Theory and practice of active fiscal policy.
In order to cope with the impact of the global financial crisis, China changed its macro-economic policies in a timely and decisive manner. At the same time, the monetary policy has changed from "tight" to "moderately loose", and the fiscal policy has also changed from "steady" to "active". Based on a systematic review of the theory of active fiscal policy, this paper investigates the practice of using active fiscal policy at home and abroad, briefly evaluates the start of this round of active fiscal policy, and puts forward the main points of implementation.
Keywords: proactive fiscal policy; Theory; practice
Classification number of China Library: F8 12.0 Document ID: Part A:1007-5801(2009) 01-0052-06.
First, the development of Keynesian economic theory and its expansionary fiscal policy theory
The theory of proactive fiscal policy can be traced back to the famous "Keynesian Revolution" in 1930s. Keynesian theory is an economic theory represented by Keynes's book "General Theory of Employment, Interest and Money", which came into being after the Great Depression 1929, and advocated that the state should adopt expansionary macroeconomic policies, especially fiscal policies, to promote economic growth by increasing demand. Keynes's economic theory aims to explore how to achieve full employment, and takes the analysis of "insufficient effective demand" as the central topic throughout the whole theoretical system. His theory of state intervention and its expansionary fiscal policy have had a great impact on economics and the economic and social development of western countries.
(A) the key points of Keynesian economic theory and its expansionary fiscal policy theory
Keynes's economic theory contains two closely related parts, one is the demand theory centered on the principle of effective demand, and the other is a set of policy propositions centered on state intervention in the economy. The basic idea of his "effective demand theory" is that the level of social employment depends on the level of total social demand; The reason why there is unemployment or it is difficult to achieve full employment lies in the lack of effective demand (effective demand refers to the total demand or purchasing power of a state-owned currency); The reason for the lack of effective demand lies in the influence of three basic psychological laws: the law of diminishing marginal propensity to consume, the law of diminishing marginal efficiency of capital and the law of liquidity preference. Keynes put forward that demand management should be the mainstay and fiscal and monetary policies should be used to intervene and regulate economic life, only from the conclusion that the effective demand is insufficient and the market mechanism cannot make the economy achieve full employment balance. Keynes particularly emphasized the positive role of expansionary fiscal policy in economic depression, advocated overcoming major economic depression and crisis by borrowing a lot of money and implementing deficit fiscal policy, and put forward specific measures of expansionary fiscal policy: reducing taxes and increasing government public investment.
The original intention of state intervention in the economy advocated by Keynes's economic theory is to "iron out" the cyclical fluctuations of the economy through "counter-cyclical" macro-control. Fiscal policy and monetary policy are two basic means, and their cooperation is very important. Generally speaking, at the peak of the economy, fiscal policy should be tightened, and the central bank should tighten monetary policy to curb aggregate demand; On the contrary, during the economic downturn, fiscal policy should be expansionary, and the central bank should relax monetary policy to stimulate aggregate demand. However, due to various factors, the actual operation is far from being as simple and direct as the theoretical analysis. The operation of "double loosening" or "double tightening" of fiscal policy and monetary policy may not be feasible or the best choice. Often only by adopting the combination of "one loosening and one tightening" can we form a loose or tight orientation as a whole, which is in line with other policy intentions.
(B) the development of expansionary fiscal policy theory
After the Second World War, Keynes's followers made some new explanations, supplements and amendments to his theory, and gradually formed the so-called "post-Keynesian economic school", and the expansionary fiscal policy theory also developed further. In the 1950s, Alvin? On the basis of inheriting Keynes's fiscal policy theory, alvin hansen put forward compensatory fiscal policy and monetary policy. The operation of long-term fiscal policy should be "compensation policy".
In order to further promote employment and accelerate economic growth, James? James Tobin and Arthur? Athur Okun put forward two new concepts of "potential gross national product" and "full employment budget" in 1960s, trying to attract people's attention, that is, the long-term goal and level of fiscal policy must be consistent with the growth track of full employment. They believe that as long as the actual economic output is less than the potential economic output, even if the economy is rising, expansionary fiscal policy and expansionary monetary policy should be implemented to stimulate social demand and achieve full employment. James. Tobin and Arthur. Okun's view of full employment policy revised Keynes's policy view that expansionary economic policies should be implemented only in times of economic depression, which became a major transformation and development of Keynesianism, so this view was called "new economics".
