Accurate and effective implementation of macroeconomic regulation
2023-07-27
The "Half Year Report" of China's economy shows that since the beginning of this year, the national economy has continued to recover and overall rebounded. At the same time, issues such as insufficient domestic demand and operational difficulties for some enterprises cannot be ignored. During the deployment of economic work in the second half of the year, the Central Political Bureau meeting pointed out the need to increase macroeconomic policy regulation, focus on expanding domestic demand, boosting confidence, and preventing risks. Vigorously supporting the real economy in the first half of the year, the gross domestic product grew by 5.5% year-on-year, significantly faster than the economic growth rate of 3% for the entire year last year and 4.5% for the first quarter. This achievement cannot be achieved without the proactive efforts of macroeconomic policies such as fiscal and monetary policies. To consolidate the sustained recovery of development momentum and address the difficulties and challenges faced by economic operation, macro policies need to further play a role. The deployment of the Central Political Bureau meeting is to continue, optimize, improve, and implement tax and fee reduction policies, leverage the role of aggregate and structural monetary policy tools, and vigorously support technological innovation, the development of the real economy, and small and micro enterprises. Since the beginning of this year, in accordance with the requirements of "the continuation of the continuation and optimization", relevant departments have improved tax and fee preferential policies, enhanced policy accuracy and targeted, involving incentives for enterprises to increase research and development investment, support for the development of small and micro enterprises and individual businesses, and support for employment and livelihood protection. According to the statistics of the State Taxation Administration, in the first four months, 468.9 billion yuan of new tax cuts and fees, tax rebates and deferred fees were added nationwide. Yang Zhiyong, Director of the Finance and Taxation Research Center of the Chinese Academy of Social Sciences, believes that tax and fee incentives should be further implemented with precision, and more targeted assistance should be provided to business entities, especially small and medium-sized enterprises, as well as individual businesses, to solve their problems and face the prominent problems they have reported. Unregulated fees, fines, and assessments should be effectively prevented. Insufficient demand is a prominent contradiction facing the current economic operation. Li Xuhong, director of the Academic Committee of the National Accounting Institute in Beijing, believes that tax policies can further expand demand and boost consumption. For example, implementing tax policies to support small and medium-sized enterprises, as well as private enterprises, to increase residents' disposable income from the perspective of promoting employment and thereby expand consumption scale; By implementing policies such as tax reduction and exemption for the purchase of new energy vehicles, we aim to help upgrade consumption and increase total consumption. The relevant person in charge of the Ministry of Finance stated that on the basis of implementing the various policies already introduced this year, we should strengthen policy reserves in response to changes in the situation, actively plan targeted and practical tax and fee preferential policies, focus on relieving difficulties for business entities, continuously enhance development momentum, optimize economic structure, and promote sustained economic recovery and improvement. In terms of monetary policy tools, we will continue to implement inclusive small and micro loan support tools, carbon emission reduction support tools, and special re loans to support clean and efficient utilization of coal, and increase support for key areas such as small and micro enterprises and green development; Implement the "Action Plan for Increasing Efforts to Support Financing of Technological Enterprises" and increase financial support for technological innovation. For policy tools that have already ended their implementation period, the stock balance will continue to play a policy role. It is necessary to ensure that the support of the banking system for relevant fields does not decrease, and if necessary, new policy tools can be created to provide precise financial support for key areas and weak links in the high-quality development stage. "said Zou Lan, Director of the Monetary Policy Department of the People's Bank of China. Positive
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：economic daily
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