the case of declining fiscal revenue, financial departments at all levels have focused on the requirements of "six stabilities" and "six guarantees", strengthened the implementation and management of expenditure budgets, actively revitalized the financial stock, and ensured the livelihood of the people and other key expenditure needs. "Since this year, fiscal policy has given full play to the role of unblocking the economic cycle, expanding aggregate demand and boosting expectations." Luo Zhiheng, chief economist of YueKai securities and President of the Research Institute, said that in the first half of the year, China's economy continued to face "triple pressure". Active fiscal policies took the initiative to promote the anti epidemic relief, alleviate the operating pressure of market players, hedge the lack of total demand, and open up supply channels by means of large-scale tax cuts, fee reductions, tax rebates, accelerating the issuance and use of special bonds, and increasing local transfer payments, It has made great contributions to stabilizing the economic market. Luo Zhiheng said that the proactive fiscal policy in the second half of the year should continue to serve the general requirements of "stability first and progress in stability", improve efficiency, be more accurate and sustainable, strengthen macro policy regulation, implement fiscal incremental tools, balance steady growth, prevent risks, implement grassroots three guarantees and support major national strategies. (Xinhua News Agency)