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This is the third big gift package we want to share with you this year . uses 40 exquisite pictures and 40 short text to clarify those often mentioned and confusing macro concepts.
Why do this ? For two purposes. First, calm down and lay the roots of research deeper, so that the reports written are more nutritious and readable. The ancients said, "review the old and learn the new", and when we sort out these things, we really benefited a lot. is the second one. hopes to narrow the distance with readers and achieve unimpeded communication. There is an old saying that different industries are like different mountains. Each industry has some of its own terms. If you don’t understand these, it may not be easy to resonate when you communicate. How to do this with
? is divided into three steps. is to carefully select 40 commonly used and confusing concepts , involving the top ten macro fields , both exquisite and complete. The top ten areas are: economic system, political system, export and opening up, regional development, industrial policies, consumption and investment of domestic demand, employment and income, prices, financial liquidity and credit expansion , and fiscal tax and non-tax. The second is to use 200-500 words, and explains each concept clearly. The article is short, it is easy to read but not tired. third is to use a beautiful and detailed mind map, to draw the basic meaning of each concept, what is the subset, and where is the intersection with other similar concepts. It's clear at a glance.
If 's first big gift package, QianBiPPTh, provides investors with a set of super toolbox and a guide to fighting monsters. The second big gift package, 100 policy documents , provides investors with a project dimension drawing and an official manual for fighting monsters. Then the third big gift package of , 40 good pictures, , provides investors with a way to practice the mind and a scenic spot tour guide. In order to understand the macro knowledge system faster. Retreat, you can read the wonderful words of macro researchers with a relaxed attitude.
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Contents
Directory
Economic System
Chapter 1Economic System
1 Socialist system , basic socialist economic system, socialist market economic system
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According to the Fourth Plenary Session of the 19th Central Committee of the Communist Party of China, the socialist system includes thirteen aspects, "uphold and improve the party's leadership system; uphold and improve the system system of people's mastery of their own affairs; uphold and improve the socialist legal system with Chinese characteristics; uphold and improve the socialist administrative system with Chinese characteristics; uphold and improve the socialist legal system with Chinese characteristics; uphold and improve the socialist administrative system with Chinese characteristics; uphold and improve the Chinese characteristics of socialist characteristics; uphold and improve the socialist administrative system with Chinese characteristics; system; adhere to and improve the basic socialist economic system and promote high-quality economic development; adhere to and improve the system for prospering and developing advanced socialist culture; adhere to and improve the system for people's livelihood security that coordinates urban and rural areas; adhere to and improve the social governance system of co-construction, co-governance and sharing; adhere to and improve the ecological civilization system of ; adhere to and improve the system of absolute leadership over the people's army; adhere to and improve the system of ' one country, two systems '; adhere to and improve the independent and peaceful foreign policy; adhere to and improve the supervision system of the Party and the state."
The basic socialist economic system is one of the socialist systems. In terms of specific contents of , the basic socialist economic system includes "public ownership as the main body, multiple ownership economies develop together, distribution according to work as the main body, multiple distribution methods coexist, and socialist market economic system."
The socialist market economic system is part of the basic economic system of socialism .In terms of the specific content of , according to the "Opinions of the Central Committee of the Communist Party of China and the State Council on Accelerating the Improving the Improving the Socialist Market Economic System in the New Era", it includes "adhering to the public ownership as the main body and the common development of multiple ownership economies, enhancing the vitality of micro-subjects; consolidating the basic system of the market economy and ensuring fair competition in the market; building a more perfect system and mechanism for market allocation of factors to further stimulate the creativity and market vitality of the whole society; innovating government management and service methods, improving the macroeconomic governance system; adhering to and improving the people's livelihood security system to promote social fairness and justice; building a higher-level new open economy system, , and promoting reform and development through opening up; improving the legal system of the socialist market economy, strengthening legal guarantees; adhering to and strengthening the Party's overall leadership to ensure the effective implementation of reform measures."
