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We will give full play to the role of public finance in accelerating the building of a new pattern of development

Standing on the "two one hundred years" history intersection, in-depth analysis of the fifth plenary session of the party's 19 international and domestic situation faced by the development in our country, overall consideration "difference" plan and 2035 vision, system to realize what kind of development under the new situation, how to realize the development of the major issues, clearly put forward to speed up the construction in domestic large cycle as the main body, domestic and international new development pattern of two-cycle promote each other. This is a major strategic decision made by the CPC Central Committee with Comrade Xi Jinping at its core in light of changes in China's development stage, environment and conditions, and in light of the current situation. It will help China seize an important period of strategic opportunities in a complex international environment, better leverage the strengths of China's ultra-large economies, and create new advantages in international cooperation and competition.


Finance is the foundation and important pillar of national governance. Fiscal policies, which have the advantages of optimizing resource allocation and promoting structural adjustment, involve production, distribution, circulation and consumption, and play an important role in smoothing the domestic circulation and promoting the domestic and international double circulation. The financial sector should base itself on the new stage of development and undertake a new historical mission. On guidelines, want to unswervingly implement the innovation, coordination, new development of the green, open, sharing ideas, and through building new development pattern to the service process in all aspects, promote the transformation of the mode of development, quality, efficiency, change change, dynamic change, efforts to achieve higher quality, more efficient, more fair, more sustainable, the development of more secure. On the implementation of the measures, from the overall and strategic height to grasp the strategic plan to speed up the construction of a new development pattern, strengthen the financial resources to plan as a whole, consciously put financial resources allocation of implementing policy, taxation, finance and tax system reform in the service to build a new development pattern in consideration and plan, to grasp the good job, better play to the functions of finance, in order to achieve the "difference" plan and 2035 vision, all-round construction of socialism modernization country new victory is gained to provide powerful guarantee.


We will move faster to foster a complete system of domestic demand and create a strong domestic market


General Secretary Xi Jinping has stressed on many occasions that building a complete system of domestic demand bears on China's long-term development and stability. Powers economic advantage is the internal circulating, our country has a population of more than 1.4 billion, per capita gross domestic product has break through $10000, only the very large scale market potential in China fully released, strong production capacity of our country organized, forming demand traction supply, supply creates demand a higher level of dynamic balance, can stimulate the powerful endogenous impetus to economic development, promote the long-term sustainable and healthy development of economy, the good life is better meet people's increasing needs.


The government has an unshirkable responsibility to support and accelerate the development of a complete domestic demand system, and there is much to be done. We will resolutely implement the strategy of expanding domestic demand, strengthen fiscal and tax policy support and guidance, promote a virtuous circle in the domestic market, and constantly unleash the potential of domestic demand for economic growth. We will comprehensively promote consumption, keep up with the trend of consumption upgrading, support the promotion of traditional consumption, foster new types of consumption, and appropriately increase public consumption. We will further improve policy systems for old-age care, medical care, education, social assistance, and special care and placement for entitled groups, increase the incomes of low - and middle-income groups, and increase the overall willingness and ability of society to consume. We will support efforts to improve the distribution system, especially in rural areas, promote more efficient coordination between production and sales, and expand the consumer market. We will expand the scope for investment, give full play to the role of central infrastructure investment and special bonds issued by local governments, support the development of key areas, major projects and major projects of the state, and actively expand effective investment. We will leverage the role of government investment, stimulate private investment, and form a market-based mechanism for endogenous growth of investment. We will ensure smooth internal circulation, deepen reform of the fiscal and tax systems, increase efforts to strengthen fiscal regulation and services, remove institutional barriers to market-based allocation of factors of production and the circulation of goods and services, and reduce transaction costs for the whole society. We will support efforts to ease the difficulty and high cost of financing for small, medium-sized and micro businesses, improve the housing market and housing security system, and promote balanced development of the financial and real estate sectors and the real economy. We will promote double circulation at home and abroad, make good overall planning and use of tariff and import tax policies, promote the development of a public service platform for foreign trade, and expedite the circulation of foreign trade and foreign capital. We will increase the import of high-quality products as a necessary supplement to domestic supply to meet the needs of upgrading and diversifying domestic consumption.


We should pursue innovation-driven development and speed up efforts to make science and technology more self-reliant and self-reliant


More than ever before, scientific and technological solutions are needed for China's economic and social development and improvement of people's livelihood, and innovation is the primary driving force. In the face of new changes in the domestic and international environment, we need to enhance our sense of responsibility and sense of crisis, implement the new development philosophy, promote high-quality development, and build a new pattern of development. We need to ensure that innovation plays a central role in China's overall modernization drive, and take self-reliance in science and technology as a strategic support for China's development. Only by relying more on scientific and technological innovation can we constantly expand new space for development and shape new advantages for development.


