subject: Fiscal Policy Or Structural Adjustment-led Future [print this page] Despite the overall stable macroeconomic performance since, but yesterday the State Development and Reform Commission Minister Ma Kai in the Tenth NPC Standing Committee 29th meeting on the report, stressed that the current economic growth is still growing too fast, the potential risks can not be ignored, restructuring continues lag. He said fiscal policy to increase support for structural adjustment.
Which experts believe, though, as a portfolio of one of the macro-control, monetary policy this year to "raise the reserve ratio and six interest rate four times" and closely watched, but the arrival of structural adjustment in the era of the future fiscal policy will play a greater role, and thus become an important economic transformation or even the preferred thrust, while the "rules, standards, laws" as the core of energy-saving emission reduction policies will be an important starting point for macro-control.
China Construction Bank, Zhao Qingming, senior manager of research, said, "three had" the main problem is over-investment and the surplus is too large, the underlying real economy it is in China because of the higher rate of return. But a closer look at high rates of return, lower cost of funds from the bank is only one of many reasons. Additional factor is the investment companies in China, their land costs, environmental costs, labor costs, resource costs are relatively low. In this case, "apparently to raise interest rates alone can not solve the problem." Zhao Qingming said.
He said that fundamentally the excessive inhibition of excessive investment and exports, we should focus on tax and other fiscal policies and market access barriers, strengthen law enforcement and other administrative legal means in order to improve the enterprise's costs, and to promote the economic restructuring.
TX Gu Shi Lei, chief financial analyst had also told reporters that the central bank raise interest rates this year despite frequent the market to attract a lot of attention, but that does not change the macro-control "structure" of adjustment of the main tone. The need to focus on precision-guided, it is clearly not the total amount of such monetary policy can do a model policy.
He predicted the government will follow-up regulation of the main structural policies, policies supplement the total; fiscal policy-based, supplemented by monetary policy. Taking into account high pollution, high energy consumption industry investment to sustain growth, increasing pressure on the government for its control, does not rule out the credit limit adopted by the Government, resources tax and other means of control; In addition, foreign trade structure adjustment, the Government may take ways to further reduce the export tax rebate rate, while moderately faster pace of appreciation, adjust the import and export structure.
Zhao Qingming of that, many issues are intertwined. "Two high" for environmental protection industry is great pressure on the industry, but also many areas of investment focus areas. Therefore, inhibition of this investment and monetary policy alone can not solve the problem. Conversely, if adopted strict standards for market access and other administrative legal means supplemented by the green credit policy, then investment in these sectors may be suppressed.
He said that as the only payment the smaller the cost of pollution, will also be required cheap energy and other production factors, these sectors are often able to get a high return rate, the same time, these areas also produce a large number of export sectors, thereby lead to a higher surplus. By improving the market access threshold and increasing the cost of environmental protection, can also restrain the effect of investment and exports.
