Several relevant heads of the Ministry of Finance introduced at the press conference held by the State Council Information Office on April 22 that in the first quarter, fiscal revenue maintained a restorative growth trend based on comparable caliber, and the progress of fiscal expenditure was reasonably accelerated. The Ministry of Finance will launch the issuance of ultra long term special treasury bonds in a timely manner according to the distribution of ultra long term special treasury bonds; At the same time, guide local governments to reasonably grasp the rhythm of issuing special bonds and optimize the pace and intensity of government investment.
Reasonable acceleration of financial expenditure
Wang Dongwei, Vice Minister of the Ministry of Finance, introduced the fiscal revenue and expenditure in the first quarter. The national general public budget revenue in the first quarter was 6087.7 billion yuan, down 2.3% year on year. After deducting the influence of special factors, the comparable growth was about 2.2%, continuing the recovery growth trend.
As for special factors, Wang Dongwei said that, including partial tax relief for small, medium-sized and micro enterprises in the manufacturing industry in 2022, which raised the base number in the first few months of 2023, and the four tax reduction policies introduced in the middle of 2023, which have resulted in excessive fiscal revenue this year.
In the first quarter, the national tax revenue was 4917.2 billion yuan, down 4.9% year on year. After deducting the impact of the above special factors, the tax revenue maintained a steady growth.
In terms of fiscal expenditure, Wang Dongwei said that in the first quarter, the national general public budget expenditure increased by 2.9% year on year. In the main areas of expenditure, social security and employment expenditure was 1270.8 billion yuan, up 3.7%; Education expenditure was 1043.6 billion yuan, up 2.5%; Urban and rural community expenditure was 561.4 billion yuan, up 12.1%; The expenditure on agriculture, forestry and water was 518.5 billion yuan, up 13.1%; Expenditure on housing security was 204.9 billion yuan, up 7.8%.
The progress of financial expenditure was reasonably accelerated. Wang Dongwei said that in the first quarter, the national general public budget expenditure completed 24.5% of the budget, higher than the average level in recent three years. From the perspective of specific expenditure items, the progress of social security and employment, health, urban and rural communities, transportation, housing security and other expenditures is relatively fast, including 30.7% of social security and employment expenditures, 26.2% of urban and rural community expenditures, and 25.1% of health and transportation expenditures, all exceeding the chronological progress.
Optimize the pace and intensity of government investment
Regarding the work related to ultra long term special national debt, Wang Jianfan, Director of the Budget Department of the Ministry of Finance, said that the issuance of ultra long term special national debt would be launched in a timely manner according to the distribution of ultra long term special national debt projects. In combination with the bond market demand and the implementation cycle of the construction project corresponding to the super long term special national debt, the term of the issued varieties will be designed scientifically to achieve a reasonable match with the project term. We will co-ordinate the issuance of general and special treasury bonds, reasonably arrange the pace of issuance, and effectively guarantee the demand for funds for special treasury bonds.
We will strengthen the coordination of central and local funds, stock funds and incremental funds, and work together with ultra long term special national debt funds to improve the overall efficiency of funds. In combination with the actual situation of ultra long term special national debt funds, we will study and establish a regulatory mechanism, strengthen the supervision of the whole process of fund allocation, distribution and use, and ensure standardized, safe and efficient use.
Turning to the issuance of special bonds, Wang Jianfan said that the Ministry of Finance would work with relevant departments to guide local governments to reasonably grasp the rhythm of special bond issuance, optimize the pace and intensity of government investment, guide and guarantee the capital demand of major projects, improve the performance of bond funds, give full play to the driving and amplification effect of government investment, and consolidate and enhance the economic recovery trend, We will continue to promote the effective improvement of quality and reasonable growth of quantity in the economy.
He said that in 2024, the Ministry of Finance, together with relevant departments, will continue to optimize and adjust the investment fields of special bonds and the scope of project capital funds, include more new energy, new infrastructure, and new industries into the investment fields of special bonds, add "independent new energy storage", "comprehensive treatment of water environment in key basins", and include "affordable housing" into the scope of special bond support And other special bonds are included in the scope of project capital, and further play the role of special bonds in leveraging.
In addition, the recent "one bond is hard to find" of savings bonds has attracted market attention. Li Xianzhong, Director of the Treasury Department of the Ministry of Finance, said that he would pay close attention to the changes in the supply and demand relationship and sales of savings bonds, and study how to appropriately increase the issuance scale; We will study further reducing the single person purchase limit so that savings bonds can benefit more investors.
Support some large and medium-sized cities to implement renewal actions
In the first quarter, the central finance has issued policies and measures to support the cultivation of new drivers of economic growth. Turning to the next policy consideration, Wang Dongwei introduced that in terms of focusing on supporting the high-quality development of the manufacturing industry, the Ministry of Finance, together with the Ministry of Industry and Information Technology and other departments, will implement a new round of "specialized, special and new" financial support policies for SMEs, and cultivate more "supporting experts" in key links of the industrial chain; The pilot work of implementing new technological transformation cities in the manufacturing industry was launched. In 2024, a fund of 3 billion yuan was allocated to support the first 20 pilot cities or so to "transform intelligent transformation into digital networking" and improve the high-end, intelligent and green level of the manufacturing industry.
In order to promote the development and growth of the digital economy, we will work with relevant departments to start the digital transformation and upgrading of transportation infrastructure, support the digital transformation of a number of busy national highways, ordinary national highways and high-grade waterways, and promote the intelligent expansion, safety and efficiency improvement, and industrial integration of transportation facilities.
In terms of expanding and promoting domestic demand, we will work with relevant departments to start the work of supplementing the weak points of county charging and changing facilities. This year, we will support about 70 pilot counties in 24 provinces to tap the consumption potential of rural new energy vehicles.
Wang Dongwei introduced that he would work with relevant departments to support some large and medium-sized cities to implement urban renewal actions, carry out underground pipe network renovation, etc., and at the same time support a number of national comprehensive freight hub cities to supplement and strengthen the chain, further complement the weak points of infrastructure, and better play the pulling effect of government investment.
"Next, the Ministry of Finance will solidly implement positive fiscal policies, strengthen financial management and supervision, organically combine strengthening macro-control, focusing on expanding domestic demand, cultivating new drivers of development, and preventing and resolving risks, further improve the quality and efficiency of fiscal policies, and consolidate and enhance the economic recovery trend," said Wang Dongwei.