2 High-standard market, market-oriented allocation of factors, Unified large market, negative list of market access
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Construction of high-standard market system , and improving the market-oriented allocation of factors are important contents in accelerating the improvement of the socialist market economic system.
Improve the market-oriented allocation of factors and emphasize seven aspects: Promote the market-oriented allocation of land factors; guide the rational, smooth and orderly flow of labor factors; promote the market-oriented allocation of capital factors; promote the market-oriented allocation of capital factors; accelerate the development of the technology factor market; accelerate the cultivation of the data factor market; accelerate the market-oriented reform of factor prices; and improve the operation mechanism of the factor market.
In terms of specific promotion, according to the "Overall Plan for the Pilot of Comprehensive Reform of Market-oriented Allocation of Factors" , "by 2023, the pilot work will achieve phased results, and strive to achieve important breakthroughs in the key links of market-oriented allocation of factors such as land, labor, capital, and technology, and make positive progress in the exploration of the basic system for market-oriented allocation of data elements." Implementation documents in other subdivided fields include "Guiding Opinions on Deepening the Pilot Work of Rural Collective Commercial Construction Land Entering the Market", "Opinions on Building a Basic Data System to Better Play the Role of Data Elements", "Action Plan for Deepening Price Mechanism Reform in the "14th Five-Year Plan" Period", etc.
Build a high-standard market system, including five major contents: consolidate the basic system of the market system, improve the modern market supervision mechanism, implement high-level market opening, improve and improve the market environment and quality, and promote the efficient allocation of factors and resources.
Specific advancement, March 2022 "Central of the Communist Party of China" The State Council’s Opinions on Accelerating the Construction of a National Unified Market pointed out that , “accelerating the establishment of a national unified market system rules, breaking local protection and market segmentation, breaking through key bottlenecks that restrict economic circulation, promoting the smooth flow of commodity factor resources on a larger scale, accelerating the construction of an efficient, standardized, fair competition, and fully open national unified market, comprehensively promoting the transformation of my country’s market from big to strong, and providing strong support for building a high-standard market system and building a high-level socialist market economic system.” The implementation documents for other sub-sectors include "Negative List of Market Access (2022 Edition), " "14th Five-Year Plan" Market Supervision Modernization Plan ", "Opinions on Promoting the High-Quality Development of the Construction of the Social Credit System and Promoting the Formation of a New Development Pattern", "Overall Plan for Comprehensively Deepening the Pilot of Innovative Development of Service Trade", etc.
3 Income distribution system, what elements can
participate in income distribution?
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Income distribution system focuses on two points, one is the distribution principle. Second, what factors participate in income distribution.
997 The 15th National Congress pointed out that "adhere to the system of distribution according to work as the main body and multiple distribution methods coexist. Combining distribution according to work with distribution according to work and distribution according to production factors by , insisting on efficiency priority and taking into account fairness; focusing on developing the market of production factors such as capital, labor, and technology to improve the production factor price formation mechanism. Allow and encourage production factors such as capital and technology to participate in the distribution of income.”
002 16th National Congress pointed out that "establishes the principle of distribution of production factors such as labor, capital, technology and management based on contribution, and improves the distribution system with distribution according to work as the main body and multiple distribution methods coexisting. Adhere to efficiency first and take into account fairness."
019 Fourth Plenary Session of the 19th Central Committee of the Communist Party of China pointed out that "adhere to distribution according to work as the main body and the coexistence of multiple distribution methods. Adhere to the principle of working more and getting more, focus on protecting labor income, increase labor remuneration for workers, especially front-line workers, and increase the proportion of labor remuneration in 's initial allocation of . Improve the mechanism in which the market evaluates contributions to production factors such as labor, capital, land, knowledge, technology, management, and data and determines remuneration based on contributions. ”
Political System
Chapter 2 Political System
4 Party Congress , Plenary Session of the Central Committee, Politburo Meeting, Standing Committee Meeting
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Party Congress: Main responsibilities include electing the new Central Committee, the Central Commission for Discipline Inspection, modifying the Party Constitution , discussing and deciding major issues of the Party, etc. Current Party Constitution stipulates: "The highest leading organ of the Party is the National Congress of the Party and the Chinese Communist Party that it produces. "The National Congress of the Party is held every five years and is convened by the Central Committee". The meeting has been held nineteen times. The 11th National Congress of the Party (1977), and the meetings are held every two or seven years, such as the 18th National Congress of the Communist Party of China in 2012 and the 19th National Congress of the Communist Party of China in 2017.