But in the early 1970s, the economy appeared "stagnant expansion". The "new economics" is in trouble, and the expansionary fiscal policy theory is divided, which has contributed to the rise of supply school and endogenous growth theory and other related fiscal policy theories. The supply school put forward a new fiscal policy theory from the perspective of total supply and long-term growth, and the endogenous growth theory put forward relevant fiscal policy theories from the perspective of endogenous and long-term growth.
Second, the practice of implementing expansionary fiscal policy in the United States.
Since the Great Depression of 1929, at the level of government behavior, marked by President Roosevelt's "New Deal", politicians began to use government power to actively intervene and adjust the economy. The U.S. government's use of fiscal policy measures to regulate the national economy is very representative, and its experience and lessons have reference significance for China's current implementation of expansionary fiscal policy.
(A) the practice circle of expansionary fiscal policy in the United States
1. Roosevelt's "New Deal" is characterized by deficit finance.
1933, after taking office as president of the United States, Roosevelt took a series of "anti-crisis" economic measures in the face of serious economic imbalances and social problems, which was called Roosevelt's New Deal in history, and opened the precedent for the government of a typical capitalist country to intervene in the economy. Roosevelt's New Deal included a number of expansionary fiscal policies: First, through various decrees, the financial expenditure for welfare relief was expanded and the social security system was established. Second, in 1935, the U.S. government set up a full-time organization "Project Establishment Organization", which was responsible for organizing and centralizing public works, resettling the unemployed and solving the employment problem. Third, support and manage the production of enterprises, and guide and manage their production and sales through the national industrial revival law; The Agricultural Adjustment Agency was established to implement various support and subsidy policies for agricultural products.
The "New Deal" was successful on the whole, which effectively started domestic demand. Since 1935, almost all economic indicators in the United States have steadily picked up. The gross national product increased from $74.2 billion in 1933 to $204.9 billion in 1939, and the number of unemployed people decreased from170,000 to 8 million. This proves the validity of Keynes's theory and policy proposition that countries intervened in the economy to save the economic crisis in the mid-1930s. At the same time, however, the deficit fiscal policy not only caused the current gap of $2.9 billion in federal revenue and expenditure, but also formed the beginning of a long-term fiscal deficit. It has laid the groundwork for new economic problems in the future.
2. The fiscal policies of Truman and Eisenhower after World War II.
Truman administration adopted the policy suggestions of neoclassical comprehensive school and implemented compensatory fiscal policy, trying to achieve long-term budget balance while achieving economic growth. First, the reduction of military expenditure and the implementation of tight monetary policy have caused the economic crisis of 1949. The unemployment rate rose from 3.8% to 5.9%. Subsequently, the Truman administration implemented an expansionary fiscal policy related to the military to stimulate economic growth. In addition, a series of welfare measures have been introduced to expand fiscal expenditure. At the same time, the tax reduction policy is implemented. These policies once stimulated economic growth and led to the post-war economic prosperity in the United States.
During the Eisenhower administration, in view of the economic recession of 1957 ~ 1958, the expansionary deficit fiscal policy centered on military expenditure and expanding government expenditure was adopted again. 1958 fiscal year, the US fiscal deficit was 103 billion US dollars, and the fiscal deficit in 1959 fiscal year was as high as12 billion US dollars, which pushed the US government's fiscal deficit to a new level.
Peak.
3. Kennedy's fiscal policy of deficit growth and Johnson's tax reduction policy.
In order to alleviate the economic depression in the 1960s, the Kennedy administration implemented the fiscal policy of deficit growth and the policy of continuous stimulus and tax reduction under the Keynesian framework, and achieved remarkable results. The unemployment rate dropped from 5.7% in 1963 to 4.5% two years later. The inflation caused by the expansionary fiscal policy was moderate, only about 1.5%, and the annual growth rate of the national economy reached 5.6%, which overcame the economic stagnation.
President Johnson basically inherited Kennedy's policy. The war escalated gradually, and large-scale military expenditure stimulated the economic growth of the United States. 1964, Congress passed the tax reduction plan. In addition, the Johnson administration expanded the federal government's investment in education and health care. These fiscal policies promoted the rapid development of American economy in 1960s. However, these policies have further widened the gap between the federal government's income and expenditure, resulting in a deficit for many years. At the same time, the short-term fiscal expenditure expansion policy has gradually changed into the conventional fiscal expenditure expansion policy, tending to long-term expansion. The tendency of welfarism has brought about the decline of economic strength and vitality, and the shadow of "stagflation" has begun to appear in economic prosperity. After Nixon, Ford and Carter succeeded, they also implemented expansionary fiscal policies many times, which made the US fiscal deficit even more inflated. Throughout the 1970s, the total deficit of the United States hit an astonishing record of $304.4 billion. At the same time, the American economy was obviously caught in the dilemma of "stagnation and expansion". This makes the Keynesian framework helpless in the face of the "dilemma" of expansion and contraction, so "stagflation" declares the end of the modern Keynesian revolution.
