China is currently at an important historical juncture.The realization of a series of economic and social goals requires more proactive and effective fiscal policies,but the contradiction between fiscal revenue and ex...China is currently at an important historical juncture.The realization of a series of economic and social goals requires more proactive and effective fiscal policies,but the contradiction between fiscal revenue and expenditure has become more prominent under the impact of the COVID−19 outbreak,and the fiscal system is facing huge challenges.The paper re-summarizes the fiscal function and the direction of fiscal policy response to the impact of the epidemic.By estimating the impact of the epidemic on the fiscal defi cit rate and assessing the sustainability of China’s fi nances,we believe that the epidemic may lead to a more severe fiscal situation in China,but fiscal sustainability is strong.China’s fi nance must adopt a“two-way”strategy that balances economic and social goals with fiscal sustainability.To this end,proactive fiscal policies can work in two ways:fi rst,increasing income sources,appropriately increasing the deficit rate and special debt;and second,improving quality and enhancing efficiency,making up for shortcomings and expanding domestic demand.At the same time,we must turn the crisis into an opportunity to promote the reform of the fiscal system,including establishing a medium-term budget framework,promoting cooperation between the government and society in public utilities,rationally positioning the tax function and reforming the tax system,and implementing national pooling of social security system.展开更多
基金Supported by Humanity&Social Sciences Research Base of the Ministry of Education of China“Supply-side Structural Reform and Construction of Financial Revenue System”(16JJD790058)and General Program of National Natural Science Foundation of China“Study on Impact of Intergovernmental Tax Sharing on Local Government Behavior and Economic Growth”(71673278).
文摘China is currently at an important historical juncture.The realization of a series of economic and social goals requires more proactive and effective fiscal policies,but the contradiction between fiscal revenue and expenditure has become more prominent under the impact of the COVID−19 outbreak,and the fiscal system is facing huge challenges.The paper re-summarizes the fiscal function and the direction of fiscal policy response to the impact of the epidemic.By estimating the impact of the epidemic on the fiscal defi cit rate and assessing the sustainability of China’s fi nances,we believe that the epidemic may lead to a more severe fiscal situation in China,but fiscal sustainability is strong.China’s fi nance must adopt a“two-way”strategy that balances economic and social goals with fiscal sustainability.To this end,proactive fiscal policies can work in two ways:fi rst,increasing income sources,appropriately increasing the deficit rate and special debt;and second,improving quality and enhancing efficiency,making up for shortcomings and expanding domestic demand.At the same time,we must turn the crisis into an opportunity to promote the reform of the fiscal system,including establishing a medium-term budget framework,promoting cooperation between the government and society in public utilities,rationally positioning the tax function and reforming the tax system,and implementing national pooling of social security system.