In recent years, the central government has made great efforts to improve the mechanism of investment in science and technology, and constantly improved the management of funds. China's total investment in r&d has been ranked second in the world for seven consecutive years. We will continue to be demand-oriented and problem-oriented, further optimize the structure and direction of input and support for science and technology, and improve the input-output efficiency of science and technology. We will strengthen the country's strategic scientific and technological capabilities, promote the improvement of a new nationwide system under a socialist market economy, and make breakthroughs in key and core technologies. We will improve systems and mechanisms that encourage and support basic research and original innovation. We will support the implementation of a number of forward-looking and strategic major national science and technology projects, and support the construction of national laboratories. We will promote enterprises' capacity for technological innovation, encourage them to invest more in research and development, and give them preferential tax treatment for their investment in basic research. We will support enterprises in undertaking major national science and technology projects. We will give full play to the role of the state guidance fund for the transformation of scientific and technological achievements and accelerate the transfer and transformation of scientific and technological achievements. We should stimulate the innovation vitality of talents, improve the incentive and guarantee mechanism for innovation, and build a revenue distribution mechanism that fully reflects the value of innovation elements such as knowledge and technology. We will move forward with trials to grant scientific researchers the ownership or long-term use of scientific and technological achievements based on their posts, and stimulate the enthusiasm of scientific and technological workers for innovation and creation.


We will promote the optimization and upgrading of industrial and supply chains and build a modern industrial system


The industrial and supply chains should not drop at critical moments, which is an important feature of a major economy. After years of rapid development, China has formed a large scale, complete and complete industrial system, is the only country in the world with all industrial categories. China's complete manufacturing system has played a vital supporting role in the fight against COVID-19, once again proving the importance of manufacturing to the development and security of a country, especially a major country. However, there are still many "breakpoints" and "blocking points" in China's industrial and supply chains. Some core links and key technologies are subject to others, and the weak industrial foundation and unstable foundation are still quite prominent problems. Therefore, we must accelerate the modernization of industrial and supply chains.


The central government will focus on deepening supply-side structural reform. On the basis of maintaining the orientation of relevant fiscal and tax policies, we will focus on the effectiveness of existing policies, strengthen areas of weakness in key areas, and work to create a new pattern of development. We will promote the optimization and upgrading of the whole industrial chain, coordinate existing special funds for manufacturing, support innovative strategies for different links of the industrial chain, give greater importance to the resilience and competitiveness of the industrial chain, and strive to build an independent, controllable, safe and efficient industrial chain and supply chain. We will accelerate the development of strategic emerging industries, make full use of the role of relevant government investment funds, focus on integrated circuits, new materials, and new-generation information technology, and guide nongovernmental capital to increase investment and promote large-scale industrialization. We will give full play to the leading role of high-quality enterprises, implement various policies aimed at promoting stability, continue to improve the market environment, support enterprises in integrating innovative resources and factors, and foster a number of "chain enterprises" with ecological leadership in the industrial chain. Through the special fund for the development of small and medium-sized enterprises and the National Development Fund for small and medium-sized enterprises, we will strengthen support for innovation in small and medium-sized enterprises and promote the cultivation of a number of "specialized and special" small giants.


We will comprehensively revitalize rural areas and accelerate the modernization of agriculture and rural areas


Without agricultural and rural modernization, there will be no modernization of the whole country. Realizing agricultural and rural modernization is a major task in building a modern socialist country in an all-round way. It is an inevitable requirement for solving the problem of unbalanced and inadequate development, and it is also one of the important points for us to build a new development pattern. Remarkable achievements have been made in agricultural development and rural development in China, but uneven development between urban and rural areas and inadequate rural development still represent the principal problems in society, and agriculture and rural areas remain a major weakness in socialist modernization. We must stay on the path of socialist rural revitalization with Chinese characteristics, accelerate the modernization of agriculture and rural areas, and provide stronger support for overall economic and social development.


Government finance should play an active role in supporting the development of agriculture and rural areas, giving priority to the allocation of factors of production, ensuring the availability of resources, and providing public services. We should work hard to establish and improve policy systems and institutional mechanisms for fiscal support to rural revitalization. We will improve the quality, efficiency and competitiveness of agriculture, improve the system of agricultural support and protection, deepen supply-side structural reform in agriculture, and accelerate the establishment of a modern agricultural industry, production, and operation system with national food security as the bottom line. We will effectively coordinate efforts to consolidate and expand achievements in poverty alleviation with rural revitalization. We will maintain the overall stability of government support policies, rationally allocate the scale of government spending, optimize the structure of spending, continue to promote the development of regions that have been lifted out of poverty, and make a smooth transition from poverty alleviation to the full implementation of the strategy for rural revitalization. We will deepen comprehensive rural reform, promote economic and social development in rural areas and improve the lives of rural residents. We will increase investment in rural public services and social programs, support efforts to improve people's lives in areas such as education, culture, medical and health care, social security, and living conditions, and support efforts to improve and raise the living standards of rural residents.


