How to further improve fiscal policy

—— Interview with Jia Chen, Director of the Enterprise Department of the Ministry of Finance. Editor's note of Zhao Huanyu: In recent years, China's economy has maintained steady and rapid development, and its economic strength has been significantly enhanced. However, the long-term structural contradictions and extensive development methods have not been fundamentally changed, and the cost of resources and ecological environment is too high. This development model will be unsustainable and must turn to the track of innovation-driven and endogenous growth. To this end, the central government has timely deployed the major strategic task of "enhancing the ability of independent innovation and building an innovative country", and a series of programmatic documents have been issued to guide scientific and technological innovation. In order to support the independent innovation of enterprises, in recent years, the central government has conscientiously implemented the strategic deployment of the CPC Central Committee and the State Council, constantly improved the public financial policy system, and comprehensively used policy tools such as taxation, capital investment, government procurement, and actively promoted the establishment of a technological innovation system with enterprises as the main body, market-oriented and Industry-University-Research as the combination. A few days ago, as an important policy of the central government to support independent innovation of enterprises, the Innovation Fund for Small and Medium-sized Sci-tech Enterprises held a summary and commendation meeting for its 1th anniversary in Beijing. In order to understand the implementation of relevant policies, our reporter interviewed Jia Chen, director of the Enterprise Department of the Ministry of Finance. Small and medium-sized enterprises are an important force in China's national economic and social development. Vigorously developing small and medium-sized enterprises is of great strategic significance for enhancing the vitality of China's economic growth, broadening employment channels, maintaining social harmony and stability and building an innovative country. In order to support the development of small and medium-sized enterprises, in recent years, the central government has successively issued a series of policies and measures, especially to alleviate the adverse impact of the international financial crisis on small and medium-sized enterprises, and further increased its support. Reporter: In recent years, the central government has made remarkable achievements in promoting the reform and development of large-scale backbone state-owned enterprises. At the same time, we are delighted to find that the financial support policies for small and medium-sized enterprises have also been valued and strengthened. What do you think of this change? Jia Chen: It is an important duty of public finance to create a fair market competition environment for all kinds of enterprises. Because the sustained and healthy development of economy and society requires both large enterprises that play a supporting and backbone role and small and medium-sized enterprises that are full of vitality, the two complement each other and complement each other to form a complete market economy. To this end, in recent years, the central government has continuously improved relevant policies and measures. On the one hand, it has actively promoted the reform of state-owned enterprises and strengthened the strength of the state-owned economy; On the other hand, further increase the support for small and medium-sized enterprises and improve their market competitiveness. In order to promote the healthy development of small and medium-sized enterprises, according to the relevant decision-making arrangements of the central government, the central government comprehensively uses a number of policy tools such as funds, taxes, government procurement, and financial systems to create a fair and relaxed development environment for small and medium-sized enterprises from different angles. Especially in view of the impact of the international financial crisis on small and medium-sized enterprises, since last year, the central government has further increased its support for small and medium-sized enterprises by adjusting the expenditure structure, increasing capital arrangements, introducing preferential tax policies, and clearing administrative fees. It provides a strong support for alleviating the operating difficulties of small and medium-sized enterprises and promoting macroeconomic stabilization and recovery. Reporter: At the beginning of this year, the government work report made it clear that the central government should greatly increase the scale of funds for the development of small and medium-sized enterprises. Would you please talk about the implementation of the relevant funds policy? Jia Chen: In terms of capital policy, since 1999, the central government has successively set up eight special funds, including the technological innovation fund for small and medium-sized enterprises, the special fund for the development of small and medium-sized enterprises, and the international market development fund for small and medium-sized enterprises, which have been supported by means of free subsidies, loan interest subsidies, capital investment, etc., and the scale of funds has increased