4. Neo-conservative policies in the Reagan era.
After Reagan came to power, facing the stagflation situation left by the Carter administration, Reagan's economics was positioned as neoconservatism to reduce state intervention. The Reagan administration also adopted an expansionary fiscal policy, mainly reducing taxes and moderately expanding expenditures. Reagan's economic policy promoted the recovery and prosperity of American economy in 1980s. However. Reagan's tax cuts not only stimulated economic growth, but also caused a deficit several times that of the US federal budget. During the period of 198 1 ~ 1985, the fiscal deficit of the United States reached $539.2 billion, exceeding the total deficit of $448.4 billion of previous governments.
5. Structural fiscal policy in Clinton's time.
The Clinton administration changed to a "structural" fiscal policy, that is, reducing and increasing government expenditure, emphasizing not only reducing the fiscal deficit, but also providing short-term economic stimulus and increasing long-term public investment, which can be described as a "two-pronged approach." This feature is reflected in the economic revitalization plan launched by the Clinton administration, which focuses on reducing the fiscal deficit. Practice has proved that the Clinton administration implemented fiscal policy in order to increase short-term economic stimulus and long-term public investment. It has received good results and achieved remarkable results, bringing the longest expansion period in history and the macro situation of "low inflation, low unemployment and sustained growth". At the same time, the Clinton administration's deficit reduction policy has achieved remarkable results. The U.S. federal deficit has continuously dropped sharply, from 1997 to the lowest point in 23 years, reaching $22 billion, while at 1998, the first federal fiscal surplus in 29 years appeared, about $63 billion.
(B) the United States to implement expansionary fiscal policy experience and lessons
The history of expansionary fiscal policy in the United States deserves our attention in the following aspects.
First, the goal of implementing expansionary fiscal policy is mainly to cope with economic depression and promote economic growth.
Second, the means of implementing expansionary fiscal policy are mainly borrowing to expand expenditure and implementing tax reduction. Borrowing to expand expenditure is mainly to cope with economic depression and recession, and tax reduction can be used to overcome short-term economic depression and promote long-term economic growth.
Third, the history of the United States shows that in the short term, it is indeed an effective way for the government to adopt an expansionary fiscal policy of arranging deficit budget to stimulate economic growth, but in the long run, the implementation of expansionary fiscal policy is likely to cause huge fiscal deficit and serious inflation, and even "stagflation" problems.
In short, the policy practice in the United States shows that in the economic recession, the government's expansionary fiscal policy can really stimulate economic growth in view of the problem of insufficient effective demand or oversupply. But the price of long-term expansionary fiscal policy is huge fiscal deficit, serious inflation and even stagflation. According to the experience and lessons of the United States, to promote economic growth, we should pay attention to total demand and total supply, especially the total supply that is often ignored. The government should adopt the policy of tax reduction to stimulate supply, rely on the increase or decrease of tax revenue, the reform of tax system structure and the structural orientation in expenditure expansion, and properly combine "demand management" with "supply management" to achieve the purpose of "countercyclical".
Iii. China 1998 active fiscal policy to regulate macro-economy.
Compared with western developed market economy countries, China's fiscal policy of actively regulating macro-economy started late. With the goal of establishing a socialist market economy determined by the direction of market-oriented reform in the 1990s, macro-control will inevitably accelerate the transformation to indirect control, and fiscal policy, as an important economic lever tool for macro-control, is gradually playing a major role. From 65438 to 0993, China strengthened macro-control to overcome economic overheating and inflation. In about three years, the national economy has successfully achieved a "soft landing", in which fiscal policy has played an important role. Subsequently, the active fiscal policy was adjusted from 65438 to 0998, which was our first successful practice under the guidance of expanding the border, and accumulated valuable experience for the implementation of the current active fiscal policy.
