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Xu Shanda: The Mixed Ownership Of State-Owned Enterprises Should Be Changed.

2014/3/30 22:44:00 17

Xu Shanda Asset Management Capital Management

> a href= "//www.sjfzxm.com/news/index_c.asp" > Xu Shan Da /a >: the most tangled thing in the meeting is time. The first two speeches I heard were very interesting, but the time left for me and Tian Qing was only 45 minutes. One person answered the question for 10 minutes, that is to say, my time was only 10 minutes, so I had to compress a little and strive to give Tian Qing a little more time.

> a href= "//www.sjfzxm.com/news/index_c.asp" > fiscal and taxation issues < /a > is rather complicated. Because time is limited, I will briefly talk about several aspects.

These problems are difficult for me to list one or two, three or four and five.

first, there is a problem in the two sessions this year. The media and academia have not paid enough attention. The proportion of our government's total income in GDP is an important index in the allocation. According to the report of the two sessions, the year before last was about 31%, which was about 36% last year, and this year has reached nearly 40%.

Why there is such a substantial increase is not that we have actually raised a lot, but that our budget has not all covered the revenue of the government.

Now the index close to 40% is still an incomplete indicator.

At present, the Ministry of finance, in accordance with the requirements of the State Council, has made efforts to bring all government revenues into budget management, but this work has not yet been completed.

Although P has not completed this task, we are close to 40% of the government revenue data, which has made us very serious about how much our government should get from the newly created wealth every year.

There are many different caliber of this problem. The tax revenue is more than 20%. The final caliber is the revenue of all governments. The income level of the United States, Japan, Britain and other market economy countries are all above 36%. We are now slightly higher than these countries, but we are not equal to the welfare state. This is an important issue of a country's fiscal strategy. I think that the research on this issue is not enough.

Second, so many "a href=" //www.sjfzxm.com/news/index_c.asp > government revenue < /a > Why do residents feel that the government's services are not satisfied? I think it has a good relationship with our expenditure structure.

Compared with the market economy countries, our total expenditure ratio is almost as high as that of the market economy countries.

But our expenditure structure is very low in the proportion of people's livelihood and social security.

Where do these expenditures go for such a large income and a large proportion?

Compared with P, we have a lot of problems to solve, such as the government's three funds need to be compressed and so on. One of the most important expenditures is the investment in state-owned assets.

At present, the money has not been fully counted. I think at least 100 trillion or more. The appreciation of assets is, in a sense, an increase in the value of all assets. After all, it has affected the actual level of public services of residents, which is an important issue in the expenditure structure.

In the future, the proportion of investment in state-owned assets in government expenditure is related to our provision of public services.

At present, P is a good decision.

1, it is stated in the resolution that the state owned operating assets should be paid to 30% of the fiscal revenue after tax.

2, the implementation of mixed ownership, in fact, the connotation of mixed ownership is being discussed.

I think there is a management of state-owned enterprises from asset management to capital management, the form of assets can be diluted and strengthened capital management.

At present, there are two places to see.

For example, Shanghai has made several pilot projects involving property rights housing in recent years. In fact, the government invested 30% to help residents buy houses. This property right is the government. In fact, the government uses some of the expenditure for the common property rights of the residents. This is the arrangement of state-owned assets belonging to people's livelihood.

Therefore, on the whole, there are some very important new budding policies in the reform of state-owned assets. These policies need to be explored and are generally good prospects.

We have blocked the loss of state assets and the need for financial bills. Enterprises should think of ways to manage capital and funds, thus affecting the change of the entire fiscal expenditure structure.

3, the relationship between the central authorities and the local authorities is now a much more argumentative issue.

At present, the basic figure is about 48% of the money collected by the central government, about 52% of the total.

But the central expenditure accounts for only 15%, and the local expenditure accounts for 80%. In other words, the local government's dependence on the central government has reached 40% of its own. The local government spends 0.3 yuan on every 0.85 yuan, which needs all kinds of ways of the central government, that is, the tax rebate is good or the special pfer payment is good. Anyway, it has to wait for the central government to give money, a proportion has many problems for the operation of the country, especially the operation of the local government.

The time and amount of money given by the central government can not be matched with the arrangement of local government budgets, so this is a new situation after 20 years of reform of the tax sharing system.

The government must rely on the central government in financial affairs. For the sake of the normal operation of the local government and the central government, I think the degree of dependence should not exceed 20%. This involves the adjustment of the central revenue and expenditure and the structure of local income and expenditure. There are two main ideas. One way of thinking is that the central government should give up some responsibility for expenditure. It turns out to be 80%. Now it is 20% or 30%, or the money is given to the local area, so that the money of the place is increased from 50% to 60%. Two roads are being studied. This plenary session is to study a problem. I think the adjustment should be carried out by the central government, because all the market economy countries and the social security system are the responsibilities of the central government. I think we should stick to one place.

If this policy is adjusted, there will be considerable recovery and balance between the central and local imbalance.

At the same time, we should also consider the issue of the proportion of local income growth, which I will continue to talk about.

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< --EndFragment-- > the imbalance of expenditure income is an important problem to be solved in the central finance. The solution to this problem will have a very important impact on the future development.

first, from the tax system, the present tax reform has many contents, such as resource tax, environmental protection tax and real estate tax.

In the current tax reform, the biggest impact on the entire national economy is the business tax, which persists in the VAT reform. This is the problem left over in 1994. With the development of modern world economy, the development of service industry, the development of service trade, the damage of business tax to the national economy is becoming more and more serious, and this contradiction is becoming more and more obvious. Therefore, it is not controversial to speed up the pace of business pformation.

