The stabilization of fiscal revenue reflects the improvement of economy

　　The data shows that in the first three quarters, the national general public budget revenue was 15.31 trillion yuan, which increased by 4.1% after deducting the tax rebate factor, and decreased by 6.6% in natural terms; The national general public budget expenditure was 19.04 trillion yuan, a year-on-year increase of 6.2%. While the economic operation is recovering, the fiscal revenue has gradually stabilized and rebounded, and the fiscal expenditure has continued to exert its strength.

　　Fiscal revenue gradually picked up.

　　In the first half of this year, due to unexpected factors such as repeated epidemics, coupled with the implementation of large-scale value-added tax refund, the pressure on fiscal revenue was greater and the contradiction between revenue and expenditure was more prominent. With a series of macroeconomic policies to stabilize the economy, the economy has continued to recover and develop, and the financial operation has gradually improved. Statistics show that from January to September, the national general public budget revenue increased by 4.1% year-on-year, 0.4 percentage points higher than the previous eight months.

　　"Economy and finance are two sides. Since the third quarter, the income level of the general public budget has gradually picked up. First, the large-scale tax rebate has been basically completed. Second, the economic resilience has been fully demonstrated and stabilized. Third, the use of state-owned assets and the vitality of the disk have increased, promoting the rise of non-tax revenue. " Luo Zhiheng, chief economist of Yuekai Securities and president of the research institute, analyzed that after excluding the impact of tax refund, the growth rate of domestic value-added tax increased marginally in September, indicating that a series of stable growth policies in the previous period played a supporting role in the economic recovery.

　　Since the beginning of this year, China has implemented a new combined tax and fee support policy, which has helped to reduce the burden on market players and stabilize the macro-economic market, with unprecedented policy strength. The data shows that as of September 20, the total new tax reduction and fee reduction and tax refund deferred fees exceeded 3.4 trillion yuan. Among them, through the implementation of tax refund, the value-added tax refund that has been refunded to taxpayers’ accounts exceeds 2.2 trillion yuan.

　　"We will continue to implement the policy package of stabilizing the economy, especially in terms of tax and fee support, adhere to both institutional arrangements and phased policies, and implement large-scale tax rebates. The manufacturing industry and small and medium-sized enterprises have benefited particularly, effectively boosting the confidence of market participants." Li Xuhong, director of the Institute of Finance and Taxation Policy and Application of Beijing National Accounting Institute, said.

　　Excluding the influence of tax refund, a number of tax indicators, such as value-added tax and enterprise income tax, which mainly reflect the operating conditions of market players, showed a year-on-year growth trend. "This reflects that China’s macro economy has gradually shown a recovery growth trend by effectively coordinating epidemic prevention and control and economic and social development." Li Xuhong said.

　　At present, the task of centralized refund of large-scale tax refund is basically completed, and the factors of tax refund and income reduction are obviously weakened, and the fiscal revenue growth is expected to maintain a good trend.

　　Strong support in key areas

　　Since the beginning of this year, China has maintained a relatively high expenditure intensity, and allocated 26.71 trillion yuan for the national general public budget, an increase of more than 2 trillion yuan over the previous year. At the same time, optimize the structure of fiscal expenditure, give priority to supporting key projects that have been included in the national "14 th Five-Year Plan" outline and key special plans, moderately advance infrastructure investment, and increase support for scientific and technological research, ecological environmental protection, basic livelihood, modern agriculture and other fields and major regional strategies.

　　Statistics show that from January to September, the national general public budget expenditure was 19.04 trillion yuan, an increase of 6.2% over the same period of last year. Bai Yanfeng, a professor at the School of Finance and Taxation of the Central University of Finance and Economics, believes that in order to cope with the impact of the epidemic and the impact of various unexpected factors, the proactive fiscal policy has continued to exert its strength, and while implementing tax rebates, tax cuts and fee reductions, it has maintained a strong expenditure and played an important role in stabilizing the economic market.

　　It is noteworthy that expenditures in key areas, such as people’s livelihood, have been effectively guaranteed. Among them, education expenditure increased by 5.7%, science and technology expenditure increased by 14%, social security and employment expenditure increased by 6.9%, and health expenditure increased by 10.7%. "Education, science and technology and talents are the basic and strategic support for building a socialist modern country in an all-round way and have become the key areas of financial support." Bai Yanfeng said.

　　Li Xuhong analyzed that in the first three quarters, the fiscal expenditure not only strengthened the implementation and accelerated the progress, but also increased the expenditure in the fields of people’s livelihood, science and technology, health and health, further consolidating the achievements of economic structure optimization and providing a guarantee for China to promote Chinese modernization and achieve high-quality development.

　　Since the beginning of this year, China has vigorously promoted the sinking of financial resources and supported the grassroots to do a good job in "three guarantees". On the basis that the central government’s expenditure at this level has been negative for two consecutive years, the central government’s expenditure will continue to be negative in 2022, down by 2.1%. Statistics show that in the first three quarters, the central general public budget expenditure was 2,501.4 billion yuan, accounting for only about 13% of the national fiscal expenditure. "The central department resolutely implemented the requirements of tight days, reduced its own expenditures, and made up for the decrease in local income through transfer payments, and the proportion of local expenditures increased significantly." Luo Zhiheng said.

　　Fiscal policy continues to exert strength.

　　Report to the 20th CPC National Congress made a series of important arrangements for financial work, especially emphasizing the need to improve the modern budget system and optimize the tax structure. Next, how can the proactive fiscal policy continue to exert its strength? How to advance the reform of fiscal and taxation system?

　　"Since the 18th CPC National Congress, China has basically established a modern financial system. The core of adhering to the direction of market-oriented reform in the financial field is to clarify the boundary between the government and the market, rationally define the scope of government functions, provide basic and universal public goods and social services to the whole society, and release and stimulate the enthusiasm and creativity of market players and all people. " Feng Qiaobin, Deputy Director of Macroeconomic Research Department of the State Council Development Research Center, said.

　　Feng Qiaobin believes that it is necessary to further establish and improve the modern tax system and form a reasonable distribution mechanism among the government, enterprises and residents. "On the one hand, we must ensure that the country has sufficient fiscal revenue. On the other hand, we must further optimize the tax system and degenerate taxes, appropriately reduce the tax rate, and do a good job in encouraging the whole society."

　　"To implement the Party’s decision-making arrangements for the 20th National Congress, we should intensify reforms in improving the modern budget system, optimizing the tax structure, and improving the fiscal transfer payment system, so as to contribute financial strength to building a socialist modernization power in an all-round way." Bai Yanfeng said.

　　Recently, various fiscal policy measures in the policy of stabilizing the economy are being accelerated. Fiscal and monetary policies have been strengthened to form a joint force of policies and consolidate the momentum of economic recovery. For example, revitalize the stock of local government special debt limits according to law and make good use of the special debt balance limit of more than 500 billion yuan; For small and medium-sized enterprises and individual industrial and commercial households in manufacturing industry, the "five taxes and two fees", such as enterprise income tax deferred in the early stage, will be delayed for four months after the expiration of the time limit from September 1, involving deferred taxes of 440 billion yuan. In addition, support the good use of policy-oriented development financial instruments, promote the orderly landing of important projects, and form physical workload as soon as possible.

　　Luo Zhiheng believes that in the next stage, a proactive fiscal policy needs to strengthen regulation and control, plan fiscal incremental tools in advance, and balance multiple goals such as steady growth, risk prevention, implementation of grassroots "three guarantees" and support for major national strategies. At the same time, strengthen coordination among fiscal, financial and industrial policies.