Since this year, the macro policy has played a series of "combination punches" to effectively consolidate and enhance the economic recovery trend. At the recently held meeting of the Political Bureau of the Central Committee, it was proposed that we should rely on forward efforts to effectively implement the macro policies that have been determined, and implement a positive fiscal policy and a prudent monetary policy. This releases an important signal of continuously increasing the implementation of macro policies.
As an important tool of macro-control, how to make the positive fiscal policy more effective has been highly concerned. The Central Economic Work Conference and this year's Report on the Work of the Government clearly stated that "active fiscal policies should be moderately strengthened and improved in quality and efficiency". In terms of practical measures, this year we will continue to make good use of fiscal policy space, optimize the combination of deficit, special debt, special national debt, tax incentives, financial subsidies and other policy tools, and promote the sustained recovery of the economy. In terms of fiscal expenditure, 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. Fiscal expenditure kept growing at a high base last year, and the progress of expenditure was reasonably accelerated, reflecting the policy of moving forward.
The economy has made a good start this year. At the same time, we should also see that the economic operation still faces many problems and challenges, especially the insufficient effective demand, the great pressure on enterprises to operate, and the many risks and hidden dangers in key areas. Macroeconomic regulation and control should face these prominent contradictions directly, improve the foresight, scientificity and effectiveness, especially pay attention to maintaining the pace and strength, and avoid tightening the front and loosening the back.
Make efforts forward, make full use of policy tools, especially issue and make good use of ultra long term special national debt as soon as possible, and accelerate the issuance and use of special bonds. According to the plan, it is planned to issue ultra long term special treasury bonds for several consecutive years starting this year, which will be used specifically for the implementation of major national strategies and the construction of security capacity in key areas. This year, 1 trillion yuan will be issued first. On the basis of doing a good job in the preliminary preparation of ultra long term special treasury bonds, the issuance should be started as soon as possible, and funds should be allocated and distributed in a timely manner. In addition, the issuance scale of local special bonds in the first quarter was smaller than that in previous years, which was affected by the demand for local project construction funds, bond market interest rates and other factors. In order to better play the role of special bonds in expanding investment and repairing weaknesses, we must also accelerate the progress of issuance and use. At present, investment growth is still under certain pressure. We should make good use of policy tools such as ultra long term special national debt, trillion yuan additional national debt, special bonds, and investment within the central budget. All kinds of funds should work together to promote reasonable investment growth.
If we rely on forward efforts, we must implement them and see actual results. In terms of investment expansion, the scale of bond funds is huge. For projects to be invested, we should strengthen the review and check, improve the quality, use funds in a standardized, safe and efficient manner, form physical workload as soon as possible, and give full play to the role of reinforcing weaknesses and benefiting people's livelihood. The effectiveness of special bonds can also be better played by optimizing and adjusting the investment fields of special bonds and the scope of project capital. In terms of promoting consumption, local governments are implementing and improving fiscal and tax support policies. Many places have taken out large scale "real gold and silver" to actively promote the trade in of cars, household appliances and other durable consumer goods. It is necessary to strengthen the whole process, whole chain and all-round supervision of funds, ensure that funds really benefit consumers, and improve the effectiveness and accuracy of the use of funds. Strengthening policy coordination can promote the effective realization of macro-control objectives. The central bank uses a variety of tools to release liquidity, ensure the smooth issuance of government bonds, gradually increase the purchase and sale of government bonds in open market operations, and enrich the monetary policy toolbox; We will use policy based finance, discount and subsidies, tax incentives and other policy tools to promote more funds to accurately serve small and micro enterprises and "agriculture, rural areas and farmers".
In addition, although the fiscal revenue has maintained a restorative growth trend, the growth pressure is still not small. In many places, the contradiction between revenue and expenditure is still prominent. It is necessary to ensure that the grassroots "three guarantees" (basic livelihood, wages, and operation) are paid on time and in full. On the basis of the central government maintaining a certain scale of local transfer payments, we will strengthen the implementation of local responsibilities, increase financial resources, and effectively secure the bottom line of "three guarantees" at the grass-roots level.
"When you take advantage of the situation, you can't lose it." To make a good start to the economy, macro policies should be more effective, stabilize market expectations, enhance the momentum of development, and promote the economy to take advantage of the situation. (Source: Economic Daily Author: Zeng Jinhua)
