美国关怀法案的财政影响及其对我国的启示

The Effect of CARES Act and Its Inspiration to China

2020年初新冠疫情席卷全球后,各经济体出台了大规模救援方案。本文总结了美国关怀法案的主要内容和效果,对比分析了中美两国的救援政策。美国的救助方案以向政府、企业和个人提供现金流为主,通过发行国债扩大联邦赤字筹集救援资金,各级社保基金、养老基金和美联储是增量国债的主要购买者。中国则仍然以项目式救援和减税降费为主。两国在救助方式、对象选择上差异较大,监督方式也有所不同。美元和美国在全球的中心地位导致资金的溢出效应和全球资产价格的上涨值得关注。

COVID-19 has been globally spread since the early of 2020,and quite a lot of economies has issued their stimulus plan.The US federal government released a handful plan,among them,CARES Act is a plan with more than$2 trillion while at the same time,FED quickly reversed its interest increase process and promised to buy treasury bills and bonds with no quantity limit.China also implemented positive fiscal policy and stable monetary policy to help economic growth as well as tax and fee reduction.All these measures helped the enterprises in difficult economic situation,recover their operation.The article summarizes the main measures of US CARES Act and its effect on public finance.It compared the common and difference in China and US stimulus plan.With all these,the following findings are presented.The US stimulus plan mainly focuses on cash flow help to individuals,enterprises and local governments,the stimulus plan is financed by issuing treasury bonds and bills.Those increased bonds and bills are mainly purchased by pension fund from federal and local governments,FED.China keeps its stimulus plan in project construction,tax&fee reduction.There is still a big difference in their measures and supervision.But they are both supported by larger government deficit.The central role US dollar and US economy played in global economy has triggered spillover of US dollar and soar of asset price.