In 2023, facing the complex domestic and international situation, our country’s economy achieved remarkable new results. Behind the achievements, macro-policy control has continued to increase. In 2023, my country’s RMB loans to the real economy will increase by more than 22 trillion yuan, and new tax cuts and fee reductions and tax rebates and fee deferrals will exceed 2.2 trillion yuan, providing strong protection for people’s livelihood investment.
As important means of macro-control, what role do active fiscal policies and prudent monetary policies play?
Active fiscal policies that benefit enterprises and the people play a “combination punch”
At this warehousing equipment manufacturing company in Changxing, Zhejiang, the reporter saw that the fully automatic laser production line just introduced in the workshop can complete metal stamping, drilling and shaping in just tens of seconds. The production efficiency has been increased by hundreds of times, and the product accuracy has been greatly improved. The control is even higher. This year, the company has made new investment plans.
Shi Binhua, Director of the General Manager Office of Zhejiang Jiali Storage Equipment Co., Ltd.: We plan to integrate the scattered equipment with more than thirty stations into six production lines, one of which is planned to invest 10 million yuan. The total intelligent manufacturing project Plans to invest 35 million yuan.
35 million yuan is not a small amount. Companies are willing to spend a lot of money to launch intelligent equipment. On the one hand, this is because last year’s monthly sales growth was around 30%, and the overseas market share reached a record high, and the market prospects are promising. On the other hand, the continuously optimized tax and fee policies have also given enterprises more room to “move around” their funds.
Shi Binhua, Director of the General Manager Office of Zhejiang Jiali Storage Equipment Co., Ltd.: In 2023, the company’s additional deductions, additional deductions and export tax rebates have reached a total of more than 23 million yuan, which gives us more confidence in the market. Sales are planned to grow by 25% in 2024.
Behind corporate confidence is the continued optimization of a number of tax policies in 2023: the implementation of a super deduction policy for value-added tax for advanced manufacturing companies; increasing the super deduction ratio for R&D expenses for integrated circuit and industrial machine companies, etc.
Jia Rong’e, Director of the Taxation Department of the Ministry of Finance: In 2023, more than 70 preferential tax policies will be extended, optimized and improved in batches, and most of the policies will be extended directly until the end of 2027. On the whole, various tax and fee reduction policies and measures are powerful and effective, and have played a positive role in improving social expectations, helping the overall improvement of economic operations, and promoting high-quality economic development.
Continuously improve people’s livelihood and enhance people’s sense of gain
On the one hand, proactive fiscal policies support the development of enterprises, and on the other hand, they continue to improve people’s livelihood and enhance the people’s sense of gain.
In 2023, transfer payments from the central government to local governments will exceed 10 trillion yuan for the first time; basic public health service funding and per capita financial subsidies for urban and rural residents’ medical insurance will be increased to 89 yuan and 640 yuan respectively.
In Qingdao, Shandong Province, in October last year, the community where Liu Weijing and his wife lived had just completed an energy-saving renovation by the government. Not only had the roof been repaired, but the exterior walls were also insulated. This winter has been much warmer.
Liu Weijing, a resident of Yangkou Garden Community, Wanggezhuang Street, Qingdao City: After the exterior walls are insulated, our home is warmer. Now it can basically reach 20℃, and the electricity bill has been saved a lot. The renovation was funded by the government, which improved our living environment, and we were very happy.
Qingdao is one of the fifth batch of pilot cities for clean heating in winter in the northern region. In 2023 alone, 6.71 million square meters of energy-saving renovation of existing residential buildings will be completed, and 200,000 rural households will successfully complete clean heating renovations. Over the past five years, the central government has implemented a policy to support the pilot renovation of clean heating in winter in the northern region, which has supported more than 80 cities.
Gao Jinxing, Director of the Department of Natural Resources and Ecology and Environment of the Ministry of Finance: In the past five years, approximately 300 billion yuan has been allocated for the prevention and control of air, water, and soil pollution, with an average annual growth of more than 9%, which will contribute to building a bluer sky, clearer water, and greener land. Beautiful China provides solid financial guarantee. In 2023, the central government will allocate 464 billion yuan in funds related to ecological environmental protection and green and low-carbon development.
To benefit enterprises and the people and promote development, in 2023, active fiscal policies will play a “combination punch”: local government special bonds will increase by 150 billion yuan compared with the previous year, urban village transformation, 5G integration facilities, etc. will be included in the special bond investment areas, and a number of transportation, water conservancy, etc. The construction of major projects such as , energy and energy was accelerated; an additional 1 trillion yuan of national debt was issued to ensure support for post-disaster recovery and reconstruction and to enhance disaster prevention, reduction and relief capabilities. At the same time, we will vigorously support scientific and technological innovation and increase rewards for major grain-producing counties. A series of policies and measures help promote the economy to achieve effective qualitative improvement and reasonable quantitative growth.
Monetary policy is precise and powerful to support economic recovery and improvement
In 2023, the prudent monetary policy will be precise and powerful, and liquidity will remain reasonably abundant, which will strongly support the economic recovery and improvement. How did monetary policy accurately and effectively support the real economy this year? Let’s start with a loan officer at a bank.
