Gou Yannan Li Ming: Make sure "every money" is used in critical situations

(Source: "Liberation Daily" Page 9 Ideological Weekly/Viewpoint 2020-07-07)

In order to coordinate the prevention and control of the new coronavirus epidemic and economic and social development, proactive fiscal policies must be more proactive and coordinate high-quality development and emergency needs.

Clear the direction of fiscal fund allocation

Closely follow the changes in the main contradictions in society and the requirements for high-quality development. The changes in the main contradictions in our society have put forward new requirements for financial work. Fiscal expenditures must focus on solving the problem of unbalanced and inadequate development and better meet the people's growing needs for a better life by promoting high-quality development.

On the one hand, we must optimize the layout of the national economy and ensure national security, promote the coordinated development of urban and rural areas, and build a moderately prosperous society in an all-round way, and go all out to support the decisive battle against poverty. On the other hand, we must actively support the deepening of supply-side structural reform, based on the goal of "effectively combining and promoting each other to boost consumption and expanding investment," strengthen food and energy security, increase the supply of high-quality public services, and promote the construction of "two new and one important" projects.

Focus on the shortcomings exposed and the main problems caused by the epidemic. In the process of responding to the epidemic, public health and medical security, emergency material reserves, community governance, scientific and technological research, publicity and education have withstood many tests. In the next step, we must build a solid foundation for national governance by making up for shortcomings, strengthening weaknesses, and plugging loopholes. We must increase bailout, provide basic guarantees, and effectively supply and supplement financial resources to ensure stability and make progress while maintaining stability.

Coordinate emergency goals and tasks and long-term development needs. To hedge against the impact of the epidemic, we must increase countercyclical regulation and fully learn from the experience of existing economic stimulus policies.

What is of particular concern is that long-term stimulus policies may lead to continued increases in debt leverage ratios, difficulty in clearing excess production capacity, increasing real estate inventories, and increased pressure on the ecological environment. Digesting related issues will occupy a lot of resources and time, making structural reforms a heavy burden. Experience shows that w88 casino is crucial to make overall plans and identify the focus of fiscal expenditures.

Optimize system and mechanism guarantee

"Real money" is hard-won, and we must build a system and mechanism that is compatible with the allocation and use of fiscal funds to ensure that every money is used wisely and in critical areas.

First, we must improve the emergency budget management model.

This year’s budget has heavy tasks and faces great uncertainty. w88 casino is necessary to strengthen the overall planning and use of funds, avoid unnecessary repeated declarations, and free up time to concentrate on implementation.

w88 casino is necessary to establish a budget performance target and evaluation index system that is compatible with the "six guarantees" task objectives, implement "dual monitoring" of budget expenditure execution and performance target implementation, and dynamically optimize resource allocation.

We must innovate budget supervision and management methods, promote the normalization of supervision and review by the National People's Congress, and strengthen supervision and review during and after the process. The audit department must focus on the use of sinking funds to ensure that fiscal expenditures are consistent with policy guidance and social expectations.

Second, we must continue to promote the optimization of the fiscal expenditure structure.

Firmly establish the idea of living a tight life, work hard, be thrifty, and reduce non-urgent expenditures such as administrative operations. Strengthen management and strict discipline, innovate the transfer payment mechanism, eliminate interception and misappropriation, ensure that funds go directly to the grassroots level of cities and counties, and directly benefit enterprises and the people.

In particular, we must seize the opportunity of the additional issuance of local government special bonds and the expansion of the scope of fund use, and focus on high-quality development requirements and the shortcomings and deficiencies exposed by the epidemic to increase expenditures in areas including major national strategic projects, new infrastructure construction, and the renovation of old urban communities.

Third, we must strive to enhance the inclusiveness of budget execution.

This essentially requires the correct handling of the relationship between the government and the market, allowing fiscal funds to drive more private employment, consumption and investment, and ensuring that diversified market entities work together to hedge against the impact of the epidemic.

For example, government procurement and bidding must treat all types of ownership enterprises equally, and encourage large and medium-sized enterprises, especially state-owned large and medium-sized enterprises, to form consortiums with private enterprises, small, medium and micro enterprises to participate in procurement or project bidding.

Fourth, we must ensure the implementation of tax and fee reduction policies.

Reducing taxes and fees directly benefits businesses and people, is fair and effective, and guides expectations. w88 casino is a major measure to conserve the market, adjust intergovernmental relations, and cope with downward pressure on the economy.

We must implement phased policies and institutional arrangements from the perspective of hedging the impact of the epidemic, enhancing the potential for economic development, and giving full play to the enthusiasm of both the central and local governments.

On the one hand, w88 casino is necessary to make full use of big data technology to improve the ability to accurately reduce taxes and fees; on the other hand, w88 casino is necessary to increase the monitoring and analysis of government fiscal treasury funds at all levels, resolve risks in a timely manner, and ensure that arbitrary charges are not caused by large conflicts between fiscal revenue and expenditure, which increases the burden on enterprises.

(The authors are respectively a researcher at the Shanghai Research Center for Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, the chief accountant of Shanghai University, and a professor at the w88 casino)

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