On March 5th, Premier Li Keqiang pointed out in his government work report: Last year, in the face of the impact of the epidemic, the China government paid attention to helping enterprises tide over the difficulties, stimulating their vitality, and helping the most directly affected small and medium-sized enterprises and individual industrial and commercial households tide over the difficulties. It is worth noting that there are still weak links in epidemic prevention and control in China, the foundation of economic recovery is still not solid, residents' consumption is still constrained, the investment growth potential is insufficient, small and medium-sized enterprises and individual industrial and commercial households have more difficulties, and the pressure of stable employment is greater.
Zhang Hui
China Academy of Fiscal Science
Researcher, Teaching and Research Center, Graduate School
Enhance the vitality of micro-subjects and give play to the subjective initiative of enterprises and entrepreneurs; Efforts should be made to enhance the vitality of micro-subjects and promote the deepening of relevant reforms. All these clearly show that the CPC Central Committee will further stimulate the vitality of micro-subjects as an important direction of reform, and as an important strategic measure to promote high-quality development, it will be one of the important graspers of economic work for a long time to come.
In the process of activating the vitality of micro-subjects, reducing taxes and fees and reducing the financing cost of enterprises will bring "real money and silver" support to the majority of small and micro enterprises: on the one hand, it will give play to the effect of tax reduction and fee reduction; On the other hand, monetary policy and financial supervision need to focus on alleviating the financing difficulties and high costs of enterprises, especially private enterprises.
First, give play to the effect of tax reduction and fee reduction to stimulate the vitality of scientific and technological innovation of small and micro enterprises.
According to the government work report, the implementation of large-scale tax reduction and fee reduction in the field of finance and taxation in 2020, combined with institutional arrangements, will reduce the burden on market players by more than 2.6 trillion yuan, including social security fees/kloc-0.7 trillion yuan. Innovate the implementation mode of macro-policies, establish a direct mechanism for adding 2 trillion central financial funds, increase the sinking of provincial funds, and jointly replenish financial resources in time for the implementation of the policy of benefiting enterprises and benefiting the people at the grassroots level in cities and counties. In order to further exert the effect of tax reduction and fee reduction, it is encouraged to improve relevant tax policies according to the development characteristics of small and micro enterprises, such as increasing R&D deduction and establishing cash return mechanism for R&D investment, that is, for small and micro enterprises with annual losses, a certain proportion of cash return is given according to their R&D investment as a useful supplement to tax incentives and tax base preferential policies.
Accelerate the formulation of the mechanism for the government to purchase intermediary tax payment services, and supplement and improve the existing tax payment service system and law enforcement assistance system. Small and micro enterprises can enjoy preferential tax policies to promote scientific and technological innovation, such as R&D and accelerated depreciation. The government will invite qualified tax-related intermediaries to provide accounting, tax declaration and other services, so as to alleviate the plight of small and micro enterprises with weak financial strength and insufficient tax personnel, reduce the tax payment costs of small and micro enterprises, promote tax compliance, and improve the quality and efficiency of tax collection and management. At present, in some demonstration cities of small and micro enterprise innovation bases, the "science and technology innovation voucher" initiative has been tried first, that is, the government pays for intermediary services such as third-party accounting, consulting, law and management, and has achieved good practical results.
Second, optimize the business environment of enterprises and reduce the difficulty and cost of financing for small and micro enterprises.
According to the government work report, in 2020, in order to support banks to increase loans and reduce interest rates, loans to small and medium-sized enterprises will be postponed, loans to large commercial banks will increase by more than 50%, and the financial system will benefit the real economy/kloc-0.5 trillion yuan. The next step is to speed up the improvement of the comprehensive financial service platform. It is suggested that local governments should concentrate the information resources of relevant functional departments, guide enterprises, banks and platform systems to connect, and reduce the difficulty and cost of credit due diligence information inquiry by commercial banks.
