日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / China US trade tensions

Greater policy aid to cushion trade impact

By Chen Jia | China Daily | Updated: 2019-05-20 07:42
Share
Share - WeChat
A clerk counts yuan banknotes at a bank in Nantong, East China's Jiangsu province, on July 24, 2018. [Photo/IC]

Finance minister pledges proactive fiscal measures to assist industries

When trade tensions escalated between China and the United States, policymakers turned back to macroeconomic policies to defend against negative impacts on economic growth, especially with regard to fiscal policy.

Trade tariffs are no longer the only catalyst of intensifying China-US economic friction. Last week, the United States said it would add Chinese telecommunications giant Huawei and its 70 affiliates to an Entity List, which would bar them from buying components from US companies without prior US government approval. The move has raised concerns of an enduring confrontation, and analysts worry it could damage Huawei's business.

Such considerations have hardened the Chinese government's determination to strengthen financial support for manufacturing and foster the development of advanced technology. A recent statement from Finance Minister Liu Kun laid out fiscal policy's large potential to assist industrial upgrading.

To elevate China's position in the global supply chain and upgrade the manufacturing value chain, the government will "lead capital and resources moving into the strategically crucial areas, and achieve a breakthrough in key innovation," Liu said in an article published on Thursday.

Proactive fiscal policy, achieved through stronger government spending, aims to develop technology in the manufacturing sector and tackle key technical problems based on research in producing high-end goods, he wrote in Qiushi, one of China's most influential periodicals.

The finance minister's idea favors employing a more aggressive expansionary fiscal policy to catalyze key technological development and innovation in manufacturing, at a time when the US would block Chinese manufacturers in the high-end fields, analysts said.

A senior official from the Finance Ministry's Budget Department, told China Daily that from 2018 to 2022, the central government will spend 10 billion yuan ($1.45 billion) to support 200 special development areas converging in high-tech and innovative companies.

In those five years, the central government will also provide 3 billion yuan annually to support financing assurances for small and private companies, he said.

The government will purchase more high-end manufactured products as a central part of its procurement policy, said Wang Zecai, a researcher at the Chinese Academy of Fiscal Sciences, a Finance Ministry think tank.

Further value-added tax cuts for manufacturers are being discussed, although the VAT rate for manufacturers has been lowered by 3 percentage points to 13 percent from April, and that reduction can lower producers' costs with growing difficulties in exports, according to Wang.

Sheng Songcheng, a former director of the Financial Survey and Statistics Department of People's Bank of China, the central bank, said that further tax cuts are more feasible and possible, compared with continued easing of the monetary policy.

He compared the situations in China and the US, saying Chinese companies' overall tax burden is still 13.3 percentage points higher than that of companies in the US.

On Friday, a quarterly report from the People's Bank of China confirmed that China will maintain a prudent monetary policy. The report verified authorities' concerns that further monetary easing would spur a massive increase in new debt, after the rethinking of the first quarter's macroeconomic policy driven by high-speed credit growth.

China is currently adopting a prudent monetary policy which is expected to stimulate demand without creating price bubbles, especially in the property and financial sectors.

Chinese economists said government spending in key areas should be reinforced, as a major stabilizing tool to fight the tariff challenges, and that this requires a more dramatic redistribution of roles from monetary to fiscal policy.

The central government spent 7.6 trillion yuan in the first four months of the year, a 15.2 percent year-on-year increase, according to the Finance Ministry. Expenditures in technology research and development rose by 38.5 percent, the fastest growth of expenditure items.

To supplement the financing gap, local governments issued a record-high 1.63 trillion yuan in bonds in the first four months, and total local government outstanding debt reached 19.68 trillion yuan, according to the Finance Ministry.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 丝袜美腿一区二区三区动态图 | 四虎影院新地址 | 欧美在线观看视频 | 美女污污视频网站 | 一区二区三区国产 | 久久精品一 | 99影视在线视频免费观看 | 亚洲一区二区三区免费视频 | 草草影院地址 | 国产成人免费 | 成人午夜大片 | 国产精品18hdxxxⅹ在线 | 日韩毛片大全免费高清 | 亚洲综人网| 日韩在线免费看网站 | 国产亚洲欧美日本一二三本道 | 国产免费一区视频 | 日日摸夜夜添夜夜添破第一 | 国产成人一区二区三区电影 | 成人在线播放网站 | 2021国产成人午夜精品 | 久久精品久久久久久 | 国产91精品一区二区 | 国产美女在线精品观看 | 国产目拍亚洲精品区一区 | 国产在线精品香蕉综合网一区 | 漂流教室韩国电影 | 亚洲精品免费网站 | 天天干夜夜笙歌 | 一区二区三区网站在线免费线观看 | 今井夏帆av一区二区 | 精品久久久久久久久久久 | 日韩一区二区中文字幕 | 97人人草| av永久免费| 搞黄视频在线观看 | 欧美黑人疯狂性受xxxxx喷水 | 久久精品亚洲欧美日韩精品中文字幕 | 咪咪色在线视频 | 亚洲国产精品久久久久久网站 | 精品一区二区三区免费 |