Plenary Session of the Central Committee: Main responsibilities include listening to the report of the Political Bureau of the Central Committee, discussing and deciding on major issues of the Party. The Party Congress elects a new Central Committee, with a term of five years for each Central Committee, and the Central Committee During his term of office, the plenary session of the Central Committee is convened by the Political Bureau of the Central Committee and held at least once a year. Since the reform and opening up, each Central Committee usually holds seven plenary sessions, namely the "first plenary session" to the "seventh plenary session".
Specifically: the First Plenary Session of the Central Committee is held one week after the Party Congress, and elects a new member of the Political Bureau of the Central Committee, a member of the Standing Committee of the Political Bureau of the Central Committee, and a general secretary of the Central Committee; the Second Plenary Session of the Central Committee, usually before the National Two Sessions of the Party Congress in March of the following year to discuss the personnel arrangements of the new state institutions; Third Plenary Session of the Central Committee , usually held in the fall of the following year of the Party Congress, and the theme is generally "Economics and Reform".
Politburo meeting: is usually held once a month and convened by the General Secretary of the Central Committee. The Politburo meetings held in April, July and December will analyze and study the current economic situation and economic work, and deploy the next step of economic work. Politburo Standing Committee meeting: is convened by the General Secretary of the Central Committee, generally held regularly, and can be held at any time in important situations.
5 National People's Congress,
Standing Committee of the People's Congress , Chairman's Meeting
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National People's Congress: the highest state power organ , exercise the national legislative power. Each term of office of the National People's Congress is five years, held once a year, and convened by the Standing Committee of the National People's Congress. The meeting content includes: listening to the government work report; reviewing the national economic and social development plan, budget implementation report, etc. The first meeting of the People's Congress in March of the year of the change of leadership will also elect the President of the State, the Chairman of the Central Military Commission, etc., and decide the Premier of the State Council , Vice Premier and other candidates.
Standing Committee of the People's Congress: The Standing Committee of the National People's Congress, jointly exercises the national legislative power with the National People's Congress. The Chairman of the Standing Committee of the National People's Congress regularly convenes and presides over meetings of the Standing Committee of the National People's Congress, listens to explanations of legal bills and other proposals, and votes on various proposals. The meeting is usually held every two months, usually in the late bimonthly. If there are special needs, a meeting can be convened temporarily. For example, the 32nd meeting of the Standing Committee of the 12th National People's Congress was added in March 2018 to vote to pass the proposal to submit the draft amendment to the Constitution.
Chairman's Meeting: It is an organization that handles the important daily work of the Standing Committee, composed of the chairman, vice chairman and secretary-general. Chairman's Meeting is convened and presided over by the Chairman, or the Vice Chairman can also be entrusted to preside over the meeting. The meeting content includes: deciding the meeting period of each Standing Committee meeting, formulating a draft meeting agenda; deciding on the proposal submitted to the Standing Committee of the People's Congress for deliberation, etc.
6 Vision goals, five-year plan, special plan
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Vision goals are generally specifically explained by the Party Congress .
