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

Experts mull fiscal stimulus withdrawal

By CHEN JIA | China Daily | Updated: 2021-01-05 09:34
Share
Share - WeChat
A staff member wearing a face mask arranges stacks of Chinese yuan banknotes at a bank in Nantong, East China's Jiangsu province, on Jan 30, 2020. [Photo/Agencies]

Policy advisers agree on prevention of potential side-effects of tax measures

A mechanism to withdraw special fiscal stimulus measures smoothly and gradually in the post-pandemic period is needed to stabilize market expectations and minimize shocks from policy shifts, said fiscal management experts.

The government may prepare and publish a list of policies that will be gradually withdrawn, indicating specific time and actions, in order to curb risks related to the coronavirus pandemic, according to a report from the Chinese Academy of Fiscal Sciences, the research body of the Ministry of Finance.

"On the one hand, we have to take cautious measures for adjusting the stimulus policy and consolidating the economic recovery momentum. On the other, we have to prevent side-effects of overstimulated activities," said Wang Zhigang, deputy chief of the macroeconomic research center of the academy.

Policy advisers agreed that the financial relief measure that exempts social security fees for small and medium-sized enterprises may have ended in 2020, and may not be extended this year.

The cuts in taxes and fees, which were expected to be worth more than 2.5 trillion yuan ($387 billion) in 2020, could reduce costs of firms but also increase fiscal imbalances.

Considering the sustainability of the government's fiscal measures, the research body of the Ministry of Finance suggested additional tax reforms, focusing on reducing the value-added tax and adjusting the personal income tax, to re-balance the structure of China's tax system and keep the government income stable.

The academy showed that under the country's tax and fee reduction policy, in 2019, the government's tax income increased by 1 percent on a yearly basis, the slowest since 1969, while the total general public budgeted revenue, which also includes non-tax income, rose 3.8 percent, the slowest rate since 1987.

"We hedged against the public crisis at the expense of an increase of fiscal risk," said Liu Shangxi, head of the Chinese Academy of Fiscal Sciences. Liu led a research project last year to study the fiscal and economic situation of several local governments in regions across China, which concluded uneven economic recovery and fiscal capacity among different regions.

Unprecedented fiscal stimulus through an expansion of fiscal deficits and a boost to government bonds has increased debt repayment pressure, especially for local authorities. For most local governments, the peak of debt maturity will be reached in the 2020-24 period, amid a slowdown of government revenue growth, according to Liu's research.

Some areas with difficulties in reducing the local government's implicit debt can start the new "debt swap" pilot programs, taking the last round of debt swap measures as reference-shifting the local government's contingent liability into publicly issued bonds, the research report said.

Other possible measures to ease debt repayment pressure include borrowing more to pay existing debt and debt roll-over. The debt-to-equity swap scheme, debt restructuring and settlement could also be options to write off unpayable debt, the report stated.

The annual meeting of the Ministry of Finance, which was chaired by Finance Minister Liu Kun on Thursday, stressed that local government debt risks should be kept under control and fiscal policy be made consistent and sustainable.

The finance minister called for better measures to take advantage of local governments' special bonds this year, to effectively raise funds for major infrastructure projects.

A policy tracker of the International Monetary Fund indicated that since the pandemic outbreak, China has announced an estimated 4.8 trillion yuan, or 4.7 percent of GDP, in discretionary fiscal measures.

Key measures include increased spending on epidemic prevention and control, production of medical equipment, accelerated disbursement of unemployment insurance and extension to migrant workers, tax relief and waived social security contributions alongside additional public investment.

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: 欧美成人a∨高清免费观看 毛片特级 | 国产精品久久久久无码av | 国内久久久久影院精品 | 久久精品亚洲欧美日韩精品中文字幕 | 日本一区二区三区免费高清在线 | 欧美永久精品 | 狠狠色狠狠色 | 亚洲精品成A人在线观看拍拍拍 | 亚洲字幕在线观看 | 国产日韩精品入口 | 午夜影视大全 | 91精品久久久久久久久网影视 | 玖草在线播放 | av免费网站 | 热er99久久6国产精品免费 | 成人免费网视频 | 日韩不卡一区二区 | 亚洲刺激视频 | 久久综合久色欧美综合狠狠 | 第四色婷婷墓地 | 午夜视频在线网站 | 91精品国产91久久久久 | 欧洲精品久久久 | 九色视频网 | 欧美色综合天天久久综合精品 | 欧美日韩三区 | 免费一级毛片麻豆精品 | 激情五月综合 | 香港三级网站 | 国产成人精品一区二区三区视频 | 国产综合一区二区 | 超碰综合 | 男女猛烈激情xx00免费视频 | 欧美性一区 | 欧洲一级鲁丝片免费 | 欧美一区二区精品 | 91精品免费观看 | 成人毛片国产a | 中文在线一区二区 | 丁香午夜| 天天夜夜操 |