(A) the implementation background and key points of expansionary proactive fiscal policy
1998 After the first quarter, the Asian financial crisis that broke out in 1997 had a great impact on China. The impact of the financial crisis has been superimposed on the low stage of China's economic cycle, which has obviously slowed down the economic growth. And there are signs of deflation; Twenty years of market-oriented reform eventually led to a shortage of "surplus economy"; The "strategic reorganization of state-owned economy" has brought a large number of "laid-off workers" and unemployment pressure; Monetary policy continues to be used intensively, but the policy effect is not obvious enough. The above-mentioned series of problems are superimposed together, and it is urgent to expand domestic demand with macro-policy measures and implement counter-cyclical operations. Therefore, it is an inevitable choice for 1998 to start implementing a proactive fiscal policy in the second quarter.
The essence of proactive fiscal policy is expansionary fiscal policy, and its main policies and measures are issuing additional long-term construction bonds, supporting major infrastructure construction, enhancing tax regulation and control functions, adjusting income distribution policies and expanding transfer payments to the central and western regions, and so on. Specifically, its main contents are:
First, issue10 billion yuan of long-term treasury bonds, and the funds raised will be used as special investment in infrastructure construction within the national budget. This 654.38+000 billion yuan national debt is only issued to state-owned commercial banks, with a repayment period of 654.38+00 years and an annual interest rate of 5.5%. The debt of 654.38+00 billion yuan is divided into two parts, with 50 billion yuan for the central and local governments. Accordingly, the central budget expenditure from 65438 to 0998 will be expanded by 50 billion yuan, and the central fiscal deficit will be expanded from 46 billion yuan budgeted at the beginning of the year to 96 billion yuan. The State Council has made a serious study on the use of 654.38 billion yuan of additional treasury bonds. The focus of the project arrangement is the construction of urban and rural infrastructure such as river regulation, farmland water conservancy, railways and highways, power grid, ecological environment protection and the construction of national grain reserves.
Second, the 654.38+08 billion yuan originally used for infrastructure construction in the budget at the beginning of the year will be adjusted into recurrent project expenditure, which will be used to increase investment in science and technology education, ensure the basic living expenses of laid-off workers in state-owned enterprises, pay pensions to retirees on time and in full, and increase emergency rescue and disaster relief expenditures.
1999, according to the declining growth rate of investment in fixed assets, declining exports and persistently low consumer demand in the second quarter of that year, the decision-makers decided to adjust and implement a proactive fiscal policy: (1) On the basis of the original 50 billion yuan, 60 billion yuan of long-term national debt was issued, which was still divided equally between the central and local governments, and the central fiscal deficit was correspondingly expanded by 30 billion yuan to protect investment. (2) Adjust the income distribution policy to increase the income of urban and rural residents and stimulate consumer demand. The focus is on increasing the income of low-and middle-income people. In addition, measures should be taken to effectively reduce the burden on farmers and increase their income through multiple channels. (3) Adjust some tax policies to support foreign trade export. Further increase the export tax rebate rate of some products with competitive potential and high industrial relevance in the international market.
In 2000, after the national economy improved in the first half of the year, in order to consolidate this important turning point and predict that there will be some uncertain factors in the future, the decision-makers further intensified their efforts to implement a proactive fiscal policy. On the basis of the issuance scale of 6,543.8 billion yuan of long-term treasury bonds determined at the beginning of the year, the budget adjustment plan will be implemented in the second half of the year, and the Ministry of Finance will issue 50 billion yuan of long-term treasury bonds with the approval of the National People's Congress.
200 1, continue to implement a proactive fiscal policy. The main contents are: continue to issue treasury bonds for infrastructure construction; Issue special treasury bonds to support the development of the western region; Appropriately increase residents' income, stimulate consumption, and continue to raise the salary level of public officials.
In 2002, the policy framework of 200 1 was generally continued, and the time for treasury bonds to arrive was advanced.
In 2003, with the support of continuing to implement the proactive fiscal policy, the impact of SARS was successfully dealt with, and the national economy got rid of the shadow after the third quarter. The annual growth rate is above 10%.
(B) the effectiveness of expansionary proactive fiscal policy
China's proactive fiscal policy after 1998 not only effectively resisted the impact of the Asian financial crisis, but also promoted economic restructuring and sustained and rapid economic growth. According to the calculation of relevant departments, the proactive fiscal policy has obviously promoted the sustained growth of China's economy. The contribution rate to GDP growth is 1.98 1.5 percentage points, 2000 1.7 percentage points, 2006 1 percentage point, and 5438+0. In 2002-2004, it was also at the level of 1.5 ~ 2 percentage points. Over the past seven years, a total of 910 billion yuan of long-term construction bonds have been issued, and by the end of 2004, 864.3 billion yuan of national debt projects have actually been arranged in the past seven years. The investment in national debt has achieved remarkable results, mainly in the following aspects.
