"Ensure that financial resources really sink to the grassroots level." For the role of special national debt, Liu Kun said so in an interview. He introduced that at the beginning of July this year, after deducting the part retained by the provincial level according to regulations, the special anti-epidemic national debt funds have been distributed to the grassroots of cities and counties. By July 30th, all the special anti-epidemic bonds had been issued.
As a special policy to hedge the impact of the epidemic, whether the special national debt of 1 trillion yuan can finally reach the grassroots level has always been a concern of local governments.
Yang Zhiyong, vice president of the Institute of Finance and Economics of China Academy of Social Sciences, believes that local governments are more concerned about the supervision of special treasury bonds than the issuance methods and the scale of funds. "At present, in the case of tight local finances, the issuance of special treasury bonds has played an increasingly important role in the steady growth of local governments, which is a manifestation of a proactive fiscal policy."
It is understood that in order to ensure the smooth issuance and use of anti-epidemic treasury bonds, the Ministry of Finance has formulated the "Measures for the Administration of Special Anti-epidemic Treasury Bonds", which clearly stipulates the requirements for the use of funds, distribution methods, distribution procedures, and fund supervision, and provides basic follow-up for local distribution and use.
In accordance with the principle of "central cutting, provincial refinement, filing and approval, and fast direct access", the provincial financial departments are currently working hard to refine the distribution plan to ensure that funds can reach the grassroots quickly.
A local financial system official commented that this shows that the central government prefers to promote greater local investment enthusiasm through special national debt. It is expected that from the third quarter, the infrastructure investment of local governments will show an upward trend.
On August 6, the Ministry of Finance released a report on the implementation of China's fiscal policy in the first half of 2020, pointing out that in the first half of this year, due to multiple factors, the national fiscal revenue dropped significantly. Among them, the national general public budget revenue in the first half of the year was 961760 million yuan, down 10.8% year-on-year.
With the promotion of resumption of work and production and the effectiveness of helping enterprises get rid of difficulties, since April, the cumulative decline in income has narrowed month by month, showing a continuous positive trend. However, compared with the same period last year, the income dropped significantly.
The relevant person in charge of the Ministry of Finance said that according to the total financial resources of various regions in 20 19 and the impact of tax reduction policies on financial resources, special treasury bonds will be scientifically allocated and appropriately tilted to the central and western regions.
Relevant data show that since the beginning of this year, the central government's transfer payment to local governments has increased by 12.8%, of which 605 billion yuan has been earmarked to support local governments to implement the "six guarantees" task in order to cope with the uncertain factors in implementation.
At the same time, the Ministry of Finance has also strengthened the monitoring of treasury funds, implemented daily monitoring and early warning of wage security in key cities and counties, urged and guided provincial finance to allocate funds in an orderly manner, and effectively guaranteed the needs of grassroots "three guarantees" expenditure; Those who illegally misappropriate the "three guarantees" funds are found together, investigated and dealt with together, and dealt with seriously.
District and county industrial projects
After the issuance of special treasury bonds, the expansion of capital investment fields has also given local governments greater financial power.
The National Development and Reform Commission issued a notice saying that special bonds and anti-epidemic bonds are allowed to support the construction of supporting facilities for county industrial platforms. It is pointed out that public welfare supporting facilities construction projects mainly rely on local government financial funds, local government special bonds and epidemic prevention special government bonds, and those that meet the conditions can be supported by central financial funds.
According to market analysts, affected by this, investment enterprises in districts, counties and cities, as direct contractors of public facilities, or are blessed by favorable policies, have further improved the financing environment.
According to the report of China Chengxin International Research Institute, the current county is an important space for China to promote industrialization and urbanization, an important part of the urban system and a key link in the integrated development of urban and rural areas. Since the beginning of this year, affected by the epidemic, the economic and financial pressures of local governments at the district and county levels have increased significantly, and the weak infrastructure construction in some counties, such as public health, living environment, public services, municipal facilities and industrial support, has also been exposed.
In this context, the National Development and Reform Commission issued a document clearly pointing out that the public welfare supporting facilities construction projects supporting the development of county industrial platforms will mainly rely on financial funds, special debts and special anti-epidemic treasury bonds for financing, or it will be conducive to the smooth progress of related key projects and help the development and upgrading of regional industries.
Yuan, vice president of China Institute of International Studies, believes that special treasury bonds will provide funds for supporting facilities construction projects of county industrial platforms with strong public welfare, which will help to further broaden the financing channels of key construction projects related to urbanization in the county, ease the pressure of project funds in place, and ease the financial contradictions of grassroots governments.
In her view, solving the financial pressure by means of special national debt will help improve the "hematopoietic capacity" of the grassroots economy.
During the two sessions, the "Government Work Report" proposed that special treasury bonds would be directly invested in local governments at the grass-roots level for public health and other infrastructure construction and epidemic prevention-related expenditures. At the same time, special bonds, as an important starting point for hedging the impact of the epidemic and implementing active finance, are also constantly tilting towards key infrastructure areas.
According to the forecast of China Chengxin International, more supporting infrastructure will be started one after another to promote the development of industrial platforms in districts and counties during the year. It is expected that district-level urban investment enterprises engaged in municipal and park construction will undertake more key projects.