Hunan Makes Commendable Results in Economic and Social Development in H1
2020-07-29
On July 28, the Standing Committee of the 13th Hunan Provincial People’s Congress held its 19th conference to deliberate the annual planning, budgets, and audit reports. The attendees agreed that, in spite of the impacts of the COVID-19 epidemic on Hunan’s economic and social development, especially financial revenue and expenditures, Hunan has made commendable achievements in the first half of this year. However, challenges still exist.
During the first half, financial departments at all levels rolled out various measures to overcome the challenges of decreased revenues and increased expenditures, in order to ensure stability on six fronts and security in six areas. As of the end of this June, 6.1-billion-yuan funds had been used in epidemic prevention and control. Special loans of 9.8 billion yuan were provided for the key anti-epidemic enterprises, with an average interest rate of only 1.39% after interest deducted. So far, 116.8 billion yuan of bonds have been issued, 2.1 times more than last year, which have accelerated the progress of a number of such projects as industrial parks, transportation, water conservancy, and old urban residential community renovation. A host of policies were rolled out to reduce the burdens of the micro, small and medium enterprises, self-employed people, and businesses in difficulty. An estimated 55 billion yuan of corporate burdens would be cut this year.
The economy shows an accelerated pace of resumption, with smooth economic circles and a marked rebound momentum. The speed of work and production resumption, the economic rebound rate, and the number of economic indicators turning from negative to positive are at the front ranks domestically. Financial revenue and expenditure situations improved. Tax revenue declined slower than the national average. The economy shows a steady momentum of rebound. Expenditures in poverty alleviation, social insurance, employment, and public health were guaranteed.
However, there are gaps between the major indicators in the first half and the goals, due to the force majeure of the epidemic. The attendees stressed all-out efforts to coordinate financial work to ensure stability on six fronts and security in six areas. General expenditures should be resolutely cut. The efficiency of capital allocation and utilization should be improved, while capital tracing and supervision should be strengthened. The budget planning and adjustment should be in line with the policies benefiting people and enterprises. The preferential policies should be implemented fully with targeted measures for cultivating market entities.
This article is from Hunan Provincial Government www.enghunan.gov.cn.
Translator: Pang Yuehui
Chinese source: hunan.gov.cn
During the first half, financial departments at all levels rolled out various measures to overcome the challenges of decreased revenues and increased expenditures, in order to ensure stability on six fronts and security in six areas. As of the end of this June, 6.1-billion-yuan funds had been used in epidemic prevention and control. Special loans of 9.8 billion yuan were provided for the key anti-epidemic enterprises, with an average interest rate of only 1.39% after interest deducted. So far, 116.8 billion yuan of bonds have been issued, 2.1 times more than last year, which have accelerated the progress of a number of such projects as industrial parks, transportation, water conservancy, and old urban residential community renovation. A host of policies were rolled out to reduce the burdens of the micro, small and medium enterprises, self-employed people, and businesses in difficulty. An estimated 55 billion yuan of corporate burdens would be cut this year.
The economy shows an accelerated pace of resumption, with smooth economic circles and a marked rebound momentum. The speed of work and production resumption, the economic rebound rate, and the number of economic indicators turning from negative to positive are at the front ranks domestically. Financial revenue and expenditure situations improved. Tax revenue declined slower than the national average. The economy shows a steady momentum of rebound. Expenditures in poverty alleviation, social insurance, employment, and public health were guaranteed.
However, there are gaps between the major indicators in the first half and the goals, due to the force majeure of the epidemic. The attendees stressed all-out efforts to coordinate financial work to ensure stability on six fronts and security in six areas. General expenditures should be resolutely cut. The efficiency of capital allocation and utilization should be improved, while capital tracing and supervision should be strengthened. The budget planning and adjustment should be in line with the policies benefiting people and enterprises. The preferential policies should be implemented fully with targeted measures for cultivating market entities.
This article is from Hunan Provincial Government www.enghunan.gov.cn.
Translator: Pang Yuehui
Chinese source: hunan.gov.cn