Boost efficiency and implement proactive fiscal policies
We strive to complete the issuance of new special bonds by the end of September, use up the funds for project construction special bonds by the end of October, and continue to optimize and improve a number of tax reduction and fee reduction policies. Recently, a series of "high value" measures have been intensively introduced, indicating that positive fiscal policies continue to be strengthened and improved.
Currently, China's economic operation is facing new difficulties and challenges. The Politburo meeting of the Central Committee of the Communist Party of China emphasized the need to make good use of policy space, find the right direction for development, implement precise and effective macroeconomic regulation, strengthen countercyclical regulation and policy reserves. As one of the main tools of macroeconomic regulation, the trend of fiscal policy has attracted much attention. After the central government made clear requirements, the State Council made a series of specific deployments in its report on budget implementation since the beginning of this year, conveying clear policy signals. It can be said that active fiscal policies will play an important role in promoting the continuous improvement of economic operation.
Positive fiscal policies need to be intensified, focusing on expanding domestic demand and boosting confidence, enhancing endogenous momentum, and stabilizing social expectations. Since the beginning of this year, the issuance and use of special bonds have accelerated. We not only need to increase efforts, but also focus on improving efficiency, strengthening project reserves and post investment management, and improving the efficiency of fund utilization. Special bonds need to play a better role in guiding and driving social investment, and it is also necessary to expand their investment areas and use them as project capital. Tax and fee preferential policies are an important means to boost market confidence and enhance endogenous momentum. Statistics show that in the first seven months, the newly added tax reductions and deferred tax refunds in China have reached 1.05 trillion yuan. Recently, relevant departments have continued and optimized a batch of phased tax and fee preferential policies, and launched a set of tax and fee policy combinations to support enterprises, especially small and medium-sized enterprises, in their development and relief. In addition, continuing multiple tax incentives such as innovative enterprise depositary receipts and equity incentives for listed companies, and implementing a halving of the stamp duty on securities transactions, is also conducive to promoting the sustainable and healthy development of the capital market. These policies have a strong and clear direction, reflecting the characteristics of continuity and precision. We need to implement them well and truly take effect.
Active fiscal policies should raise the temperature and effectively safeguard and improve people's livelihoods. According to the central deployment, it is necessary to comprehensively consider raising stable employment to a strategic level, firmly consolidate the bottom line of grassroots "three guarantees", and expand the middle-income group. Among them, fiscal policy plays a crucial role. Since the beginning of this year, fiscal policies have strengthened support for small and medium-sized enterprises by strengthening funding guidance, ensuring financing needs, and supporting stable employment, which is conducive to stabilizing employment. Recently, the personal income tax special additional deduction standards for caring for infants and young children under 3 years old, educating children, and supporting the elderly have been raised. Taxpayers have enjoyed the policy dividend, which has played an immediate role in promoting income growth and expanding consumption. The issue of people's livelihoods, especially employment, is closely related to thousands of households. We need to increase our financial resources, enhance the guarantee of livelihood expenditures, and continuously improve the sense of gain, happiness, and security of the people.
An active fiscal policy should also focus on preventing risks, especially local government debt risks. In some places, there are prominent income and expenditure contradictions, and government debt pressure is high. We should attach great importance to risk prevention and resolution work, formulate and implement a comprehensive debt reduction plan, do a good job in resolving hidden debt risks, and ensure the safe operation of the economy and society.
In the process of economic recovery and development, although some contradictions and problems are still prominent, China has sufficient macroeconomic policy space, rich policy tools, and the ability to cope with various uncertainties and risk challenges. In the implementation of fiscal policies, it is necessary to strengthen operational monitoring, situation analysis, and effectiveness evaluation, actively carry out policy reserve research, and timely respond to the needs of economic operation and enterprise development. At the same time, we will strengthen the coordination and coordination of macroeconomic policies such as fiscal and monetary policies, better leverage synergies, and promote sustained economic recovery and improvement.