In Hefei, Anhui, the power battery project invested and constructed by this high-tech enterprise requires a capital of 30 million yuan before the Spring Festival. Pan Chaochao, the bank’s loan officer, is meeting the company’s financing needs for the project. It only took 3 working days from the time the company put forward the request to the bank for disbursement.
Pan Chaochao told reporters that in 2023, their strength and efficiency in supporting the real economy will continue to increase. Judging from his personal experience, compared with the past, loan granting has both “unchanged” and “changed”. “No change” means that liquidity remains reasonably abundant and banks’ credit funds have not been tight. It must be mentioned that the People’s Bank of China lowered the deposit reserve ratio twice in March and September 2023, releasing a total of more than 1 trillion yuan in liquidity.
Speaking of “change”, Pan Chaochao came up with a loan list for 2023. As can be seen from the above, this year they invested more financial resources in key areas of the real economy such as manufacturing, strategic emerging industries, and green credit. , this part of credit accounted for 78.6%.
Pan Chaochao, Corporate Department, Agricultural Bank of China Hefei Xinzhan High-tech Zone Branch: We have invested a total of 3.05 billion in manufacturing loans, an increase of 1.58 billion yuan from 2022, and the number of households has increased from 65 to 156. A total of 2.74 billion yuan in strategic emerging industry loans was issued, an increase of 1.22 billion yuan compared with 2022.
National data also confirms this change. In 2023, my country’s RMB loans to the real economy will increase by 22.22 trillion yuan, an increase of 1.18 trillion yuan year-on-year.
Another change that Pan Chaochao feels deeply is that while various loans have maintained rapid growth and achieved a year-on-year increase, the comprehensive financing costs of the real economy have stabilized but declined in 2023.
This year, the People’s Bank of China cut interest rates twice. At the same time, the reform efficiency of the loan prime rate (LPR) continued to work hard. The loan prime rate (LPR) for one year and more than five years fell by 0.2 and 0.1 respectively. percentage point. The latest data shows that from January to November 2023, the weighted average loan interest rate was 4.17%, a year-on-year decrease of 0.34 percentage points. Among them, the corporate loan interest rate was 3.89%, a year-on-year decrease of 0.3 percentage points, which is at a historical low.
Zeng Gang, deputy director of the National Finance and Development Laboratory: In related fields, the credit structure has been significantly optimized, which to a large extent has played a very good role in promoting the recovery of market confidence, which also constitutes the entire economic recovery in 2023. A basic momentum for the better.
Macroeconomic control is precise and effective in promoting the stability and long-term development of China’s economy
In 2023, our country will intensify macroeconomic control, continue to use proactive fiscal policies and prudent monetary policies to help the national economy pick up and improve, high-quality development will be solidly advanced, and the main expected goals will be successfully achieved.
Where will fiscal policy and monetary policy take effect in 2024? What to expect?
Appropriately increasing efforts, improving quality and efficiency, these are the “keywords” of the proactive fiscal policy in 2024. But how to add strength and improve quality and efficiency?
Wang Jianfan, Director of the Budget Department of the Ministry of Finance: Maintain necessary expenditure intensity in 2024. Make good use of policy tools such as additional issuance of national bonds, local government general bonds, and local government special bonds, moderately increase the scale of fiscal expenditures, better play the role of stimulating domestic demand and promote economic circulation, and consolidate and enhance the positive economic recovery trend. (At the same time) Improve financial efficiency. We must adhere to the tight life of party and government organs, strictly control general expenditures, strengthen financial support for major national strategic tasks, ensure what should be guaranteed, increase what should be increased, and cut what should be cut, so as to make good use of fiscal funds and use them wisely.
Tax cuts and fee reductions have directly reduced the burden on market entities. In 2024, policies will focus on supporting technological innovation and manufacturing development.
Luo Zhiheng, president of the Guangdong Securities Research Institute and executive director of the China Taxation Society: We pay more attention to accuracy when it comes to tax reduction and fee reduction. Manufacturing is our foundation and a very important aspect for us to accelerate the construction of a new development pattern. Every penny of tax reduction and fee reduction must achieve greater results.
Regarding this year’s monetary policy, the Central Economic Work Conference clearly stated that prudent monetary policy must be “flexible, appropriate, precise and effective.”
Zeng Gang, deputy director of the National Finance and Development Laboratory: This means that reasonable and sufficient liquidity will be further maintained at the aggregate level. On the other hand, at the structural level, there will be further requirements to strengthen monetary policy’s support for credit funds and key areas of economic development.
Compared with last year, this year’s monetary policy has shifted from “precise and powerful” to “precise and effective.” Experts said that this requires financial institutions to focus on the balanced release of new credit, improve the efficiency of the use of existing funds, further optimize the credit structure, and ensure that the scale of social financing is fully Achieve sustainable and rapid growth every year.
Li Bin, Director of the Macro-Prudential Administration Bureau of the People’s Bank of China: Give full play to the unique role of finance in allocating resources across time and space, increase support for key economic areas and weak links, promote the construction of a new development pattern, and promote high-quality financial development High-quality economic development.
Original title: Macroeconomic policy control continues to increase. Let’s take a look at the behind-the-scenes of China’s economic report card in 2023 →
Editor in charge: Fang Shiying
2024-01-21 09:05:14
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