1. Effectively expanded investment demand and promoted economic development. After 1998, nearly one trillion yuan of long-term construction bonds were issued, which directly led local governments, departments and enterprises to invest more than 2 trillion yuan in project matching funds and bank loans.
2. Concentrate on building a number of major infrastructure projects, and accomplish some major events that I have been wanting to do for many years. For example, large-scale dike construction, water damage repair, returning farmland to lakes, resettlement and other projects have been carried out in great rivers and lakes; Traffic conditions have improved significantly; The situation of grain storage facilities has been improved, the contradiction of long-term shortage of grain storage capacity has been greatly alleviated, and the state's ability to regulate and control the grain market has been significantly improved.
3. It has accelerated the technological progress of enterprises and promoted industrial upgrading. A large number of technical transformation, high-tech industrialization and equipment localization projects were implemented with national debt, which effectively cooperated with the reform of state-owned enterprises.
4. It has promoted the adjustment and optimization of the distribution of regional productive forces and made substantial progress in the large-scale development of the western region. When arranging national debt investment, we should pay attention to the central and western regions, especially after 2000, the investment growth rate in the central and western regions is obviously higher than that in the eastern region.
5. Strengthen environmental protection and ecological construction to promote sustainable development. A number of water pollution control projects in rivers and lakes have been completed. New sewage treatment capacity has been formed, the pace of ecological construction has been accelerated, and comprehensive control of soil erosion has made progress.
6. It has improved people's production and living conditions and promoted the development of social undertakings. Driven by the investment of national debt, the enthusiasm of infrastructure construction in cities has been greatly mobilized. It has improved the electricity consumption conditions for farmers' production and life. The electricity price in rural areas has dropped significantly, and the electricity consumption in rural areas has increased significantly.
Of course, there are also some problems in the implementation of the proactive fiscal policy. For example, in the aspects of treasury bond fund management, project feasibility demonstration, construction quality assurance, etc., especially in the adjustment of total economic supply and demand at the operational level, how to combine it more closely with institutional innovation and structural adjustment to solve deep-seated contradictions and constraints in the medium and long term, etc., we need to further sum up experience and improve our level.
Four, the start of this round of active fiscal policy and its implementation points
(A) the start of this round of proactive fiscal policy
In April 2007, New Century Financial Company, the second largest subprime mortgage company in the United States, was on the verge of bankruptcy, which opened the prelude to the subprime mortgage crisis in the United States. Later, the storm caused by the bankruptcy of subprime mortgage institutions, the forced closure of investment funds and the violent fluctuation of the stock market intensified, which triggered a worldwide financial crisis. Since the second half of 2008, the economies of the United States and Europe have generally experienced negative growth, and the trend of the crisis extending to the real economy has become increasingly severe. Countries all over the world have introduced a series of rescue measures to save the fragile financial system and revive the economy. In this context, in order to prevent the adverse impact of the international economic environment on China, China's macroeconomic policies must be adjusted in time to cope with the complicated and changeable situation.
On June 5th, 2008, the executive meeting of the State Council +065438+ made major adjustments to China's fiscal policy and monetary policy, and decided to implement a proactive fiscal policy and a moderately loose monetary policy. The meeting also identified a number of measures to further expand domestic demand and promote stable economic growth.
(B) A brief comment on starting this round of proactive fiscal policy
China's recent macro-policy changes are very timely and decisive. It highlights the confidence and determination of the decision-making level to ensure steady and rapid economic growth. The internal logic of restarting the proactive fiscal policy is similar to that of 1998, which is in the process of "soft landing" in which we actively adjust downwards. The sudden superposition of external shocks has led to a rapid economic decline, which requires expanding fiscal policy to deal with it. However, compared with 1998 China's proactive fiscal policy during the Asian financial crisis, now we have more experience, stronger comprehensive national strength and more mature market. I believe that the fiscal expansion policy can play a more effective role in this round of macro-control. Of course, the specific content of fiscal policy will be constantly adjusted with the change of the situation.
