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From December 8 to 10, the central economic work conference was held in Beijing to summarize the economic work in 2021, analyze the current economic situation and deploy the economic work in 2022.
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Connotation 1: stable growth and enhanced macroeconomic stability can achieve high-quality development
Since November, the prime minister has repeatedly mentioned "new downward pressure on China's economy", and the central bank's third quarter monetary policy report mentioned that "it is more difficult to keep the economy running smoothly". This central economic work conference made it clear that the pressure lies in the triple pressure of demand contraction, supply shock and weakening expectation.
Macro stability is a scarce resource. Macroeconomic is an uninterrupted continuous process. The 20th CPC National Congress will be held next year, which is a major event in the political life of the party and the country. We should maintain a stable and healthy economic environment, a peaceful social environment for the country and the people, and a clean and positive political environment.
Finance should be active. Active fiscal policies should improve efficiency and pay more attention to accuracy and sustainability.
Ensure the intensity of fiscal expenditure and speed up the progress of expenditure. In 2021, the progress of financial expenditure is obviously backward, and the financial force is not enough. From January to October, the general public budget revenue increased by 14.5% year-on-year, 91.8% of the annual budget, while the general public budget expenditure increased by 2.4% year-on-year, 77.5% of the annual budget, and the expenditure progress obviously lagged behind the income. It is expected that in the first quarter of next year, the financial front-end characteristics will be obvious, and the expenditure will increase rapidly. Infrastructure investment will be carried out moderately in advance, and the fiscal balance in recent two years and the amount of special bonds not issued this year will support infrastructure and further strengthen the role of infrastructure in underpinning the economy. Party and government organs should persist in living a tight life and continue to reduce general expenditure.
We will implement a new policy of tax reduction and fee reduction. From 2019 to the first three quarters of this year, the total scale of tax reduction and fee reduction exceeded 2 trillion, 2.5 trillion and 0.9 trillion respectively, which maintained strong support for business entities. Next year, under the new downward pressure, the new round of tax and fee reduction should focus on structural efforts, strengthen support for small, medium-sized and micro enterprises, individual industrial and commercial households, manufacturing industry and risk resolution, reduce burden and relief and resume development.
