China Finance Minister Liu Kun believes that this year's fiscal revenue will return to increase, but the increase will not be too high, and the fiscal revenue and expenditure situation will still be severe.
The publication of the Central Committee of the Communist Party of China published Liu Kun's article on Thursday (February 16).In the article, Liu Kun said that the Chinese economy is expected to rise in this year. In addition, the basis for reserving tax refund in 2022 is low, which has laid the foundation for the growth of fiscal revenue recovery.
But Liu Kun also admitted that the foundation of China's economic recovery is not firm, and fiscal revenue has great uncertainty.From the perspective of fiscal expenditure, the rigidity of key expenditures such as science and technology research, rural revitalization, and ecological and environmental protection have increased. Basic livelihood shortcomings such as pensions, education, medical care, and other basic livelihood need to continue to strengthen protection.
Bloomberg analyzed that weak income growth may limit the space of the Chinese government to expand fiscal policy through large -scale tax cuts in the past few years, and the use of government departments to boost the economic ability will also be weakened.
Liu Kun pointed out that with the continuous implementation of large -scale tax reduction and fee reduction in the Chinese government, China's tax revenue accounted for the proportion of GDP (GDP) from 17%in 2018 to 15%in 2021.According to Bloomberg's estimation, after China's tax cuts reached a record of 4.2 trillion yuan (RMB and about S $ 816.9 billion) of the record last year, this proportion further dropped to 13.8%.
However, Liu Kun said that China will appropriately expand the scale of fiscal expenditure this year, highlighting support for small, medium and micro enterprises, individual industrial and commercial households, and special puzzle industries. Tax reduction measures will be further improved according to the actual situation.China will also strengthen support for market players this year, strengthen the connection of tax reduction and fees and fees and fees in 2022 and 2023. The continuation continuation, optimization of the optimization, adjustment of the adjustment, and strengthening should be strengthened.Outstanding issue.
He also said that the scale of local government special bonds should be reasonably arranged, appropriately expand the investment area and the scope of capital, and continuously form investment driving force.He also called on curbing the hidden debt of local governments and resolving the stock steadily.
In addition, Liu Kun also said that the government will encourage conditions in regions to appropriately subsidize green smart home appliances, green building materials, energy -saving products, etc. to continuously release consumer demand.
