On March 7, a meeting of the 13th National People's Congress held a press conference at the Beijing Media Center. Minister of Finance Xiao Jie, Vice Minister Shi Yaobin and Vice Minister Hu Jinglin answered questions from Chinese and foreign journalists on issues related to “tax reform and financial workâ€. With regard to the problem of a reduction in the fiscal deficit rate this year, Xiao Jie said that although the fiscal deficit rate has decreased this year compared to last year, the orientation of active fiscal policy has not changed.
According to the government work report, this year's positive fiscal policy orientation remains unchanged, and efforts should be made to increase efficiency. The deficit rate is scheduled to be 2.6% this year, 0.4 percentage points lower than last year's budget. This is the first time that China’s fiscal deficit rate has decreased since 2013.
Xiao Jie said that the budget deficit for this year's budget is considered at 2.38 billion yuan, which is the same as the budget deficit last year. The deficit rate has declined, which is consistent with China's stable economy and improved financial conditions. At the same time, the decline in the deficit rate will leave more room for the long-term development of the Chinese economy and the implementation of effective macroeconomic regulation and control.
"The positive fiscal policy orientation has not changed this year. For example, the scale of fiscal expenditure will continue to expand this year. The general public budget expenditure will reach about 21 trillion yuan this year. The intensity of tax cuts and fees this year will continue to increase. This year's budget arrangement, The annual tax cut is expected to be more than 800 billion yuan, and the cost will be reduced by more than 300 billion yuan." Xiao Jie said.
Xiao Jie said that this year's tax reduction and fee reduction policy arrangements will be reflected in many aspects, including continuing to reform and improve the VAT system. According to the third-grade VAT rate and the two-grade direction, the tax rate should be adjusted reasonably, with the focus on reducing the tax rate of industries such as manufacturing and transportation; implementing personal income tax reform, including raising the threshold, and adding special deductions; this year will increase Support for small and medium-sized enterprises. Mainly to standardize the annual sales of small-scale taxpayers, significantly expand the scope of small and micro enterprises that enjoy the halved income tax preferential policies, and consider the implementation of the relevant tax incentives for venture capital and angel investment nationwide.
Shi Yaobin said that this personal income tax reform has two major connotations: one is to raise the threshold, and the other is to increase the special deduction for personal income tax reform. The first choice is the children's education, major illness and other medical projects. In addition, this personal income tax reform will be transformed from a classified tax system to a personal income tax system that combines comprehensive and classified. The next step will be to speed up the start of the tax reform program and initiate the reform of personal income tax.
On the issue of local debt management, Xiao Jie said that as of the end of 2017, the balance of government debt in China was 29.95 trillion yuan, of which the balance of central government bonds was 13.48 trillion yuan and the balance of local government debt was 16.47 trillion yuan. China's government debt ratio is 36.2%, and it is down from 36.7% in 2016. The debt ratio of our government is lower than the 60% warning line common to the international community and lower than that of other major economies and some emerging market countries.
Xiao Jie also said that according to the new budget law, the issuance of local government bonds is the only legal form for local governments to borrow debt. For all kinds of illegal and illegal debt problems, find together, we must investigate and deal with each other, accountability together.
This year's government work report proposed to "stablely promote real estate tax legislation." Regarding the issues related to real estate tax, Shi Yaobin said that we will proceed from the national conditions of China and rationally design the real estate tax system. For example, the merger and integration of relevant taxes, and reasonable reduction of some of the tax burden of real estate in the construction of trading links.
Xiao Jie finally said that this year the Ministry of Finance will innovate the system and mechanism, and comprehensively implement policies to continue to create a better environment conducive to the development of small and medium-sized enterprises and entrepreneurial innovation. Continue to promote the problem of alleviating the financing difficulties and financing of small and medium-sized enterprises. Use government procurement policies to support the development of small and medium-sized enterprises.
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