China's active fiscal policy does not involve flood irrigation

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      Liu Kun, Minister of Finance of China, said that the more active fiscal policy is not to engage in "flooding" type of strong stimulus, but to improve the forward-looking, flexibility and effectiveness of the policy, to play a greater role in expanding domestic demand and structural adjustment, and to promote high-quality economic development. Efforts should be made to reduce the burden, make up the short board, promote consumption and save energy and enrich the people.
Xinhua reported Sunday and quoted Liu Kun as saying that the effect of this year's proactive fiscal policy is not only to reduce taxes and fees, but also to speed up bond issuance and budget implementation to ensure that local governments speed up the use of funds and bring benefits into play as soon as possible.
By Sept. 26, local governments had completed 91.8% of their annual plans for new general bonds, 85% of their annual plans for new special bonds, 67% of the national budget for the first eight months, and the pace of progress continued to accelerate in September.
Liu Kun also said that the next step, the positive fiscal policy will continue to work from four aspects: first, to intensify the reduction of burdens; to fully implement the tax and fee reduction policy has been introduced, while grasping the study of larger-scale tax cuts, more obvious measures to reduce fees, truly let enterprises lightly on the battle, let go of development. Second, we should make up for the shortcomings, vigorously support the construction of major projects determined by the central government and strengthen weak links in economic and social development.
Third, promote consumption; promote and improve the income distribution system conducive to improving the ability of residents to consume, in-depth study and demonstration of personal income tax special additional deduction programs and other policies, increase residents'income, stimulate the consumption potential of residents. The four is to save money and use the people; the government should live a tight life and save the money to protect people's livelihood.


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