Macro-economic policy to add momentum to China Tim macroeconomic policy for Chinas economic momentum Source: Ministry of Finance, State Administration of Taxation Source: Peoples Bank of China cartography: Guo Xiang Central Economic Work Conference required to continue to implement the proactive fiscal policy and prudent monetary policy.Looking back on 2020, what kind of macroeconomic policy has played a role in promoting the development of high-quality?Enterprise and how people feel?Looking to 2020, the proactive fiscal policy how strong quality and efficiency, pay more attention to structural adjustment?How prudent monetary policy flexible and appropriate to maintain adequate liquidity and reasonable?This reporter interviewed relevant experts and businesses to explore how macroeconomic policy further add momentum to Chinas economic and work together to promote the development of high-quality.- Editor quality and efficiency - fiscal policy portfolio full strength newspaper reporter Qu Zhe Han tax cuts drop fee significant effect, corporate residents get a sense of full year 2020, the proactive fiscal policy afterburner and efficiency, many highlights, one of the most Liang was undoubtedly cuts down the cost benefit thousands of businesses and individuals "big red envelope"."It is fairer and more effective in reducing the burden."Fujian Snowman Co., Ltd. Deputy General Manager Lin Rujie told reporters the company 9.2 million yuan in 2020 can pay less VAT."Tax cuts significantly reduce the amount of funds used, so we have more money for research and development and improve employee benefits, post-save effort for the development of."Ministry of Finance released data show that three quarters of 2020, Chinas total new tax cuts drop fee 1.7834 trillion yuan, of which the new Pratt & Whitney small micro-enterprise tax policy 202.7 billion yuan.Another set of data is: the first three quarters of 2020, 45% of the manufacturing cost taxpayers will drop tax dividend increase for R & D investment; the tax department monitored 100 000 key sources of business R & D expenses increased by 20.3%.Like snowman shares the same in 2020, many companies reduce costs because tax favorable policies, climbing over Hom won the "accelerator"."Tax cuts drop fee policies give full play to the role of counter-cyclical regulation.Especially by reducing the tax rate to make the policy more stability, transparency, companies can do under the new tax rate increase or decrease production, R & D, innovation and investment planning, the development of more certainty, in order to stimulate the vitality of enterprises.At the same time, part of the population increased cash income, willingness to improve the immediate consumption."President of the Chinese Academy of Fiscal Science, said Liu Shangxi.Liu Shangxi believe that tax cuts need to continue to reduce costs to implement the fine fall further enhance the sense of access to business and residents.Strategic Research Institute Chinese Academy of Social Finance Yang Zhiyong recommended for consumption-related tax adjustments, both to promote domestic consumption, but also allows a considerable amount of consumption abroad reflux.Protection of key areas of expenditure, doing everything possible to stimulate investment in 2020, massive tax cuts drop fee cause some local fiscal revenue growth has slowed, but the focus areas of spending still get better protection.Ministry of Finance Budget Division Deputy Director Hao Lei said, by the central government to increase transfer payments to local efforts to urge local Yajian general expenses, raised by local guide revitalize the stock funds and funds of state-owned resource assets, etc.."At the same time, the government continued to tighten their belts, to Yajian general expenses, and control of Excellencies budget, to cancel invalid inefficient spending, the savings will be used to implement priority guarantee wages, operation, basic security peoples livelihood and other expenses."Hao Lei said.By 2020, the role of local debt in played more prominent investment guide.According to the State Department authorization, after 2020 years, the financial sector can be added within a year of local government debt limit of 60%, ahead of next year issued new local debt limit.Recently, the Ministry of Finance issued in 2020 in advance some of the new projects the debt limit one trillion yuan, accounting for 2020 new year special debt limit 2.15 trillion yuan of 47%."2020 special debt issued in advance some of the new quota, fixed asset investment will help expand and accelerate the progress of project preparation and investment."Said Yang Zhiyong."Under the new regulations, a special debt can be used to meet the requirements of major capital projects, which is equivalent to the project by letter, you can play a leverage effect, leveraging more social capital to follow up."Zhao full-thickness director of the China Center for Financial Research Institute for Fiscal Science, believes the project can be used for special debt capital is mainly class infrastructure, such as roads, laying pipe network, will further promote investment in other industries.Strengthen the linkage with the money, industry, consumer and environmental protection policies, policies to improve interoperability in 2020, the proactive fiscal policy on how vigorously the quality and efficiency?Experts believe that it is important to strengthen the linkage with the money, industry, consumer and environmental protection policies, policies to improve interoperability."For example, local government debt sent out, whether local industrial supporting policies in place, whether the corresponding matching funds timely follow-up, are likely to affect the efficiency of use of financial resources.Therefore, the introduction of relevant policies and implementation process, there must be linkage, collaborative awareness."Said Yang Zhiyong.In Liu Shangxi view, but also pay attention is not to form a hedge, additive effect between the various policies."When the introduction of the policy, should set aside time for the market to digest, give full consideration to the markets capacity; support new formats, new industries, new model of the process, we should pay attention to establish a fair competitive business environment, these are the policies should be coordinated attention to the problem."He says."Tax cuts drop fee can conserve the tax base, but over time, fiscal balance still pressure.And the money spent not a minute less, in particular for improving peoples livelihood, increased fiscal spending quality public services to maintain a certain scale.This requires government departments to find ways on spending cuts."Liu Shangxi believe that the optimal adjustment expenditure structure, is a proactive fiscal policy strong quality and efficiency in the proper meaning of the title."To continue