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Fiscal Taxation Reform to Improve Quality, Efficiency

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2014-08-05 12:04:45 来源:大连商品交易所网站 

  When deploying the economic work for the second half of the year, the Politburo meeting held on the 29th proposes the general work tone of seeking progress in stability and the basic ideas of stable macroeconomic policies, flexible microeconomic policies and the guarantee by the social policies. The Politburo meeting has made it clear that top priority should be put on the reform. With the reform in the fiscal and taxation system to be deepened and more dividends of reform to be unleashed in the second half of the year, the economy will be boosted with improvement of quality and efficiency.

  In the critical period for China's economic transformation and upgrading, the regulatory level and wisdom will be embodied in how to not only maintain a certain growth rate but also seek the scientific development so as to avoid the suddenly booming local investments caused by excessive stimulus.

  The Politburo meeting has set the focus for the investments of the fiscal funds in the second half of this year - actively expanding effective investments, giving full play to the pivotal role of investments, further releasing the potential of private investments, and striving to improve the quality and efficiency of the investments. The signs of the orientation were seen in the first half of the year.

  Over the past two months, the fiscal expenditure has been significantly accelerated as in June the national fiscal expenditure increased by 26.1% year-on-year, much higher than the 8.8% revenue growth. In the first half of the year, the fiscal expenditures housing security, transportation, agriculture, forestry and water resources, education and other fields recorded double-digit growth rates.

  Zhu Jianfang, chief economist of CITIC Securities, believes that there is still space in the second half of the year for the role of the fiscal policy in helping stabilize the growth. “Although the funds allocation has been accelerated since May, some funds have not been spent according to the budgeting for the first half year, and the budget implementation should be further accelerated in the second half year.”

  The faster progress in implementing the budgets means that the financial capital will more rapidly enter the real economy and change into driving force for economic growth.

  

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