shen lei, deputy director of the finance department of zhejiang province, introduced how zhejiang finance has supported the real economy in recent years at the 6th finance and economics development bbs held in hangzhou, capital of east china's zhejiang province, june 22, 2018.
zhejiang is a big private economy province and a big manufacturing province, which contributes the largest share of fiscal revenue. in recent years, driven by the digital economy, zhejiang has performed well.
in the first quarter of 2019, zhejiang's gdp grew by 7.7% year on year, a big rebound from the 7.1% growth rate in the previous year. moreover, in the first quarter, zhejiang's fiscal revenue continued to maintain a relatively high growth, and its ranking continued to improve, ranking the third in the country, only after guangdong and jiangsu. in 2018, the general public budget revenue of zhejiang province exceeded 600 billion yuan for the first time, nearly 660 billion yuan, making it the fourth largest in china.
shen lei said that without the development of the real economy, finance will become a source of water. the financial sector has the responsibility and obligation to do a solid job of supporting the development of the real economy.
21st century business herald reporter learned from bbs site, zhejiang financial funds use, pay attention to deal with the relationship between input and output. in recent years, zhejiang has carried out the reform of "hero per mu", and strengthened the application of tax revenue per mu, energy consumption per unit gdp and other indicators, linking them to the allocation of fiscal funds, highlighting positive guidance and incentives.
in terms of fund allocation, zhejiang provincial finance department adheres to the principle of "two general no", that is, provincial departments do not directly allocate and allocate funds to enterprises, and provincial departments do not allocate specific project funds to cities and counties, so as to minimize direct intervention on micro-market subjects.
"on january 9, after we learned about the tax cut policy for small and micro enterprises from cctv news, we immediately carried out data calculation, program formulation, submission and approval, and became the earliest province in the country to confirm and release the policy." shen lei explained how zhejiang allows enterprises to enjoy the policy dividend in the first time.
zhejiang is also actively using government industry funds to support the development of trillion-yuan industry in the province. for example, from 2015 to 2017, the three-year work target of "the fund scale of the whole province exceeds 100 billion yuan and the social capital is 1 trillion yuan" has been achieved. at present, zhejiang finance is promoting the 2.0 version of government industry fund, including supporting the digital economy, promoting the listing of private enterprises, rescuing the liquidity risk of listed companies' equity pledge, promoting the construction of characteristic towns, and supporting the development of new industries and innovations.
finance also focuses on coordination with financial policy. for example, financial institutions with large financing intensity for private enterprises and small and micro enterprises are more likely to obtain cash deposits from the state treasury of zhejiang. for those who strongly support the debt financing of zhejiang enterprises, financial institutions can also get a certain proportion of financial incentives.
the following is the main content of shen lei's speech.
the real economy is the foundation of economic development. in the report to the 19th national congress of the communist party of china (cpc), the report stated in a clear statement: "to build a modern economic system, we must focus our efforts on the real economy, take improving the quality of the supply system as our main focus, and significantly enhance china's economic quality advantage." this has injected confidence and confidence into the development of the real economy.
zhejiang is not only a big province of private economy, but also a big province of real economy. the real economy based on manufacturing supports the development of the whole national economy and contributes the largest share of fiscal revenue. without the development of the real economy, finance will be like water without source and wood without crops. in this sense, the financial sector has the responsibility and obligation to do a good job of supporting the development of the real economy.
in the process of supporting the development of the real economy, our province focuses on four pairs of relationships:
one is the relationship between the government and the market. stick to, preferring to give full play to the market in the allocation of resources and decisive role, according to the principle of "two general not" (namely department at the provincial level are generally not direct allocation and channel funding to companies, provincial department to cities and counties is generally not allocate money to specific projects), try to reduce the direct intervention of micro market main body, the fiscal funds gradually withdrew from the competition mechanism can effectively play a role of field, focus to create a good business environment, public service platform construction, the development of industry transformation of pilot demonstration and enterprise technology research and development and so on.
second, the current and long-term relationship. in the short term, supporting the development of the real economy, whether through tax policies or fiscal policies, will reduce or increase revenue or expenditure. for example, there are more than 2 million small and micro enterprises in our province. with the support of the policy, it will be great if 100,000 of them can develop into enterprises above scale and 1,000 become listed enterprises.
