Accurate and effective implementation of fiscal policy

Accurate and effective implementation of fiscal policy
The national financial work video conference was held in Beijing. Guided by Xi Jinping’s new socialist ideology with Chinese characteristics, the conference fully implemented the spirit of the nineteen and nineteen second, third, fourth and fifth plenary sessions of China’s Communist Party, conscientiously implemented the central economic work conference, and conveyed and studied the implementation of the requirements of the leading comrades of the State Council, summing up the 2020 financial work and studying and deploying the 2021 financial work. Liu Kun, Secretary of the Party group and Minister of the Ministry of finance, made a work report.
The meeting pointed out that in 2020, the financial sector resolutely implemented the important instructions of general secretary Xi Jinping and the spirit of the instructions and the decision making arrangements of the CPC Central Committee and the State Council to tackle the difficulties and act as a whole, to co-ordinate the epidemic prevention and control and economic and social development, to successfully accomplish all tasks and effectively promote economic recovery and overall social stability. First, novel coronavirus pneumonia is the most important and urgent task. First, we should clearly put forward “two guarantees”, strengthen the protection of the fiscal and tax policies, intensify policy interpretation and propaganda, and fully support the fight against the new crown pneumonia epidemic. Second, we should increase policy hedging, timely introduce large-scale relief policies for enterprises, and creatively set up a direct mechanism for financial funds to promote economic stabilization and recovery. Third, we should strengthen the guarantee of tackling key problems, support winning the fight against poverty as scheduled, promote the obvious improvement of the ecological environment, achieve positive results in preventing and defusing risks, and run the “last mile” of building a moderately prosperous society in an all-round way. The fourth is to highlight the people’s livelihood, focus on supporting enterprises to ensure employment, do a solid job of “Three Guarantees” at the grassroots level, steadily improve the basic level of people’s livelihood, and firmly hold the bottom line of “six guarantees”. Fifth, we should further promote the supply side structural reform, vigorously support scientific and technological innovation, accelerate the transformation and upgrading of the manufacturing industry, support the development of small and micro enterprises, strengthen food and energy security, and enhance the innovation and competitiveness of the real economy. Sixth, deepen the reform and opening up, steadily promote the reform of the fiscal and taxation system, continue to deepen international financial cooperation, further consolidate the foundation of financial management, achieve actual results in the transformation of the regulatory bureau, and continuously improve the level of financial governance. Seventh, strengthen the political responsibility, actively cooperate with the central inspection, implement the responsibility of meticulous management of the party, further strengthen the construction of work style and discipline, continuously improve the political function of grass-roots party organizations, steadily promote the construction of cadre team, and promote the development of comprehensive and strict party governance.
The meeting pointed out that 2020 is the closing year of the 13th five year plan. In the past five years, the work of financial reform and development has gone through an extraordinary struggle, and has also made new major achievements. The financial strength has been further strengthened, the financial expenditure has maintained a high intensity, the intensity of tax reduction and fee reduction has been unprecedented, the investment in people’s livelihood has increased year by year, the national major strategic support has been strong, the reform of the financial and tax system has been promoted in depth, and the participation in global economic governance has been enhanced. In the great practice of building a well-off society in an all-round way and fighting against poverty, the concept, ideas and methods of financial work have been further improved, and the understanding of the regularity of financial work has been further deepened. First, we should pay more attention to “government” leading “finance”, set the direction of financial work, and earnestly plant and manage the “responsibility fields” entrusted by the Party Central Committee. Second, we should pay more attention to stimulating market vitality, improving fiscal macro-control, and strengthening cross cycle design and counter cycle regulation. Third, we should pay more attention to accuracy and effectiveness, improve the fiscal and tax policy system, and focus on short board weaknesses. Fourth, we should pay more attention to saving and enriching the people, adjust and optimize the expenditure structure, and spend money on a knife edge. Fifthly, we should pay more attention to tapping the potential, promote fiscal reform and fiscal management, and improve the efficiency of fiscal governance. Sixth, we should pay more attention to internal and external coordination, deepen international financial exchanges and cooperation, and promote a higher level of opening up.
The fourteenth five year plan is about to be completed. On the new journey of building a modern socialist country in an all-round way, financial departments should consciously undertake the historical mission entrusted by the party and the people, conscientiously perform their duties, and make positive contributions to the building of a modern socialist country in an all-round way. First, adhere to and strengthen the party’s overall leadership, and earnestly implement the “two maintenance” in all aspects of the whole process of financial work. Second, adhere to the new development concept and give full play to the leading role of Finance in building a new development pattern. Third, we should continue to strengthen the overall planning of financial resources and concentrate financial resources on major projects. Fourth, we should take the people as the center and constantly improve the level of ensuring and improving people’s livelihood. Fifthly, we should persist in hard struggle, diligence and thrift, and take the tight living of Party and government organs as a long-term policy. Sixth, adhere to the spirit of reform and the rule of law, and promote the modernization of national governance system and governance capacity better supported by finance. Seventh, adhere to the principle of overall development and security, and be highly vigilant against major risks in the financial field.
The meeting stressed that 2021 is a year of special importance in the process of China’s modernization. The 14th five year plan starts a new journey of building a modern socialist country in an all-round way. It is of great significance to do a good job in financial and economic work. The general work guideline for the 2021 fiscal work is to take Xi Jinping’s new socialist ideology with Chinese characteristics as the guide. We should fully implement the spirit of the nineteen and nineteen second, third, fourth, fifth plenary session and the central economic work conference of the party, and adhere to the general keynote of China’s steady progress, and set up a new development pattern based on the new development stage, and build a new development pattern to promote the development of high quality. With deepening the supply side structural reform as the main line, reform and innovation as the fundamental driving force, and meeting the people’s growing needs for a better life as the fundamental purpose, we should adhere to the concept of system, consolidate and expand the achievements of epidemic prevention and control and economic and social development, better coordinate development and security, do a solid job in the “six stabilities” work, fully implement the “six guarantees” task, and scientifically and accurately implement macro-economic and social development We should strive to keep the economy in a reasonable range, adhere to the strategy of expanding domestic demand, strengthen the strategic support of science and technology, and expand high-level opening to the outside world. Positive fiscal policy should improve quality, increase efficiency and be more sustainable; strengthen the overall planning of financial resources, maintain moderate expenditure intensity, increase the optimization of expenditure structure, and enhance financial support for major national strategic tasks; adhere to hard work, thrift, and careful calculation, fully implement the requirements of Party and government organs to stick to tight living; speed up the establishment of a modern fiscal and taxation system, and strengthen budget constraints and management Performance management; strengthen the debt management of local governments, effectively resolve the hidden debt risk of local governments, ensure a good start in the “14th five year plan”, and celebrate the 100th anniversary of the founding of the party with outstanding achievements.

1 Response

  1. Marley says:

    The rational expectation of microcosmic subject should be fully considered and guided correctly. The rational expectation of the public is a prerequisite for improving the effect of China’s macroeconomic policies.

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