2024-01-23 21:40:23
Local finances have implemented a combination of measures to stabilize the economy
Recently, financial departments in many places have successively held financial work meetings to “set priorities” for fiscal work in 2024. In the past year, although local finance faced greater pressure to balance revenue and expenditure, it still maintained a stable operating situation overall. Multiple measures were taken to promote the implementation of proactive fiscal policies and effectively played an important role in stabilizing expectations and stabilizing the economy. At present, what are the specific characteristics of local fiscal operations, and how will local finances actively exert efforts in the new year?
The stable foundation continues to be consolidated
“Generally speaking, local finance has been stable and improving since last year, which is consistent with the overall trend of national economic development, and fiscal and economic coordination has been continuously enhanced. At the same time, the growth rate and proportion of tax revenue in most regions are increasing, rather than The growth rate and proportion of tax revenue are both decreasing, indicating that the quality of local fiscal revenue in my country has further improved.” Bai Yanfeng, a professor at the School of Finance and Taxation at the Central University of Finance and Economics, said that judging from the development of regional finance, the growth of local fiscal revenue in the west, northeast and other regions has maintained The relatively fast growth rate shows that the development resilience of my country’s regional economy has been further released and the degree of coordinated regional development has been effectively improved.
These characteristics are evident in the fiscal revenue and expenditure data for 2023 recently disclosed in many places. For example, Jiangsu’s general public budget revenue in 2023 will reach 993 billion yuan, an increase of 7.3%. Among them, tax revenue reached 797.7 billion yuan, an increase of 17.3%; non-tax revenue reached 195.3 billion yuan, a decrease of 20.5%. The province’s tax revenue accounted for 80.3%. Inner Mongolia’s general public budget revenue in 2023 is 308.34 billion yuan, an increase of 25.9 billion yuan or 9.2% over the same period last year.
In addition, Hunan will complete local general public budget revenue of 336.05 billion yuan in 2023, an increase of 8.3%. Local tax revenue accounted for 65.7% of local revenue, an increase of 1.1 percentage points from the previous year. The sum of value-added tax and income tax accounted for 51.7% of local tax revenue, an increase of 7.9 percentage points from the same period last year, and the revenue structure was further optimized.
“In 2023, my country’s local finance will operate stably overall, the ‘three guarantees’ will be strong, support for corporate bailouts and economic transformation and development will continue unabated, investment in basic scientific research and science and technology in key areas will increase rapidly, government investment growth will accelerate significantly, and fiscal policies will support the stabilization of foreign trade, Efforts to stabilize exports and expand domestic demand continue to increase, playing a vital role in the stable development of the local economy.” said Zhang Yiqun, director of the Jilin Provincial Institute of Fiscal Science.
Recently, many places have made detailed arrangements to focus on this year’s fiscal revenue work. For example, the relevant person in charge of the Chongqing Municipal Finance Bureau stated that they will implement various tax reduction and fee reduction policies to conserve tax sources and consolidate the tax base; standardize non-tax collection and actively stabilize land revenue expectations; improve the revenue handover mechanism, and effectively increase state-owned capital Budget revenue levels. The Guangdong Provincial Financial Work Conference made it clear that this year will focus on financial management reform, improve financial governance efficiency, and continuously improve financial management capabilities; at the same time, we must practice frugality, integrate the requirements of tight living into daily financial management work, and strengthen government investment projects Cost-effectiveness management and strengthening government procurement supervision.
“Overall, through various measures such as reducing general fiscal expenditures, revitalizing existing asset resources, reorganizing local financing platforms, and coordinating fiscal and financial policies, various localities have fully achieved rapid growth in local fiscal revenue and effectively guaranteed key fiscal expenditures. , the incremental stock of local debt is balanced and orderly.” Zhang Yiqun said that as the current economy continues to rebound and improve, the effects of relevant policies are accelerated, and the foundation for local fiscal stability will continue to be strengthened.
Focus on key points and make active efforts
Judging from the information released at recent local financial work conferences, local finance this year will further focus on high-quality development and implement precise policies. For example, the Shaanxi financial department has focused on supporting the development of technological innovation, promoting the construction of a modern industrial system, and taking multiple measures to promote consumption and investment. “What should be protected must be protected, what should be suppressed must be suppressed, and what should be cut must be cut. By strengthening management and improving standards, the same money can be spent to achieve greater results, better utilize the effectiveness of fiscal policies, and continue to improve the effectiveness of fiscal governance. “The relevant person in charge of the Shaanxi Provincial Department of Finance said.
Qinghai Finance will keep a close eye on major strategies this year, focusing on giving priority to ecological protection, accelerating the construction of the “four locations” of industries, accurately guaranteeing key projects, continuing to improve people’s livelihood and well-being, strengthening the implementation of scientific and technological innovation, and efficiently allocating and using financial resources. This year, the Guangdong financial department will focus on supporting the construction of the Guangdong-Hong Kong-Macao Greater Bay Area in the new stage, building a strong province in manufacturing, education, science and technology innovation, talents, and oceans, and the “high-quality development project of hundreds of counties, thousands of towns, and thousands of villages.” , Green Beauty Guangdong ecological construction and other aspects of work.
“This year, we will improve the working mechanism for concentrating financial resources on major tasks and strengthen the financial guarantee for major strategic tasks. We will establish a long-term mechanism to normalize tight living conditions and continue to reduce administrative operating costs. At the same time, we will increase the ‘three guarantees’ subsidies and build a solid foundation The bottom line of the ‘three guarantees’ at the grassroots level.” said the relevant person in charge of the Chongqing Municipal Finance Bureau.