third, the relationship between input and output. financial input must have real, high-quality and efficient output. in recent years, our province has carried out the reform of "hero per unit of income per unit of income", strengthened the application of tax, energy consumption per unit of gdp and other indicators, linked to the allocation of financial funds, the better the performance, the greater the support, and highlighted positive guidance and incentives. for example, those with higher per-mu yield tax can enjoy a lower unit tax of urban land use tax.
fourth, the relationship between inheritance and innovation. in addition to the use of traditional policy tools, we will strengthen market-oriented thinking, make innovative use of market-based means such as government industrial funds, and replace "allocation" with "investment". we will guide and drive the follow-up investment of social capital and financial capital, and magnify the multiplier effect of "allocation" of government funds.
on the basis of dealing with the four pairs of relations, the implementation of the "addition, subtraction, multiplication and division" combination:
first: add. we will increase targeted fiscal input in accordance with industrial development plans and priorities and in light of the economic situation.
in transformation of enterprise development, for example, the implementation of three years (2017-2019) of the revitalization of the real economy, the traditional industry transformation) special financial incentives, provincial fiscal year 1.8 billion yuan preferential support 18 large industrial county transform and upgrade traditional industries, and will continue to implement the three years of manufacturing high quality development demonstration to create action.
in terms of key and core technologies, 5.36 billion yuan will be allocated from the provincial budget in 2019-2022 to focus on emerging industries such as digital economy and life science and technology. a total of 17.7 billion yuan will be allocated to support the development of westlake university, "double first-class" universities, and the introduction and construction of prestigious universities, and to strengthen the development of key disciplines and world-class research institutes.
in terms of the construction of innovation platforms, we will support the construction of major innovation platforms such as zhijiang laboratory, hangzhou west science and innovation corridor, industrial innovation service complex, manufacturing innovation center, and industrial internet platform to foster new drivers of economic development. we will further implement the no. 1 digital economy project, and allocate special funds to support digital industrialization and digitization of industries.
in terms of small, medium and micro-sized enterprises, we will integrate and set up special funds for the development of small and micro-sized enterprises (competitiveness improvement project) in the province, and focus on supporting the construction of small and micro-sized enterprise parks and public service system for small and micro-sized enterprises. preferential policies for government procurement of small, medium and micro-sized enterprises have been implemented, with the provincial government procurement volume reaching 148.357 billion yuan in 2018. among them, the contract amount of small, medium and micro-sized enterprises was 125.113 billion yuan, accounting for 84.3% of the procurement scale, and the contract amount of small and micro-sized enterprises was 77.144 billion yuan, accounting for 61.7% of the contract amount of small, medium and micro-sized enterprises.
second trick: subtraction. firmly establish the idea of "the government is too tight, let enterprises live a good life", earnestly implement a series of tax and fee reduction policies issued by the state and our province, and exchange the reduction of government revenue for the addition of enterprise benefits, reflecting the "four degrees" :
one is the speed of zhejiang. strengthen policy prediction and forward-looking research to ensure that after the central document is issued, the implementation plan of our province is made, the policy is issued and interpreted as soon as possible, and the enterprise enjoys the policy dividend as soon as possible, so as to benefit the enterprise as soon as possible through a race against time. for example, on january 9, when we learned about the tax cut policy for small and micro businesses from the cctv news, we immediately carried out data calculation, program formulation, submission and approval, and became the first province in china to confirm and issue the policy.
second, the strength of zhejiang province. superposition of a package of tax cuts jiangfei policies this year, including small micro enterprise general vat massive tax cuts, personal income tax reform, tax cuts, and burden of social security policy, etc., is expected to the year for businesses and individuals in our province during the 150 billion yuan of above, wide range and intensity big, more than any previous year, also exceed market expectations. in the first four months of this year, the province has added 43 billion yuan in tax cuts.
the third is zhejiang temperature. against the background of economic downturn, small and micro businesses are having a harder time than big ones and are more eager to get support. we have implemented the preferential tax reduction policy for small and micro businesses. over 95% of the enterprises in the province are eligible for preferential tax cuts, and over 98% of them are private enterprises.
