如何通过财政政策与货币政策的协调配合来助力地区经济发展?——基于某南方沿海省份的调查研究

How to Promote Regional Economic Development Through the Coordination of Fiscal Policies and Monetary Policies?--Based on a Survey About a Southern Coastal Province in China

为切实理解财政政策与货币政策协调搭配在拉动地区经济发展中扮演的角色,笔者选择南方沿海省份X进行实地调研,发现:第一,X省份在减税降费、提高专项债比重、践行“补改投”实践、深化事权与支出责任改革、支持“稳就业”方面取得了积极的财政政策效果;第二,X省份在总量型货币政策与信贷政策扩张、加强结构性货币政策工具投入方面取得了良好的货币政策效果。同时,笔者发现两大政策执行面临的困难与挑战:一是X省份财政政策执行面临着减税降费获益不平衡、资金流向不明确,一般债发行规模有限、专项债支撑作用不足,地区财力不平衡,“财政贴息”操作难度大等问题;二是X省份货币政策执行面临着有效信贷需求不足、结构性货币政策工具审批流程繁杂等障碍;三是两大政策协调搭配方面存在着政策性开发性金融工具与专项债、银行贷款之间的替代效应不明晰,财政、产业和金融发展规划间缺乏有效协调的挑战。基于调研结果,笔者分别从优化财政政策执行、优化货币政策执行、促进两大政策协调搭配三个层面提出针对性方案。

In order to effectively understand the role played by the coordination of fiscal policies and monetary policies in driving regional economic development,the authors selected the southern coastal province X for survey and found that:First,X province has achieved positive fiscal policy effects through reducing taxes and fees,increasing the relative proportion of special bonds,practicing supplementary reform and investment,deepening the reform of administrative powers and expenditure responsibilities,and concentrating financial resources to support stable employment.Second,X Province has achieved better monetary policy effects in terms of the expansion of aggregate monetary policy and credit policy,and strengthening the input of structural monetary policy tools.Meanwhile,the authors found some dificulties and challenges in the implementation of two major policies:First,the implementation of fiscal policies in X province is faced with unbalanced benefits from tax and fee reduction,unclear capital flow,limited issuance scale of general bonds,insufficient support role of special bonds,unbalanced regional financial resources,and difficult operation of financial discount interest;Second,the implementation of monetary policy in X Province is faced with obstacles such as insufficient demand for effective credit,and complicated approval process of structural monetary policy tools.Third,in the coordination and collocation of fiscal policies and monetary policies,there are challenges that the substitution effect between policy-oriented development financial instruments,special bonds and bank loans is unclear,and there is a lack of effective coordination among fiscal,industrial and financial development plans.Based on the research results,the authors put forward targeted policy plans from three levels:optimizing the implementation of fiscal policies,optimizing the implementation of monetary policies,and promoting the coordination and collocation of these policies.