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 / Finance

Fiscal support to lift China's growth efforts

By CHEN JIA | China Daily | Updated: 2020-12-12 09:20
Share
Share - WeChat
A teller counts cash at a bank branch in Hangzhou, capital of East China's Zhejiang province. [Photo by Hu Jianhuan/For China Daily]

Finance Minister says policies to boost R&D investment and tech innovation

China will step up fiscal policy support to the new economic development pattern by being largely reliant on expanding domestic demand and facilitating technology innovation, Finance Minister Liu Kun said on Friday.

Fiscal policies can be made more effective to moderately lift public consumption and stimulate consumer consumption by increasing the personal incomes of the medium-and low-income groups. That will help form a broad domestic market in the world's second largest economy and sustain its economic growth, Liu said in an article for the Study Times.

Liu said that government spending will support the country's large and strategical technology projects and the construction of national laboratories. Fiscal measures will look to encourage technology innovation of enterprises and increase the investment on research and development.

Preferential tax policies will also be launched for firms that invest in basic research, the finance minister said.

Liu said the fiscal policy is the foundation of national governance, which can help implement the country's 14th Five-Year Plan (2021-25) and the long-term goals by 2035, as government spending will focus on boosting investment, upgrading industrial chains and supply chains, improving people's livelihoods and securing employment.

The new growth pattern of dual-circulation-it aims to promote domestic supply and demand as drivers of economic growth-requires the fiscal policy to remain supportive of growth, said analysts, but that may need to be funded by higher debt.

China will expand investment pace, taking advantage of the central government's investment in infrastructure, and use the local governments' special bonds effectively. Fiscal support will ease financing difficulties of small and medium-sized firms, improve the housing market and housing guarantee system, promote a balanced development of the financial and property sectors, as well as the real economy, said Liu.

Zhang Lianqi, a policy adviser to the Ministry of Finance, said that Liu's article has indicated the basic fiscal policy tone for the upcoming annual Central Economic Work Conference, which is often held in mid-December.

However, a report from Moody's Investors Service, a global credit ratings agency, has warned that funding gaps-formed by decreased government income and larger spending, may widen next year, forcing local governments to once again rely on State-owned enterprises to fund investment in public infrastructure projects.

The finance minister also expressed his concern on government debt and potential risks and called for maintaining fiscal sustainability based on a reasonable assessment of the fiscal income and expenditure, and prevent "being divorced from the reality and living beyond its means", which will affect the sustainability and stability of the fiscal system.

"We will build a local government debt financing mechanism, with standardized management methods, clear responsibility, open and transparent operation, and the risks will be controllable. We will strengthen the prevention of risks related to local governments' contingent liabilities," he said.

Fitch Ratings, another global ratings agency, said it maintained a "stable" outlook for local and regional governments in China and their related entities in 2021. It said the outlook will be supported by the country's economic recovery trajectory.

Gradual improvements in the fiscal performance of local governments should alleviate the impact from higher debt this year, said Terry Gao, managing director of Fitch (Hong Kong) Ltd.

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: 天天天天射 | 欧美妇人 | 三级网站免费看 | 国产精品美女视频 | 成人精品综合免费视频 | 欧美日韩中文字幕在线视频 | 一区二区三区四区精品 | 欧美电影在线观看网站 | 免费在线看a | 5月激情网 | 天天曰天天射 | 日韩app| 91国内精品久久久久怡红院 | 成人午夜免费福利视频 | 国产精品久久久久影视青草 | 丁香成人影院 | 99精品电影 | 亚洲国产日韩欧美高清片a 高清视频在线播放 | 欧美日韩在线观看视频 | 亚洲免费视频大全 | 日日干日日插 | 免费看污成人午夜网站 | 999精品视频| 国产精品中文字幕在线观看 | 四虎黄色网址 | 成人精品鲁一区一区二区 | 欧美啪啪网址 | 色喜亚洲美女沟沟炮交国模 | 96精品专区国产在线观看高清 | 欧美一级电影在线播放 | 精品久久久久久国产 | 国产日产精品久久久久快鸭 | 热久热 | 天天视频国产 | 伊人久久国产精品 | 免费中日高清无专码有限公司 | 91精品国产亚洲爽啪在线观看 | 男人与女人做爰毛片A片 | 天天操,夜夜操 | 欧美区在线| 亚洲综合激情另类小说区 |