year by year. According to the overall work arrangement of the State Council, in view of the outstanding problems that restrict the development of small and medium-sized enterprises at present, in 29, the central government greatly increased the scale of special funds for small and medium-sized enterprises, and arranged various special funds of 1.89 billion yuan, an increase of 121.8% over the previous year. In the arrangement of incremental funds, the following priorities are highlighted: First, actively improve the financing environment of SMEs, encourage guarantee institutions to expand the scale of guarantees for SMEs, and ease the funding bottleneck that restricts the survival and development of SMEs; Second, vigorously support small and medium-sized enterprises in technological innovation, structural adjustment, expanding employment and changing the development mode; The third is to help small and medium-sized enterprises explore domestic and international markets, expand market share and enhance their ability to cope with market risks. Reporter: Relevant surveys and statistics show that the current shortage of funds is still the primary problem that plagues small and medium-sized enterprises, and loan guarantee is an important link for enterprises to obtain bank funds. It is understood that in recent years, the central government has continuously arranged special funds to support the credit guarantee business of small and medium-sized enterprises. What is the situation? Jia Chen: Financing difficulty is an international problem in the development of small and medium-sized enterprises. Under the condition of underdeveloped capital market, the funds needed for the development of small and medium-sized enterprises in China are mainly obtained through bank loans, which makes the financing difficulty particularly prominent. In order to give full play to the positive role of guarantee institutions in SME credit guarantee and financing, on the basis of careful investigation and in-depth study, we have implemented the policy of encouraging SME credit guarantee business since 26: First, we will guide guarantee institutions to provide financing guarantee services for SMEs that meet the national industrial policies, and the central government will subsidize the SME financing guarantee business carried out by guarantee institutions according to a certain proportion of the guarantee amount; Second, encourage guarantee institutions to provide low-rate guarantee services, and reward businesses whose guarantee rate is lower than 5% of the bank's benchmark loan interest rate for the same period according to a certain proportion; Third, support local governments in underdeveloped credit guarantee areas to set up guarantee institutions and promote the construction of credit guarantee system for local SMEs; Fourth, give play to the functions of re-guarantee to enhance credit and spread risks, and promote the pilot work of re-guarantee. By the end of 29, the central government had arranged a total of 6.38 billion yuan of guarantee funds for small and medium-sized enterprises. Among them, in 29, * * * arranged 4 billion yuan, up 1.2 times over the previous year. Under the guidance of this policy, local financial departments have also increased their support for credit guarantee of small and medium-sized enterprises, and explored and implemented various support methods such as reserve subsidy, performance reward and risk compensation according to local conditions. Some areas have also made useful explorations in the construction of re-guarantee system. Encouraged by a number of central and local support policies, credit guarantee institutions for small and medium-sized enterprises have developed rapidly, and the scale of guarantee business has also achieved rapid growth, which has played a positive role in alleviating the financing difficulties of small and medium-sized enterprises. Reporter: It is reported that the technological innovation fund for small and medium-sized enterprises is the earliest special fund for small and medium-sized enterprises set up by the central government. It has been implemented for 1 years now, and what is the effect? Jia Chen: The Innovation Fund is the first special fund set up by the central government to support the development of small and medium-sized enterprises, and it is also the only special fund of the central government to focus on science and technology-based small and medium-sized enterprises. In the past ten years, the Ministry of Finance has cooperated with relevant departments to continuously enrich policy contents, improve support methods and strengthen fund management measures around the strategic goal of building an innovative country, which has promoted the gradual improvement of the policy system. First, highlight the key points of work, which fully reflects the national macro-policy orientation and the actual needs of enterprises. In recent years, according to the national science and technology development plan and industrial policy, the innovation fund has started with solving the "market failure" in the process of technological innovation of small and medium-sized enterprises, focusing on high-tech fields such as electronic information, new energy and efficient energy saving, new materials, biomedicine and high-tech service industry, supporting a large number of small and medium-sized enterprises to carry out