In addition, Shanxi’s financial department will focus on serving to ensure high-quality development, ensuring people’s livelihood, and promoting urban-rural integration and coordinated regional development this year. Zhejiang’s finance will highlight three major focuses this year: First, focus on breakthrough innovation, accelerate the advancement of university infrastructure quality improvement projects, and strengthen performance management of financial science and technology investment; second, focus on critical reforms, promote value-added reforms in financial services, and reform of financial systems and mechanisms and digital reform; the third is to focus on improving opening-up, vigorously attract foreign investment, and help optimize the layout of provincial opening-up.
“This year we will strengthen policy support and financial guarantees to fully serve the high-quality development of Anhui in the new era.” The relevant person in charge of the Anhui Provincial Department of Finance said, for example, in terms of supporting the creation of an influential source of scientific and technological innovation, financial resources will be concentrated to guarantee major national strategies. Science and technology tasks, deepen the reform of the allocation and use mechanism of fiscal science and technology funds; increase investment in education to ensure the priority development of education; strengthen financial security for the “Anhui Talent Tour” series of activities, and promote the in-depth implementation of the talent development project. In terms of supporting the creation of an emerging industry gathering place with important influence, we will focus on supporting the development of the “first industry” of automobiles; make good use of policy tools such as fiscal subsidies, loan interest discounts, and tax incentives to promote the optimization and upgrading of the industrial structure; optimize the fiscal policy of a strong manufacturing province Supply and promote the improvement of enterprise competitiveness.
The Guangxi Financial Work Conference held recently made it clear that this year we will insist on forging strong areas and making up for weak areas simultaneously, and maintain key points from a higher position. We will insist on focusing development on the real economy, fully support the construction of a modern industrial system, expand effective demand, expand internal and external opening up, do a good job in “agriculture, rural areas and farmers”, and promote the construction of a demonstration zone for the awareness of the Chinese nation’s community, and continue to Consolidate the positive economic recovery trend.
Face challenges and improve quality and efficiency
At present, my country’s economic development is still facing difficulties and challenges such as insufficient effective demand, overcapacity in some industries, weak social expectations, and many hidden risks, which also puts certain pressure on the smooth operation of local finances. “This year, local fiscal revenue and expenditure will generally remain in a tight balance, the quality and efficiency of government investment projects need to be further improved, and fiscal emergency capabilities and sustainable development need to continue to be enhanced,” Zhang Yiqun said.
“In 2024, we must follow the requirements of the Central Economic Work Conference. First, we must adhere to the general tone of the work of seeking progress while maintaining stability, insisting on establishing first and breaking down later. Taking the 30th anniversary of the tax-sharing system reform as an opportunity, we must actively plan a new round of fiscal and taxation system reform and strengthen the local tax system. Fully mobilize the enthusiasm and initiative of local fiscal reforms; second, coordinate moderate expansion in quantity and effective improvement in quality, adhere to moderate local fiscal expenditure intensity, and seize a good time window when interest rates are lower and local debt financing costs are lower. Reduce the cost of local debt financing and improve the expenditure efficiency of local debt funds.” Bai Yanfeng suggested that at the same time, we should strengthen the requirements of tight fiscal times, reduce unnecessary fiscal expenditures, provide a broader space for private capital, and continue to make efforts Promote a virtuous cycle of finance and economy.
As the new year sets sail, local finances have begun to take active actions. For example, Shanghai has recently researched and introduced a “small regulation upgrade” support policy, adopting gradient measures such as giving a one-time reward of no more than 500,000 yuan to newly opened (commissioned) industrial enterprises that have upgraded regulations for the first time this year and have reported them to the system. Supportive policies will lay the foundation for promoting the development and growth of “small-scale enterprises” and “specialized, special and new” enterprises. Jiangsu further improves the basic financial security mechanism at the county level. Based on the county-level “three guarantees” and other necessary expenditure needs, the degree of financial difficulties, etc., the factor method is used to allocate the county-level basic financial security mechanism reward and subsidy funds, and increases the pressure on the “three guarantees” protection. Large areas of tilt support. Yunnan has recently introduced relevant management measures focusing on funds to promote foreign trade development, assistance funds for needy people, and subsidies for the construction of basic elderly care service systems to further improve the efficiency of the use of fiscal funds.
Recently, the Guangdong Provincial Finance Department has allocated 774 million yuan in funds for the digital transformation of small and medium-sized enterprises, focusing on supporting 14 provincial-level pilot cities for the digital transformation of small and medium-sized enterprises, including Guangzhou, Zhuhai, and Shantou, and promoting the development of small and medium-sized enterprises in design, manufacturing, sales, service, management, and security. and other aspects to realize digital upgrade. In addition, 346 million yuan has been allocated to reward and subsidy funds for specialized and new “little giant” enterprises, covering 15 cities including Guangzhou, Zhuhai, and Shantou. Enterprises can use them for innovation and R&D investment, industrial application of technological achievements, and digital networked intelligence. chemical transformation, etc.
“Local governments must vigorously cultivate subsequent financial resources, actively encourage increased investment in research and development of new energy, new materials, and new technologies, and accelerate industrial transformation and improvement of market competitiveness.” Zhang Yiqun said that it is necessary to promote financial supervision and performance in key areas and major projects. Combining evaluation with daily management can enhance the government’s budgetary binding force and execution capabilities, ensuring efficient use of fiscal funds and a virtuous cycle. At the same time, we will strengthen the coordination and linkage effectiveness of fiscal and financial policies, prevent and resolve local debt risks, and provide a good environment for economic development.
Dong Bijuan
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