to strengthen the financial expenditure performance management, keep a good treasury; more importantly, to government revenues of pressure into motivation to make greater efforts to reform the department of general expenses."Liu Shangxi that in recent years to reform the department of general expenditures in proportion Yajian only in the original base, currently requires a combination of new departments function adjustment, to make re-approved expenditure base, resolutely cut down unnecessary items.Flexible moderate - heavy monetary policy to ease the supply excellent newspaper reporter Wang Guan January 6, the central bank cut the deposit reserve ratio of financial institutions 0.5 percentage points, the overall drop brigadier general release of long-term funds of about 800 billion yuan.Beginning of this year, the central bank to use monetary policy tools to directly support the real economy, to maintain adequate liquidity and reasonable.This year, flexible and appropriate monetary policy will have any performance, the market is looking forward to.To maintain adequate liquidity and reasonable "Linhai Rural Commercial Bank launched annual loan approval, a one-time loan contract can be signed for three years, during which well need to raise funds to repay, without having to go through any formalities renew loans, loan conditions do not improve, enjoy It is still collateral-free credit.This is really good news for businesses!"Time Cable Co., Ltd. Zhejiang, the official said.Deputy Governor of the Bank of Agriculture and Commerce Hong Linhai right to introduce a one-time payment of medium-term loans, it can inject financial resources to the enterprise, to avoid out of stock funds because they do not match the term of the loan with the business cycle leads.Funding is essential to the production and operation.How the financing situation of enterprises, but also closely linked with the monetary and financial environment."Prudent monetary policy stance has not changed, flexible and appropriate is intended to highlight the flexibility of monetary policy."Said lead researcher Wen Bin said Minsheng Bank.State Finance and Development Laboratory Distinguished Fellow Dong Ximiao that "flexible and appropriate" means that monetary policy will focus more on fine-tuning, to maintain adequate liquidity and reasonable, and strive to create a more appropriate monetary and financial environment for high-quality economic development.Wen Bin believes, should continue to guide financial institutions to optimize the credit structure, to ensure that the real economy such as manufacturing capital flows."Overall, the monetary policy on the regulation of the total amount of liquidity will remain robust and appropriate, use a variety of combinations of liquidity facilities the flexibility to accurately drip monetary policy will continue to adhere to the practice of.In addition, the total amount of liquidity will be coordinated with the policy of force financial, investment, employment, industry, etc., it is necessary to ensure adequate, but also to ensure appropriate."Bank of Communications, a senior fellow at Center for Financial Research, said Chen Ji.Dredge Monetary Policy Transmission in 2020, the central bank interest rate loans to improve the market price formation mechanism, quotations changed form in accordance with open market operations rate plus point is conducive to clear the market interest rate transmission channel, breaking the implicit interest rate limit, promote and reduce financing costs.Experts believe that the deepening of the financial supply-side structural reforms, is the fundamental way to improve the financial supply, improve the quality of supply."Deepen structural reforms of financial supply side, it is necessary to optimize the financing structure and financial system, the market system, financial system products, provide more personalized as corporate entities, differentiated, customized financial products and services, liquidity will lead business entities, to prevent the financial resources off the virtual reality."Chen Ji said.Monetary policy can not go it alone, you need to cooperate with each other and other policies, "several lift" join forces.In 2020, in accordance with the general idea of "a few lift", the small micro-enterprise financial services made progress.Secretary Peoples Bank of financial markets Zou Lan said the next step, the PBC will strengthen coordination and cooperation in finance, taxation, public letter to other departments, continue to play well, "several lift" force, improve financial services to small and micro enterprises for sustainable business mechanism, efforts to ease the financing difficulties of small micro-enterprise financing your problem.For example, financing guarantee fund to promote the country to play a role in guiding government financing guarantee institutions to reduce small micro-enterprise finance guarantee rate, increased warranty support coverage.Cleanup standardize enterprise mortgage registration, asset evaluation, bridge and other additional costs, strengthen supervision and inspection and monitoring and analysis, to reduce the burden on enterprises.Promoting local compensation and risk-sharing mechanisms to improve the loan, accelerate the construction of regional small and micro enterprises credit information sharing platform to ease the information asymmetry between banks and enterprises.Speed up financial reform Dong Ximiao that the increase in long-term financing of manufacturing, should be an important force point to optimize the financial supply.You can explore the development of specialized systems and measures for manufacturing loans and credit schemes, increased debt issuance, listing and other direct financing efforts to guide financial institutions in the prevention of risk under the premise of increased support for the manufacturing sector.It is noteworthy that, to speed up the financial system, the Central Economic Work Conference made careful plans and arrangements for big banks, small banks, rural credit cooperatives are involved.Dong Ximiao analysis, "to guide the focus of sinking large banking services", requiring large banks should change the "big base" "sugar daddy" phenomenon, to develop inclusive finance, increase private small and micro enterprises and "Support Agriculture" ; "to promote small and medium banks focus the primary responsibility for the main business," which called City firms, agricultural firms and other small banks to further correct development concept, back to basics, rooted in local, local services, adhere to the traditional business deposits and loans as the main business model; "deepen reform of rural credit cooperatives ", which means to strengthen and deepen the reform of rural credit cooperatives, play service Agriculture dominant role, to enhance the capacity of rural financial services.