Stocktaking 2014: ten reform measures affect the people's "purse"

Editor's note of China Economic Network: A few days ago, the executive meeting of the State Council once again raised domestic demand, so that the common people can "consume," dare "consume and" willing "consume. The premise of expanding consumption is that the "money bag" of the common people is sufficient. Although this year's economic growth has "shifted and slowed down" and the growth rate has slowed down, the reform has not stagnated. On the contrary, the pace of reform has become faster and faster, and there is no lack of reform policies that make the people's "money bags" bulge. Near the end of the year, China Economic Network will take stock of the reform measures that affect the people's "money bag" this year.

1. Transfer system of farmland management right

In the decision on comprehensive deepening reform adopted at the Third Plenary Session of the 18th CPC Central Committee, aiming at the reform of land system, it is proposed to establish a unified urban and rural construction land market, and newly endow farmers with property rights such as mortgage and security rights for land contracted management rights. According to the China Economic Network, as of the first half of 2011, the cultivated area under household contract management nationwide was 1.277 billion mu; as of 2010, the rural collective construction land was about 250 million mu. Experts estimate that contracted farmland alone will pry 1.3 trillion yuan of funds every year, while the price of rural construction land may be as high as 130 trillion yuan. Activating land, the biggest asset of farmers, will certainly arouse the huge amount of sleeping capital and bring endless imagination to farmers, rural areas and related industries.

As early as after the Third Plenary Session of the Seventeenth Central Committee in 2008, some places began to explore land circulation. By the end of last year, there were 28 pilot areas for land circulation system reform. At the end of last month, the Opinions on Guiding the Orderly Circulation of Rural Land Management Rights and Developing Agricultural Moderate Scale Management were officially issued. This is a more in-depth policy on the reform of land circulation system. The opinions require further cultivation and support of new agricultural management entities, such as family farms, large professional households, farmers 'cooperatives, agricultural leading enterprises and other new agricultural management entities to engage in moderate scale land management. At that time, farmers will get real benefits from their land.

2. Agricultural product storage reform

China's agricultural products protective market collection and storage policy has been implemented for nearly ten years, including wheat, corn, rice, soybean, cotton, white sugar and other varieties successively. By setting the national collection and storage price, the policy ensures the lowest price of farmers selling agricultural products, guarantees their income and protects their planting enthusiasm. However, in recent years, it has been criticized for distorting market prices and chaos in implementation, and has reached the point where it must be changed. Lou Jiwei said that China should push forward the minimum purchase price and temporary collection and storage policy to "price compensation separation" transformation, organize and carry out soybean, cotton target price subsidy pilot.

At the beginning of this year, the "No.1 Document" proposed that in 2014, the Northeast and Inner Mongolia soybean and Xinjiang cotton target price subsidy pilot projects should be launched, the target price insurance pilot projects for grain, pigs and other agricultural products should be explored, and the main marketing loan pilot projects for grain and food production should be carried out. We will continue to implement the minimum purchase price policy for rice and wheat and the temporary storage policy for corn, rapeseed and sugar. Since then, as a pilot Northeast Inner Mongolia soybean, Xinjiang cotton direct compensation measures have been issued one after another. According to the implementation plan announced by the Xinjiang Autonomous Region, since September this year, the state has implemented a pilot cotton target price reform in Xinjiang and cancelled temporary cotton storage. 60% of the central subsidy fund is subsidized according to the cotton planting area, and 40% is subsidized according to the actual sales volume. By the end of the year, cotton growers in many areas of Xinjiang had received direct subsidies for cotton. Experts say the benefits of direct subsidies are obvious. Previously, cotton storage companies would benefit from them, but now farmers are directly benefiting from them.