As far as the current situation is concerned, firstly, through the expansionary policy launched by the government this time, we can see that the focus of this round of expansion is to expand domestic demand and adjust the economic structure. The central government has clearly invested about 4 trillion yuan to implement ten policies before the end of 20 10, which can be said to be a rare big deal in history. 16 The words "be quick in hand, heavy in fist, accurate in measures and practical in work" vividly and fully reflect the confidence and determination of the government to maintain steady and rapid economic growth.
Second, from the perspective of fiscal revenue, the transformation of value-added tax after the implementation of the proactive fiscal policy will bring about a decrease in fiscal revenue. At the same time, the decline in fiscal revenue growth and the upward pressure on fiscal expenditure coexist. Therefore, although it is inevitable to issue national debt on a large scale and increase the fiscal deficit, the government should comprehensively consider it and control it within a safe range. Objectively speaking, China still has enough security space to support this policy expansion.
Third, in this round of macro-control, how the government can more effectively mobilize the power of market mechanism in fiscal expansion is a problem worthy of special attention. In recent years, the direct financing function of China's capital market has not been well played, especially the development of corporate bonds in bond financing is not ideal. The government can try to properly consider the development of corporate bonds in the new round of fiscal expansion, or take the opportunity to consider the municipal bonds of pilot places, and guide local governments to develop the "sunshine financing" system transparently and normatively through prescribed procedures, which is conducive to mobilizing the market mechanism more effectively and giving full play to the "multiplier" effect of policies, so as to realize economic regulation.
Fourthly, compared with the macro-control before 10, the international and domestic economic situation of this round of macro-control is more complicated and changeable, but our comprehensive national strength and financial strength have been greatly enhanced. Based on the experience of the last macro-control and the expansionary fiscal policy of the United States and other western countries, paying attention to the coordination of short-term economic stimulus and long-term public investment, and paying attention to structural adjustment and technological progress is expected to achieve a moderate grasp of various policies and measures and promote the macro situation of low inflation and sustained economic growth.
(C) the main points of implementing this round of proactive fiscal policy
First, in terms of the total amount, it echoes the monetary policy, moderately expands, and heats up the economy that suddenly encounters a cold current. It is necessary to issue more long-term construction bonds and increase the deficit scale ―― in this respect, no matter from the nominal indicators. Or considering the actual public sector liabilities comprehensively, there is still enough safe space to use (in 2007, deficit ratio was lower than 1, actually it was 0; At present, the ratio of debt balance /GDP in the general public sector is within 30%). The government's "counter-cyclical expansion" can bring market players to follow up, form an inflection point of recovery, and then "retire".
Second, using expenditure policy to actively optimize the structure, treat it differently, vigorously strengthen the weak links in the economy and society, and increase effective supply. At this stage, we should seize the opportunity, increase the construction of infrastructure and basic conditions for agricultural industrialization related to agriculture, rural areas and farmers, support the investment in various affairs to improve people's livelihood, increase key construction such as transportation, energy and raw materials, implement regional development strategies, and support projects and investments taking the road of an innovative country. This kind of "supply management" that the government treats differently and highlights the key points needs long-term attention in China. However, during the policy expansion period, we can do more things that we want to do or intensify our efforts.
Third, seize the opportunity to implement structural tax reduction and tax reform to serve long-term market construction and mechanism transformation. The representative problem in this respect is the transformation of value-added tax. It can better enable enterprises to actively assume the main role of market investment, improve economic prosperity, improve the organic composition of capital and accelerate technological upgrading. With the reform of value-added tax, we can consider the major adjustment of resource tax, realize the combination of tax reduction (value-added tax transformation) and tax increase (resource tax perfection), improve financial affordability and increase the rate of reduction and increase. Although this will increase the price of primary products, it will help guide all parties to cherish resources more, actively develop energy-saving and consumption-reducing technologies, and promote the transformation of development mode. At present, PPI has turned down, which can reduce some concerns about resource tax adjustment. Through this adjustment, we can realize the combination of tax reduction (value-added tax transformation) and tax increase (resource tax perfection), improve financial affordability and increase the rate of reduction and increase.
Fourth, multi-party cooperation, actively promote policy financing and mobilize market potential. The policy financial instruments that should be considered as a whole in the implementation of this round of active fiscal policy can first actively use interest subsidies and make them more diversified, that is, more BOT, credit guarantee and preferential loans are used to support "agriculture, rural areas and farmers", small and medium-sized enterprises, economic growth points and innovative activities. Mobilize the potential of social capital and private capital, form cooperation between government financial resources and private financial resources, resist the impact of the crisis, and support sound and rapid development.
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