Improve the timeliness of mortgage registration. It is suggested that the real estate registration department should strengthen cooperation with banks in an all-round way, realize one-stop acceptance of applications such as bank branch loans and mortgage registration through direct data connection, make full use of the banking service window to solve the problems such as difficult mortgage registration and long time limit, shorten the time limit for real estate registration, and improve the credit lending efficiency of small and micro enterprises.
Explore the construction of an intellectual property trading platform. It is suggested to actively promote the establishment of a provincial-level intellectual property pledge financing service platform, provide various services from project acceptance, value evaluation, financing guarantee, pledge registration, loan issuance to pledge disposal, operation and investment for intellectual property pledge financing of small and micro technology enterprises, and systematically solve the problems of evaluation, registration and circulation in the process of intellectual property pledge financing of small and micro technology enterprises.
Third, improve the local financial system and innovate measures to encourage banks and financing guarantee institutions.
Give full play to the guiding role of financial funds, build a multi-level investment and financing service system with bank credit as the front end, investment guidance funds and private equity financing as the two wings, and financing guarantee and insurance as the support to solve the financing difficulties of small and micro enterprises. Further reduce the market access threshold, support social capital to initiate the establishment or shareholding of commercial banks, and moderately increase the number of village banks. Vigorously support the standardized development of rural banks and other financial forms, give play to their comparative advantages in relational credit, and fill the gap left by "it is difficult for large institutions to connect with small customers". Innovate financial support means, encourage banks and financing guarantee institutions to provide loans and guarantees to small and micro enterprises, and increase credit supply to small and micro enterprises.
Further play the role of angel guidance fund and venture capital guidance fund, support the introduction and establishment of various risk funds, and guide private capital to invest in small and micro technology enterprises in the form of equity in a market-oriented manner. Encourage local legal institutions to take advantage of the short product development chain to innovate credit products for small and micro enterprises that meet actual needs. For example, in view of the short-term capital turnover difficulties of small and micro enterprises, we will develop short, flat and fast bridge products.
Support local corporate banks to reduce costs. Government services such as cash deposits in state coffers and government salaries at all levels should be inclined to local corporate banks, which should give priority to financing large-scale government projects.
Strengthen the construction of financing guarantee system. Promote the development of financing guarantee industry, focus on building a policy financing guarantee system with government financing guarantee institutions as the main part and other types of financing guarantee institutions as the supplement, and mainly provide financing credit enhancement services for small and micro technology enterprises. Incorporate policy financing guarantee institutions into the credit information system of the People's Bank of China, increase the proportion of policy financing guarantee institutions supporting small enterprises, and accelerate the establishment of a provincial re-guarantee mechanism.
Fourth, smooth the monetary transmission mechanism to ensure that policy dividends benefit small and micro enterprises.
It is the key to break through the "last mile" of monetary policy transmission and improve the internal fund transfer pricing system (FTP) of banks. Only when the bank has established a mature and perfect FTP can the liquidity released by the People's Bank of China really depress the loan pricing, and then transmit the policy dividend to small and micro enterprises.
Establish a unified capital flow monitoring system to ensure that credit funds of small and micro enterprises are truly invested in the real economy. At present, commercial banks only know the information of capital flow within their own banks, and cannot monitor the cross-bank and cross-system capital flow. It is suggested that the People's Bank of China establish a cross-system fund flow monitoring system based on the payment and clearing system, set corresponding monitoring and early warning indicators, and push them to commercial banks in real time, so as to provide commercial banks with a starting point for monitoring the flow of customers' funds in the whole process and ensure the accurate transfer of credit policies.
Optimize the assessment and incentive measures of commercial banks. It is suggested that regulators should further improve the assessment and restraint mechanism of loan management for small and micro enterprises, adopt a positive incentive-oriented supervision mode, and give extra points to commercial banks with better business promotion in inclusive finance in terms of year-end assessment and approval of branch establishment, so as to further mobilize the enthusiasm of financial institutions to carry out business in inclusive finance.