fourth, zhejiang honesty degree. in accordance with the principle of "top preferential treatment superimposed enjoyment", we will make full use of policy space within the scope of authorization to maximize the benefit of market entities. for example, the preferential tax cuts for small and micro businesses will be implemented at the top of the 50% range, making it one of the provinces with the largest tax cuts in the country. for another example, in the context that the contribution rate of the basic endowment insurance for enterprise employees in our province has been lower than 16%, we take the initiative to tap the potential and periodically reduce the social insurance premium. in 2019, the social security burden reduction measures can reduce the burden of enterprises by 37.7 billion yuan. for example, we will work hard to clear up and standardize administrative fees, set up a list of fees, and take the lead in implementing "zero fees" for provincial-level projects involving enterprises in 2017.
third trick: multiplication. since 2015, the government industry fund has been set up to support the development of eight trillion industries, and the three-year work target of "the fund scale of the whole province exceeds 100 billion yuan and the social capital is 1 trillion yuan" has been achieved. on this basis, we will actively develop the 2.0 version of government industrial fund, focus on major decisions and arrangements of provincial party committees and provincial governments, and accelerate the establishment of five theme funds to give full play to the multiplier effect of funds.
first, digital economy industry investment fund. a total of 10-15 billion yuan will be used to support the development of the digital economy. at present, we have conducted in-depth docking with such projects as zhongdianhaikang, jiaxing kangfeng large silicon wafer and jiaxing minth manufacturing, actively promoting the implementation of the project.
the second is the phoenix action investment fund. a total of 5 billion yuan will be used to support the listing of private enterprises and mergers and acquisitions. promote the establishment of china golden phoenix fund, zhejiang venture capital phoenix fund, haitong securities (14.300, 0.08,0.56%) m&a fund and other sub-funds.
third, the financial stability investment fund. with a total scale of 10 billion yuan, financial institutions are encouraged to carry out debt-for-equity swaps in our province to ease the liquidity pressure of private enterprises. with the contribution of 2 billion yuan from the financial stability investment fund and the establishment of the first phase of the 10 billion yuan provincial listed companies steady development support fund, to relieve the stock equity pledge liquidity risk of listed companies in our province.
fourth, characteristic town industry and finance linkage fund. with a total scale of 10 billion yuan, it supports the construction of a link between a financial town and an industrial town, guides the financial resources of a financial town to invest in an industrial town project, and promotes the construction of a characteristic town.
fifth, innovation leading fund. with a total scale of 2 billion yuan, it will focus on emerging industries, such as the information economy, new materials, research and development of new drugs, and entrepreneurship and innovation.
fourth trick: division. we will strengthen coordination between fiscal and financial policies to ease the difficulty and high cost of financing for enterprises.
first, we will establish and improve the policy-based financing guarantee system. we will increase capital by 5 billion yuan to provincial guarantee groups, and support leading backbone enterprises in issuing bonds and financing with loans. set up a provincial re-guarantee company to support the financing guarantee and re-guarantee of small and micro enterprises. we will establish a policy-based financing guarantee and re-guarantee system covering all provinces, cities and counties.
second, we will improve the treasury cash storage index system. perfect the state treasury cash deposit competitive index system, the service related indicators of enterprises and small private enterprises from one to six, score increased to 30 points from five points, accounting for more than half of economic contribution index, at the same time cut interest rates score of 35 points to 20 points, to encourage the banking financial institutions to increase strength of micro and small enterprises financing of private enterprises, reduce the financing cost.
third, we will introduce fiscal incentives to boost corporate financing. for enterprises in our province to issue debt financing tools provide the underwriting services of financial institutions, reward, according to a certain proportion of annual accumulative total issuance sustained-release tools to establish the credit risk of financial institutions, giving each item 10, 300000 yuan reward, the use of the central bank a little further credits issued private and small micro enterprise loan, loan interest is not higher than the average small refinancing borrowing interest rate of 3% of the financial institutions, 0.5% amount shall not exceed the refinancing use according to the proportion of interest through sexual reward.
fourth, the abolition of government procurement tender bond. from june 1, 2019, cancel the government procurement bid bond and encourage from the performance bond or reduce the pay scale, procurement shall not refuse to accept the performance guarantee bond, investigate violations for, don't return on time, misappropriate, embezzle deposit such as behavior, reduce the pressure of government procurement suppliers funds and the cost of capital takes up, can enjoy the policy of more than 8 billion yuan a year bonus.
finally, the point i want to make is that business development, expectations and confidence are important. a proactive and stable fiscal policy, in addition to bringing real dividends to enterprises, is more important to convey policy intentions, release stable expectations and boost market confidence. this is an important part of the business environment and is why our financial sector supports the real economy.
source: sina finance