We will improve the people's quality of life and fulfill their aspirations for a better life


The people's aspiration for a better life is our goal. Since the founding of the People's Republic of China in 1949, the CPC has rallied and led the Chinese people of all ethnic groups in making unremitting efforts to create a better life and achieve common prosperity, and significantly improved the quality of life of the people and the level of social sharing. The long-term situation of shortage economy and insufficient supply in China has undergone fundamental changes. The people's yearning for a better life has generally shifted from "whether there is" to "good or not", and more attention has been paid to the pursuit of quality of life. We need to solve recurring problems that are of widespread concern to the people, and strive to make them more satisfied with their gains, more sustainable with their happiness, and more secure with their security.


Public finance should be made from and used by the people. No matter how serious the gap between government revenue and expenditure may be, we will not reduce investment in areas related to people's wellbeing. We will always do our best and do what we can to ensure that the bottom line for basic living standards is fully met and that people's aspirations for a better life are constantly fulfilled. We will raise people's incomes, improve the mechanism for equitable wage growth and redistribution, increase the intensity and precision of adjustment in taxation, social security, and transfer payments, and appropriately adjust excessively high incomes. We will focus on raising the incomes of low-income groups and expanding the middle-income group. We will strengthen the policy of giving top priority to employment, strengthen public services for employment, improve the security system that encourages business startups to create jobs and provides flexible employment through multiple channels, focus on finding jobs for key groups, do everything possible to stabilize and expand employment, and raise the quality of employment. We will strengthen basic services to people's wellbeing and support the development of a high-quality education system. Perfect universal, fairness and balance urban and rural, unified, sustainable multi-level social security system, improve the basic pension, basic medical insurance fundraising and wage adjustment mechanism, realize the basic endowment insurance to plan as a whole, promote the basic medical insurance, unemployment insurance, inductrial injury insurance provincial plan as a whole, a sound system of major disease medical insurance and assistance. We will establish a stable investment mechanism for public health services and comprehensively promote the building of a healthy China. We will support the development of old-age care programs and industries and actively respond to the aging of the population. We will support the flourishing of cultural programs and industries and meet the people's cultural and ideological needs.


We will strengthen our awareness of risks and keep to the bottom line of safe development


It is a major principle of our Party's governance to balance development and security, increase awareness of potential dangers, and be prepared for dangers in times of peace. At present and in the future, China is prone to various kinds of conflicts and risks, and various foreseeable and unforeseeable risk factors have increased significantly. Must adhere to the overall development and safety, strengthen the consciousness of opportunity and risk consciousness, sets up the bottom line of thinking, the difficulty estimate more fully, the risk of more in-depth thinking, pay attention to stop up the leaks, strong or weak, good dirt chess, play good ZhuDongZhang, effectively guard against to resolve all kinds of risk challenge, ensure the smooth advance the socialist modernization drive.


In guarding against and defusing risks and supporting security and development, financial departments must adhere to the overall concept of national security, pay close attention to various risks in relevant economic and social fields, be more proactive and proactive, and do a good job in screening, preventing and resolving risks. To safeguard national economic security, we will increase fiscal and tax policy support for weak links and weak links that affect economic security, and ensure the security of important industries and key areas such as food, energy, science and technology, and public health. We will establish, in accordance with the law, a mechanism for local governments to raise debt financing with standardized management, clear responsibilities, openness and transparency, and controllable risks, and strengthen prevention of hidden debt risks of local governments. We will support efforts to deal with financial risks and promote the disposal of high-risk financial institutions in an orderly manner. We will ensure the safety of people's lives, promote the building of a safer China, and comprehensively improve our capacity to ensure public security. We will support efforts to strengthen prevention of floods, droughts, and other disasters, and enhance our capacity for emergency management, rescue and relief, and disaster prevention and mitigation. Maintain sustainability, grasp the economic and social development situation, a reasonable estimate of fiscal revenue and expenditure, overall consideration of need and may, the current and long-term relationship, the mark of fiscal expenditure, strengthen financial capacity evaluation, prevent the divorced from reality and deficit spending, affect financial sustainable and stable operation, for the long-term development.


Source: Ministry of Finance, PRC