More proactive fiscal policy was pursued, and the increase in the fiscal deficit was used mainly to cover tax and fee cuts. The trial replacement of business tax with value added tax (VAT) was extended to cover all sectors, slashing the tax burden of businesses for the year by over 570 billion yuan and reducing tax burdens in every sector. A transitional plan for sharing VAT revenue between the central and local governments was formulated and implemented to ensure financial resources of local governments remained unchanged. More local government bonds were issued to replace outstanding debts, reducing interest payments by roughly 400 billion yuan.
A prudent monetary policy was pursued in a flexible and appropriate manner.The M2 money supply increased by 11.3 percent, below our projected target of around 13 percent. We used a range of monetary policy tools to support the development of the real economy.
Measures were taken to upgrade consumption. We unveiled policies to encourage private investment, and saw investment begin to stabilize. We exercised category-based regulation over the real estate market. We strengthened efforts to manage financial risks. The RMB exchange rate regime continued to improve, and the exchange rate remained generally stable at an adaptive and equilibrium level. With these measures, we have safeguarded China's economic and financial security.
二是着力抓好“三去一降一补”,供给结构有所改善。以钢铁、煤炭行业为重点去产能,全年退出钢铁产能超过6500万吨、煤炭产能超过2.9亿吨,超额完成年度目标任务,分流职工得到较好安置。支持农民工在城镇购房,提高棚改货币化安置比例,房地产去库存取得积极成效。推动企业兼并重组,发展直接融资,实施市场化法治化债转股,工业企业资产负债率有所下降。着眼促进企业降成本,出台减税降费、降低“五险一金”缴费比例、下调用电价格等举措。加大补短板力度,办了一批当前急需又利长远的大事。
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