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E-mail China.org.cn, May 14, 2024
Xie Yingjun:
The last question, please.
Jimu News:
Macroeconomic data shows that the economy has continued to recover and improve in the first quarter of this year. Could you please elaborate on the specific areas where proactive fiscal policies will focus in the next phase to reinforce this positive economic momentum? Thank you.
Wang Dongwei:
Thank you for your question. Let me answer it. This year's government report explicitly states that we should appropriately enhance the intensity of our proactive fiscal policy and improve its quality and effectiveness. By observing the fiscal revenue and expenditure in the first quarter, it is evident that fiscal policy has been proactively deployed efficiently and quickly in order to provide robust support for the continued improvement and recovery of the economy. Moving forward, the MOF will focus on six key areas:
First, we will fully support sci-tech advancements to lead industrial innovation. In line with national strategic requirements, we will increase investments in basic research, applied basic research and cutting-edge research. We aim to accelerate the implementation of major national sci-tech projects, support research on disruptive and frontier technologies and advance the development of critical technologies. We will implement structural tax cuts and fee reductions, focusing on supporting sci-tech and manufacturing innovation. Moreover, we will coordinate the use of special fiscal funds and government investment funds to foster the growth of strategic emerging industries and accelerate the transformation and progression of traditional industries.
Second, we will focus on boosting domestic demand. We will coordinate the effective use of policy instruments such as government bonds, special local government bonds and central budget investments to drive the expansion of effective social investment. Meanwhile, we will implement and refine fiscal and tax support policies, actively promote replacing old durable goods, like cars and home appliances, so as to encourage expanding domestic consumption.
Third, we are committed to actively supporting the improvement and enhancement of the public's welfare and livelihood. In education, our focus is on increasing funding for high school education to meet the financial needs of students. We will promote the high-quality and balanced development of compulsory education, advocate for widespread and enhanced public-interest preschool education and ensure that vocational schools meet fixed standards. We will also push forward the development of world-class universities with Chinese characteristics and superior disciplines. In terms of social security, we will enhance subsidies for basic pension insurance funds, elevate public health service standards, vigorously implement first-rate employment policies and assist people in need. Regarding environmental protection, we will continue to effectively combat pollution. There are two significant points to highlight. First, we have established subsidy funds for the shelterbelt program in northwest, north and northeast China to support key projects in ecosystem restoration and management; second, we have created special funds dedicated to the disposal of electrical waste and electronic products to promote the comprehensive use of resources.
Fourth, we are committed to enhancing food and energy security at a higher level. We will increase incentives for major grain-producing counties, achieving a "19th consecutive increase" in funding to effectively motivate key production areas to prioritize agriculture and grain production. Additionally, we will enhance support for agricultural insurance premium subsidies and expand insurance coverage for major agricultural products. We will actively support efforts to ensure a stable energy supply and price stabilization, promote the sustainable development of renewable energy, encourage an increase in the production of unconventional natural gas and take multiple measures to improve energy security.
Fifth, we will promote coordinated urban and rural regional development. We will implement and improve fiscal and tax policies, vigorously promote new urbanization, support local governments in moving faster to grant permanent urban residency to eligible people who have moved to cities from rural areas, facilitate the implementation of major regional strategies and increase support for special regions such as old revolutionary base areas, ethnic minority regions and border areas.
Sixth, we will strengthen budget execution management and financial operation monitoring. We will direct local authorities and relevant departments to promptly refine allocated budgets into specific projects, enabling rapid release of policy effectiveness and maximizing the benefits of fund utilization. Simultaneously, we will enhance fiscal revenue and expenditure analysis to ensure that at the primary level basic living needs are met, salaries are paid and governments function smoothly. In addition, we will resolutely implement austerity measures for party and government organs, reinforce budget execution constraints and promote the safe and standardized use of fiscal funds.
While focusing on the six aspects outlined above, we will also adhere to the decisions and arrangements of the Party Central Committee and the State Council to better coordinate development and security, to continuously advance the prevention and resolution of local government debt risks, to accelerate the implementation of plans to defuse risks and to promote the reform and transformation of local government financing platforms in a classified manner.
That's all for my response to this question. Thank you.
Xie Yingjun:
Thank you to all of the speakers of your briefings. Thank you to all the journalists for your participation. Today's press conference is now concluded.
Translated and edited by Xu Xiaoxuan, Zhou Jing, Guo Yiming, Ma Yujia, Wang Yanfang, Wang Ziteng, Yuan Fang, Yang Xi, Zhang Junmian, Xiang Bin, Liu Sitong, Li Xiao, Wang Wei, Wang Yiming, Li Huiru, David Ball, and Rochelle Beiersdorfer. In case of any discrepancy between the English and Chinese texts, the Chinese version is deemed to prevail.
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