The specific work plan, the director of the Ministry of Finance and the director of the Inland Revenue Department and the minister have enough experience to draft the plan. Even if there are contradictions in some places, there is little problem and can be rectified slowly.

The biggest problem now is that the central and local imbalances are related. If the camp continues to increase, the tax reduction is not the connotation of the camp change. This is different from the reform in 1994. It is to maintain the overall tax burden unchanged. The tax increase is defined as a tax cut and a tax burden on the service industry, because the tax burden on business tax is higher than the current value added tax.

business tax is the largest tax in local taxes. Therefore, it is necessary to change from tax reform to value added tax, reduce taxes on enterprises, at the same time, the proportion of central and local governments is unbalanced. In a sense, we need to increase local revenue, and the two directions will have some contradictions in the reform of tax system and the resumption of balance between central and local governments.

Therefore, how can we put forward a plan to solve this contradiction, push forward the pformation of the camp and increase the tax rate, and at the same time restore the imbalance between the central and local governments?

In the one or two years of the study, there were three schemes.

the first plan, I was one of the proponents, the original consumption tax in 1994, in the production and wholesale link as a central tax, because in 1994, the tax bureau's income increase link was not enough to put in the consumption link. At that time, there was no such ability, so we had to put it in the production link.

Now, with the deepening of reform, the ability to increase revenue of the IRS and the local tax bureau has been raised. Now the tax authorities basically have the ability to levy consumption tax in the retail sector. With this foundation, the tax system should be adjusted according to the original principles.

At the same time, we consider the problem of the pfer of the consumption tax to the retail sector, and after the pfer, the consumption tax can be used as a local tax.

At present, the total amount of the consumption tax plus the vehicle purchase tax is about one trillion, which can basically reduce the income of the local government after the battalion has been washed away.

It can make the original imbalance will not continue to deteriorate, but will be improved.

I think this plan is more feasible.

Of course, the pace of progress can be adjusted to the progress of the business pformation. First, the taxation of motor vehicles and motorcycles with license management will be pferred to the retail sector.

1, all production and consumption tax corporate finance costs have been reduced, because it is not the first tax, but from the wholesale and retail income hedging.

2, there will be a benefit to the balance of Finance and the whole country.

Because the distribution of production and sales enterprises in the whole country and the distribution of production enterprises in the whole country, the second distributions are more balanced, which is beneficial to the balance of local government revenue.

It can also award the power of the local people's Congress and the government's tax legislation, withdraw the industrial chain from the retail link, and the local government can determine the purpose of the collection. For example, if the tax rate is raised or lowered, there can be a certain degree of jurisdiction. If the tax industry chain is in the middle, such as the value-added tax, if the local government adjusts itself, it will affect the revenue of the neighboring areas, so it can not be adjusted, but it can be carried out in the retail sector.

The reform can solve the problem of reducing local income by changing the camp to increase, thus achieving the balance between the central and local incomes, and increasing the dividends of reform. Therefore, it is suggested to accelerate the pace of reform.

For example, I saw an article saying that the zero land price of land should be changed, land should not be money and then property tax should be substituted for land finance. The proposal was too low for housing prices. If land is not money, it can get land free of charge, and what kind of state our real estate will be. Finally, the real estate tax will create a trillion dollar tax system instead of land finance, and I do not know who can set it up.

at present, I think the way and suggestion of the consumption tax to the retail link may have been approved by many academic circles and relevant departments and comrades.

Now I am in the process of research, and I hope this policy can be promulgated as soon as possible.

Without this, we will continue to push the camp to a higher level, and we will encounter the pressure of local government revenue reduction.

I have learned that local governments have had such a reaction when communicating with local comrades. If we do not solve the problem of imbalances, it will be very difficult for local governments to increase their finances further.

This comprehensive reform is feasible and feasible, which is beneficial to the current strategy.

In the future, the local tax system will take the consumption tax as the main tax category, levy in the retail sector, and slowly expand the tax to other goods and services. The pattern is the revenue of the local government's revenue in the consumption domain and the final sale and retail area.

Encouraging local government orientation can promote local consumption more, instead of putting more resources into production. This will improve the balance of local government investment and work orientation, which is a problem of local tax system.

3, real estate policy is closely related to tax revenue.

Real estate policy, my view.

At the end of October last year, the Political Bureau of the Central Committee held a Learning Association. Two experts will report to the Politburo. After that, the comrades of the Political Bureau discussed it. Finally, general secretary Xi Jinping had a speech.

From the information reflected in the meeting, I exchanged views with many people. I think the strategy of real estate policy has been strategically adjusted.

Before the meeting, our regulation of real estate was to curb the rapid rise in real estate prices and let the real estate prices return to normal levels. The government's policy was to curb housing prices. After this meeting, the strategy changed, and the government did not put its work goals on curbing housing prices.

What is the responsibility of the government? To help low-income groups solve their housing problems, this adjustment is reflected in the report of the prime ministers of the two sessions and the current work of the Ministry of housing and the Ministry of finance. The Prime Minister of the two sessions did not mention strengthening the regulation of real estate, and the Ministry of housing no longer assessed the housing prices everywhere. The pilot of the real estate tax was no longer expanded. This is the current decision. I said a word and caused a lot of opposition. I think that the pilot project of Shanghai and Chongqing property tax has failed.

now there should be new ideas. I advocate that after the consumption tax is handed over to the local government, the local government will decide to levy a paction tax in the sales and trading links, and adjust the current problem of investment speculation in the so-called real estate. This policy is in line with the new strategy of real estate in the new decision-making level. Thank you, I will say these!