3. Consumption tax reform

In December this year, the Ministry of Finance and the State Administration of Taxation successively issued the Notice on Adjusting the Consumption Tax Policy and the Notice on Raising the Consumption Tax on Refined Oil Products to adjust the consumption tax policy on refined oil products and other products. At the same time, the Ministry of Finance also issued the Notice on Issues Related to Stopping the Collection of Refined Oil Price Adjustment Fund to standardize the resource tax system. This is the first time that China has adjusted the refined oil consumption tax since the reform of refined oil tax in 2009. It is worth noting that the current international market energy supply and demand environment is relatively loose, oil prices continue to fall, at this time to raise the refined oil consumption tax, not only can promote the reduction of pollutant emissions, promote the conservation and utilization of oil resources, but also can ensure that the tax increase will not lead to oil price rise.

Since the levy of consumption tax in China in 1994, this tax item has had a distinct tendency. When it was introduced, this tax was mainly aimed at refined oil products, tobacco and alcohol, because refined oil products are obvious resource products, and their consumption will cause environmental pressure. Tobacco and alcohol consume too much land and water resources, and after consumption, they will also cause health damage to consumers. For such goods, there must be guidance. This time, the two departments issued three documents to greatly adjust the consumption tax policy. The purpose is very clear, that is, to promote energy conservation and emission reduction. Experts said that there will be more tax adjustments for high energy consumption and high pollution consumption projects in the future.

4. Deposit insurance system

According to statistics released by the People's Bank of China in 2013 for the first half of that year, the balance of RMB deposits exceeded one trillion yuan, reaching 100.91 trillion yuan. According to other data, in May 2013, in terms of personal savings, the personal savings deposits of financial institutions nationwide were 44.17 trillion yuan, and the per capita savings of individuals were 32719 yuan. Experts said that China's savings rate is as high as 52%, which is rare in the world, and there is no precedent in the history of a big country economy. Therefore, most of the assets of the Chinese people are still deposited in banks.

Chinese residents have a high tendency to save. To a large extent, savings bear the function of social protection. Most of the common people's money bags are concentrated in major banks. Therefore, it is particularly important to prevent financial risks and protect the interests of depositors. As early as the beginning of 2007, the National Financial Work Conference explicitly requested to speed up the establishment of deposit insurance system. After seven years of preparation, on November 30, 2014, the Central Bank and the Legislative Affairs Office of the State Council publicly solicited opinions from the public on the Deposit Insurance Regulations (Draft). The opinion said that the repayment limit was RMB 500,000 yuan. For individual depositors, RMB 500,000 yuan covered 80% of the funds, and insurance covered all deposit-type financial institutions. As of November 2014, more than 110 countries and regions in the world have established deposit insurance systems. Practice has proved that deposit insurance system has played an important role in protecting depositors 'rights and interests, preventing and resolving financial risks in time and maintaining financial stability, and has become a basic institutional arrangement for financial industry generally implemented by all countries. After the draft opinions are solicited, China's deposit insurance system is expected to be launched in January 2015, when the common people's money bags will have another layer of protection.

5. First revision of budget law

In August this year, the ten-year budget law was revised and will be implemented from January 1, 2015. Many people have given this landmark event the far-reaching significance of "a new round of fiscal and taxation system reform and ice-breaking", which is not excessive. China's current budget law was adopted at the Second Session of the Eighth National People's Congress on March 22, 1994, and came into force on January 1, 1995. This is the first revision of the budget law 20 years after its introduction. The new Budget Law makes many provisions on budget publicity, management and control, local debt management, financial expenditure performance, etc.

Improving the budget management system is one of the three key tasks and tasks required to be completed in the top-level design plan of China's fiscal and taxation reform-"Overall Plan for Deepening the Reform of Fiscal and Taxation System". The other two items are to improve the tax system and establish a system that is compatible with the responsibility of power and expenditure. These reforms will be introduced in 2015, basically completed in 2016, and basically established in a modern financial system by 2020. The overall plan for deepening the reform of the fiscal and taxation system is to support the overall reform and the system construction oriented to the long-term strategic goal. It will certainly accelerate the release of reform dividends and add impetus to China's economy.