technological innovation activities, and promoting the industrialization of scientific and technological achievements and the development of emerging industries. The second is to improve the support mode, from supporting a single project to cultivating the comprehensive innovation ability of enterprises and improving the external innovation environment. While continuing to support technological innovation projects, in recent years, the Innovation Fund has included the construction of public technical service platforms and venture capital respectively, and made efforts to solve the technical bottlenecks and initial capital investment problems commonly encountered by small and medium-sized enterprises in the process of technological innovation. The third is to improve the management mechanism and form the whole supervision process from project decision-making to acceptance. Through continuous exploration, the Innovation Fund has gradually established the working mechanism of government decision-making and supervision, expert consultation and executive organization operation, established standardized management standards and systems for enterprise project declaration, project establishment, supervision and acceptance, and improved the scientific and standardized level of management. After these years of efforts, the role of innovation fund in supporting technological innovation of small and medium-sized scientific and technological enterprises has become increasingly obvious, resulting in good economic and social benefits. Up to now, the central government has allocated a total of 1.45 billion yuan of innovation funds, with a total of 2,297 projects, of which the scale of funds in 29 reached 2.8 billion yuan, double that in 28. With the support of innovation fund, a large number of technological innovation achievements and small and medium-sized scientific and technological enterprises have emerged. According to statistics, from 2 to 28, during the project implementation period, 4,22 patents and 1,334 invention patents were granted to small and medium-sized enterprises, and the number of small and medium-sized scientific and technological enterprises grew from 2, ten years ago to 15, at present, creating 45, jobs. Driven by the central government, at present, 37 provincial units have set up innovation funds with a total scale of 3.6 billion yuan. Reporter: The venture capital guidance fund for small and medium-sized scientific and technological enterprises is called the first national guidance fund. Since its establishment in 27, it has aroused widespread concern in society. What is the current implementation of this policy? Jia Chen: The Notice of the State Council on Several Supporting Policies for Implementing the National Medium-and Long-term Scientific and Technological Development Plan (26-22) (Guo Fa [26] No.6) clearly states that "accelerate the development of venture capital" and "encourage relevant departments and local governments to set up venture capital guidance funds, guide social funds to venture capital enterprises, and guide venture capital enterprises to invest in venture capital. In order to implement the spirit of the the State Council Document, on the basis of careful study and extensive investigation, the Ministry of Finance and the Ministry of Science and Technology issued the Interim Measures for the Management of Venture Capital Guidance Fund for Small and Medium-sized Sci-tech Enterprises in July 27, which marked the official appearance of the first national venture capital guidance fund and aroused widespread concern in society. Guiding fund is an innovation of financial support, which is mainly used to guide venture capital institutions to invest in small and medium-sized science and technology enterprises in the initial stage through phased equity participation, follow-up investment, risk subsidy and investment guarantee, and to support entrepreneurship and technological innovation of small and medium-sized science and technology enterprises in the initial stage. In order to actively and steadily promote this work, we have further formulated a detailed work plan and established a series of work procedures such as due diligence, expert review, bank custody and follow-up supervision. At present, this work has achieved initial results. From 27 to 29, the central government allocated 659 million yuan. Among them, 35 million yuan was arranged through risk subsidy and investment guarantee, and 154 venture capital institutions were supported. More than 83 small and medium-sized science and technology enterprises were invested, with an investment of more than 3.8 billion yuan. At the same time, 222 high-growth start-up high-tech SMEs have been coached and tracked by venture capital institutions, and are expected to obtain 55 million yuan of venture capital; In terms of phased equity participation, in 28, the Guiding Fund and six venture capital institutions * * * set up six new funds to support small and medium-sized science and technology enterprises, with the guiding fund contributing 159 million yuan and promoting social capital of 1.45 billion yuan. Recently, the guiding fund will continue to cooperate with eight venture capital institutions to set up eight funds through equity participation. At the same time, the guiding fund has played a good role in demonstrating and driving the establishment of venture capital guiding funds in various