(Source: "China Government w88 slot News", 2024-12-27)
Recently, the Central Economic Work Conference was held in Beijing. The meeting made it clear that a "more active fiscal policy" will be implemented for the first time next year, and the "sound monetary policy" that has been implemented for 14 consecutive years will be changed to a "moderately loose monetary policy." It can be said that this time the fiscal policy is "more active" and the monetary policy is "moderately loose", which is a brand-new formulation of the fiscal and monetary policy combination in recent years. The subsequent National Fiscal Work Conference also made further arrangements for the implementation of "more proactive fiscal policies."
What information do these release? What impact will it have on government w88 slot? Will the "more proactive fiscal policy" change the downward trend in the scale of government w88 slot for four consecutive years and promote the expansion of government w88 slot in 2025? What changes or impact will "moderately loose monetary policy" bring to "Government w88 slot Loan"? In this regard, the reporter interviewed industry experts and interpreted it from many aspects.
Act as a "bridgehead" and exert a multiplier effect
“Since 2009, ‘active fiscal policy’ has been the main tone of my country’s fiscal policy. The ‘more active fiscal policy’ proposed this time shows that stabilizing economic expectations and promoting economic growth has become an important goal of fiscal policy, and direct intervention in the economy will increase.” Yuan Cheng, deputy director and researcher of the Department of Finance, w88 casino of Economics, Peking University, believes.
When it comes to the impact of policies on government w88 slot, most experts interviewed believe that "more active fiscal policies" will promote the expansion of government w88 slot.
“This is because an important role of fiscal policy is to expand government investment and consumption, and accordingly the scale of government procurement will be expanded. In the future, the government may purchase more services and then provide these services to residents, thereby promoting residents’ consumption and driving the development of the consumer service industry.” Tu Xinquan, director of the China WTO Research Institute at the w88 casino, said.
Wang Conghu, a professor at the w88 casino of Public Administration of Renmin University of China, also holds the same view. He believes that "more active fiscal policy" means increasing investment, especially in infrastructure and other areas related to people's livelihood. This must be achieved through fiscal instruments, in which government procurement will play an important role.
How to straighten out the logic? Jiang Aihua, a professor at the w88 casino of Finance and Taxation at the Central University of Finance and Economics, said that "more active fiscal policy" means further leveraging demand through fiscal policy and expanding total social demand. In addition to consumption, investment, and net exports, there is also an important component of total social demand—government purchase demand, and government procurement is a part of government purchase demand. Therefore, from a theoretical derivation point of view, "more active fiscal policy" may expand the scale of government procurement.
"This is mainly due to two factors. On the one hand, this time's 'more active fiscal policy' has a large expenditure expansion, including increasing the deficit ratio, expanding the scale of special bonds, and issuance of ultra-long-term special treasury bonds. These involve a lot of funds, which may increase government w88 slot expenditures, especially purchasing expenditures. On the other hand, the 'more active fiscal policy' is coordinated with the increase in policy intensity and the deepening of fiscal and tax reforms, and the two expand the space for each other." Bai Jingming, a researcher at the Chinese Academy of Fiscal Sciences, analyzed.
According to reports, the expansion of the fiscal deficit is more about ensuring the bottom line of the "three guarantees". For example, in the medical and health field, if the deficit increases, the scale of w88 slot of medical equipment, drugs, etc. will be expanded accordingly, and these increases will naturally flow to the field of people's livelihood. Another example is that many renovations of agricultural, forestry and water facilities also involve government w88 slot. Since special bonds are all capital expenditures, after the scale of special bonds is expanded, many of them will promote the expansion of government w88 slot. The same is true for the issuance of ultra-long-term special government bonds.
"On December 25, the General Office of the State Council issued the "Opinions on Optimizing and Improving the Management Mechanism of Local Government Special Bonds" and implemented a 'negative list' management of special bond investment areas. For example, low-altitude economy, digital economy, quantum technology, etc. and related infrastructure are included in the use of special bond funds, and many of them can be completed through government w88 slot. In this way, the scale of government w88 slot will naturally be expanded." Bai Jingming added.
As one of the "troika" of fiscal expenditure management, how can government w88 slot play the role of "bridgehead" in "more active fiscal policies"? Yuan Cheng believes that although the scale of government w88 slot has declined for four consecutive years in absolute terms, in terms of proportion, the proportion of government w88 slot in fiscal expenditures has always remained at around 10%. As the scale of government expenditure expands, the absolute scale and proportion of government w88 slot will increase.
“It is foreseeable that the scale of government w88 slot will inevitably expand in the future. I believe that whether it is goods, services or engineering w88 slot, there will be an increase.” Wang Conghu believes.
Although most experts use the word "inevitable" to affirm the expansion of the scale of government w88 slot in the future, some experts believe that whether the scale of government w88 slot will inevitably expand is still subject to some practical conditions. Jiang Aihua believes that on the one hand, the legal scope of my country's government w88 slot is currently narrow, including only goods, projects and services that are within the centralized w88 slot catalog or above the w88 slot quota. It is uncertain what proportion of the expanded government purchase demand resulting from the implementation of "more active fiscal policy" will fall within the scope of statutory government w88 slot. On the other hand, if the total amount of project expenditures is compressed, it may lead to a reduction in the scale of government w88 slot. If the scale of a single project is compressed, it may result in project funds not reaching the government w88 slot quota, thus reducing the scale of government w88 slot.
Be brave enough to be the "vanguard" to amplify the transmission effect
"Government w88 slot Loan" refers to an unsecured loan provided by an enterprise based on the government w88 slot contract and w88 slot reputation. It is characterized by a simplified approval process, lower interest rates than ordinary small and medium-sized enterprise loans, and no need to provide property mortgages or third-party guarantees. As a way to increase the credit of small and medium-sized enterprises with the help of government w88 slot contracts, "Government w88 slot Loan" plays an important role in supporting the development of small and medium-sized enterprises.
