Forward
Summary of speech by Minister of Finance Lan Foan
Work Summary:
1. Deficit of 4.06 trillion, issuance of trillion long-term government bonds, public budget expenditure of 28.55 trillion, maintaining high-intensity fiscal expenditure
2. Structural reduction of fees and taxes, additional deductions for research and development expenses, tax reductions for technology achievements conversion, with a scale exceeding 1.8 trillion.
3. Expand domestic demand, post-disaster reconstruction, promote large-scale equipment upgrades and trade-ins for consumer goods, expand investment areas, issue an additional 3.6 trillion special bonds.
4. Strengthen protection in key areas, strictly control general expenditures, guarantee basic livelihoods, wages, and operations, supplement local financial resources, support local governments in ensuring minimum living standards.
5. Increase support for basic livelihood security, employment, education expenditure exceeding 3 trillion, raise basic pension standards, improve public health service standards and urban-rural medical subsidies (in response to demographic changes, further increase expenditure in related areas).
6. Control local debt risks, implement debt conversion measures, allocate 1.2 trillion yuan to support debt conversion and clearing corporate debts, easing debt risks, achieving initial results in debt reduction.
Fundamental outlook assessment:
1. Strong resilience, great potential.
2. It is expected that the national public budget revenue growth rate will be lower than expected. The finances have sufficient resilience to achieve a balance between revenue and expenditure, and meet the annual budget targets.
A package of measures for stable growth:
All are incremental policies
1. Strengthen support for local bonds, provide more quotas, and enable localities to promote development and ensure people's livelihoods.
2. Special national bonds support state-owned major banks to supplement Tier 1 capital.
3. Overlay local special bonds, special funds, tax policies, etc., to support real estate in stabilizing and rebounding.
4. Support people's livelihoods, in the next step, increase rewards and assistance for students in need.
5. Countercyclical adjustments involve more than just these, the above four points have entered the decision-making process, and there are more to come, such as central government debt issuance and increased deficit space.
Work Summary:
1. Deficit of 4.06 trillion, issuance of trillion long-term government bonds, public budget expenditure of 28.55 trillion, maintaining high-intensity fiscal expenditure
2. Structural reduction of fees and taxes, additional deductions for research and development expenses, tax reductions for technology achievements conversion, with a scale exceeding 1.8 trillion.
3. Expand domestic demand, post-disaster reconstruction, promote large-scale equipment upgrades and trade-ins for consumer goods, expand investment areas, issue an additional 3.6 trillion special bonds.
4. Strengthen protection in key areas, strictly control general expenditures, guarantee basic livelihoods, wages, and operations, supplement local financial resources, support local governments in ensuring minimum living standards.
5. Increase support for basic livelihood security, employment, education expenditure exceeding 3 trillion, raise basic pension standards, improve public health service standards and urban-rural medical subsidies (in response to demographic changes, further increase expenditure in related areas).
6. Control local debt risks, implement debt conversion measures, allocate 1.2 trillion yuan to support debt conversion and clearing corporate debts, easing debt risks, achieving initial results in debt reduction.
Fundamental outlook assessment:
1. Strong resilience, great potential.
2. It is expected that the national public budget revenue growth rate will be lower than expected. The finances have sufficient resilience to achieve a balance between revenue and expenditure, and meet the annual budget targets.
A package of measures for stable growth:
All are incremental policies
1. Strengthen support for local bonds, provide more quotas, and enable localities to promote development and ensure people's livelihoods.
2. Special national bonds support state-owned major banks to supplement Tier 1 capital.
3. Overlay local special bonds, special funds, tax policies, etc., to support real estate in stabilizing and rebounding.
4. Support people's livelihoods, in the next step, increase rewards and assistance for students in need.
5. Countercyclical adjustments involve more than just these, the above four points have entered the decision-making process, and there are more to come, such as central government debt issuance and increased deficit space.
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