places. According to preliminary statistics, provincial guidance funds have been established in Beijing, Shanghai, Tianjin, Jiangsu, Hubei, Shanxi and Yunnan, with a total scale of nearly 1 billion yuan. Reporter: As we all know, consumption, investment and export are the "troika" to stimulate economic growth, and in China, the contribution of exports to economic growth is particularly prominent. Small and medium-sized enterprises are the backbone of foreign trade export. Can you introduce the relevant policies? Jia Chen: Supporting foreign trade exports and promoting economic growth are important policy objectives of the public finance. From the total export volume, small and medium-sized enterprises are dominant, but compared with large enterprises, small and medium-sized enterprises generally have problems such as lack of overseas business experience, low international reputation of enterprises and commodities, and high market development costs. The central government attaches great importance to the development of small and medium-sized foreign trade enterprises, and in 21, it set up an international market development fund for small and medium-sized enterprises to support their development and encourage them to participate in international market competition. This policy is the first trade promotion policy in China to be publicly released and publicly implemented for the development of small and medium-sized foreign trade enterprises. In the past eight years, according to the principle of "openness, transparency, targeted use, scientific management and strengthened supervision", the funds for international market development of small and medium-sized enterprises have provided support to small and medium-sized enterprises from 1 aspects, including overseas exhibitions, enterprise management system certification, various product certification, overseas patent application, international market promotion, overseas advertising and trademark registration, overseas market investigation, overseas bidding (negotiation) and enterprise training. The enterprises supported involve high-tech products, agricultural products (15.43,-.37,-2.34%), electronic and chemical products, textile and garment products and other fields. By the end of 28, the central government had allocated nearly 7 billion yuan for small and medium-sized enterprises to explore the international market, supporting 175, small and medium-sized foreign trade enterprises, and allocated 1.781 billion yuan in 29, an increase of 65% over the previous year. Facts have proved that this policy has achieved remarkable results in supporting small and medium-sized enterprises to participate in international market competition. According to statistics, from 21 to 28, the number of small and medium-sized enterprises with export performance has tripled, and more than 2, small and medium-sized enterprises have achieved a "zero" breakthrough in internationalization, of which 1,664 enterprises have accumulated exports exceeding 15 million US dollars. The export volume of small and medium-sized enterprises has increased year by year, from 94.12 billion dollars in 21 to 36.75 billion dollars in 28. In recent years, small and medium-sized enterprises' international market development funds have also actively implemented strategies such as winning by quality, promoting trade through science and technology, "going global" and independent brands, supported the export of key industries, played a positive role in transforming the growth mode of foreign trade, gained positive comments from enterprises, and had increasingly extensive social influence. It has become an important policy measure to support China's small and medium-sized enterprises to explore the international market. Reporter: After listening to your introduction above, I really feel that the central government has played a very positive role in using capital policies to support the development of small and medium-sized enterprises. However, there are tens of millions of small and medium-sized enterprises. How to improve the policy in the future so that more small and medium-sized enterprises can enjoy the sunshine of public finance? Jia Chen: This question is very meaningful. At present, more than 99% of enterprises are small and medium-sized enterprises. If only through peer-to-peer support, financial funds can not meet the capital needs of all small and medium-sized enterprises. Therefore, we have been working hard to improve and innovate the support methods and improve the policy effect, so as to give full play to the leverage of financial funds and benefit more SMEs. In order to further improve the relevant policies, we will focus on strengthening the following aspects: First, grasp the policy needs more comprehensively. The number of small and medium-sized enterprises is huge, the types are complicated, the situation is different, and the problems are very different. It is necessary to distinguish different industries, development stages and regions to conduct a comprehensive and systematic study, accurately grasp and deeply analyze the common problems that restrict the development of small and medium-sized enterprises, highlight contradictions and policy needs, which is the basis for improving the pertinence and effectiveness of policies. The second is to continuously improve the policy content. We should reasonably define the scope of policy implementation,