“‘Moderately loose monetary policy’ is definitely a good policy for ‘Zhengcaidai’.” Bai Jingming said that this is because “moderately loose monetary policy” will also cut reserve requirements and interest rates in a timely manner, and will even favor small and medium-sized enterprises. Government w88 slot policies already have support for small and medium-sized enterprises, such as reserved quotas and evaluation preferences. If the reserve requirement ratio and interest rates are lowered, it will naturally encourage small and medium-sized enterprises to compete for more government w88 slot contracts, thus promoting the expansion of demand for "government w88 slot loans".
“In fact, ‘moderately loose monetary policy’ is also aimed at expanding total social demand.” Jiang Aihua said that under normal circumstances, loose monetary policy will bring about a reduction in interest rates, and a reduction in interest rates will expand residents’ consumption and promote corporate investment. Therefore, under a "moderately loose monetary policy", lower interest rates are good for corporate investment and expansion of reproduction. The "Government w88 slot Loan" is a boon for companies that obtain government w88 slot contracts. Proper use of "political w88 slot loans" will amplify the effect of monetary policy in expanding total social demand.
In Wang Conghu’s view, “moderately loose monetary policy” will make loans easier to a certain extent and will be conducive to the further promotion of “government w88 slot loans”. Whether it is through credit guarantees or capital guarantees, under the "moderately loose monetary policy", suppliers who want to participate in government w88 slot can obtain loans more conveniently, and some banks will even be more active and proactive in finding suppliers and proactively providing loan services.
“From the perspective of credit demand, under the ‘moderately loose monetary policy,’ ‘political w88 slot loans’ will be more attractive to small and medium-sized enterprises.” Yuan Cheng said that although there are currently “political w88 slot loan” platforms in various places, there are still problems such as insufficient policy publicity, lack of willingness of small and medium-sized enterprise suppliers to finance themselves, and the inability to mutually recognize loans from other places. The potential of “political w88 slot loans” is far from being fully unleashed, and there are many restrictions on the amount and term of financing. Small and medium-sized enterprise financing has always had problems such as lack of collateral and insufficient credit. As a means of increasing credit, under the "moderately loose monetary policy", it is believed that the problem of insufficient utilization efficiency of "government w88 slot loans" will be solved quickly. As the interest rate of "Government w88 slot Loan" further decreases, the loan capacity and willingness of small and medium-sized enterprises will be improved.
From the perspective of credit supply, Yuan Cheng said that "moderately loose monetary policy" means an increase in liquidity, which will provide more sources of funds for "government w88 slot loans". At the same time, moderate easing also means the optimization of the credit structure, and the supply of "government w88 slot loans" for the information industry, intelligent manufacturing and high-tech industries will continue to increase. In the future, different financing amounts and loan terms may appear for different purchase orders. This will help companies better engage in research and development activities, break through key technology areas, and solve "stuck neck" problems.
Practice a "combination punch" to superimpose policy effects
“From a demand side perspective, promoting the implementation of macroeconomic policies generally means promoting residents’ consumption. Then government w88 slot and ‘government w88 slot loans’ can play an active role in this.” Tu Xinquan believes that “government w88 slot loans” are mainly targeted at government w88 slot suppliers, especially small and medium-sized enterprises, and provide them with financing services. "More proactive fiscal policies" will promote the expansion of government w88 slot, and the expansion of government w88 slot will also force the deepening of the reform of the government w88 slot system to a certain extent, including the simplification of the "government w88 slot loan" application process or procedures.
“In recent years, our country has particularly emphasized the consistency of macro policy orientation and the implementation of a good policy ‘combination punch’. Therefore, it is necessary to strengthen the synergy of the two policies, combine the expansion of government w88 slot expenditures with the expansion of ‘government w88 slot loans’, and superimpose the multiplier effect of fiscal policy and the transmission effect of monetary policy.” Jiang Aihua said.
“Through the coordinated efforts of fiscal policy and monetary policy, it will effectively promote the expansion of government w88 slot and stimulate the vitality and innovation capabilities of market entities.” Yuan Cheng believes that the proportion of government expenditures in areas such as urban renewal, informatization construction, and scientific and technological research and development will continue to expand.
According to Yuan Cheng, in the field of urban renewal, my country proposed to carry out urban renewal demonstration work in 2024, limiting the direction of financial support to the renovation of old areas, the renewal of underground pipe networks, and the improvement of shortcomings in municipal infrastructure. Previously, government w88 slot projects in various places have involved urban construction projects such as sponge cities, shantytown renovation, and rainwater and sewage diversion, and they have assumed important responsibilities in them. The same is true for the fields of information technology and technology research and development. As a key tool to achieve industrial policy goals, government w88 slot will continue to make efforts in related fields.
"I believe that under the 'more active fiscal policy' and the 'moderately loose monetary policy', the increase in the scale of government w88 slot budgets, especially in the fields of infrastructure construction and public services, will attract more high-quality suppliers to participate. Therefore, it is necessary to continue to deepen the reform of the government w88 slot system, improve the transparency and standardization of the w88 slot system, and ensure that various market entities can participate in government w88 slot fairly." Yuan Cheng said.
“In short, driven by the dual drive of ‘more active fiscal policy’ and ‘moderately loose monetary policy’, it is expected to change the trend of continuous decline in the scale of government w88 slot in the past four years.” Wang Conghu believes.
Attached original text link:https://mp.weixin.qq.com/s/G9DsQ-45U_G65Wt-bv63mA