For example, the 12th National Congress proposed that "from 1981 to the end of this century, the overall goal of my country's economic construction is to strive to quadruple the annual total output value of industry and agriculture in the country under the premise of continuously improving economic benefits... The people's material and cultural life can reach a well-off level." The 16th National Congress proposed that "we must concentrate our efforts in the first twenty years of this century to comprehensively build a moderately prosperous society that benefits more than one billion people." The 19th National Congress proposed that "the first stage, from 2020 to 2035, on the basis of building a moderately prosperous society in all respects, strive for another fifteen years to basically realize socialist modernization... From 2035 to the middle of this century, on the basis of basically realizing modernization, strive for another fifteen years to build our country into a prosperous, democratic, civilized, harmonious and beautiful socialist modern country."
Five-year plan and special plan set medium-term goals. For example, during the 14th Five-Year Plan, after the preparation of the 14th Five-Year Plan, three types of plans will be further compiled: national special plan, , National regional plan, and National Space Planning. The national special plan is used to refine and implement the strategic tasks proposed in specific fields in the 14th Five-Year Plan. For example, " "14th Five-Year Plan" Digital Economy Development Plan " implements the tasks and related major projects proposed in Chapter 5 of the 14th Five-Year Plan: Creating new advantages of Digital Economy. According to the deployment of the State Council on January 10, 2022, "At present, 44 special plans have been basically completed and have been issued and implemented one after another. We must base ourselves on the present and look at the long-term, and vigorously and orderly promote the implementation of the special plans for the 14th Five-Year Plan."
Trade and Opening Up
Chapter 3 Trade and Opening to the Outside
7 Foreign access list, foreign encouragement list
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Foreign access list, the full name is "Negative List of Foreign Investment Access". The state gives national treatment to foreign investment outside the negative list. The so-called "national treatment" is commonly understood as allowing foreign companies to enjoy the same treatment as Chinese companies in China. The core is to give foreign investors the right to access and allow them to invest in industries that are not on the negative list in my country.
Foreign investment list, the full name is "Catalogue of Industry Encouraging Foreign Investment". Foreign investment projects belonging to this directory can enjoy preferential policies such as taxation, with the purpose of making foreign investment "increase the total amount and optimize the structure". On February 7, 2019, the National Development and Reform Commission and the Ministry of Commerce, together with relevant parties, carried out the revision of the " Foreign Investment Industry Guidance Catalog " and " Foreign Investment Advantage Industry Catalog in the Central and Western Regions", and formed a new "Catalogue of Industry Encouraging Foreign Investment (Draft for Comments)" based on the merger of the two directories. The "Catalogue of Industries Encouraging Foreign Investment (2019 Edition)" was released on June 30, 2019, with a total of 1,108 entries. The "Catalogue of Industries Encouraged Foreign Investment (2020 Edition)" was adopted on November 5, 2020, which came into effect on January 27, 2021. The total number of 1,235 items is 127 items, an increase of 88 items compared with the 2019 edition, further expanding the scope of encouraging foreign investment.
8 Free Trade Zone and Free Trade Port
✦✦✦✦
Free Trade Zone (FTZ, Free Trade Zone), originated from the provisions of the "free zone" of the World Customs Organization (WCO). Simply put, it is to draw a piece of land on the territory of a country and implement free trade on some goods. The positioning of the free trade pilot zone is the country's "test field", exploring the replicable promotion experience in specific areas, and then "flower and bear fruit" all over the country. In September 2013, my country established the first free trade pilot zone, namely Shanghai Free Trade Zone . As of now, my country has a total of 21 free trade zones.
Free trade port refers to the free entry and exit of foreign goods and funds in a specific country and exempting customs duties on all or most of the goods entering and leaving the port area. Compared with the free trade zone, it is more "free" and in addition to freedom of trade, it also includes freedom of investment, freedom of capital flow, freedom of employing workers, freedom of operation, and freedom of entry and exit of operators. On June 1, 2020, the Central Committee of the Communist Party of China and the State Council issued the "Hidden Free Trade Port Overall Plan for the Construction of Hainan Free Trade Port", and the construction of my country's Hainan Free Trade Port has entered the initial stage of establishment.
9 RCEP, US-Mexico Canada,
CAFTA, China-EU Investment Agreement
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China-EU Investment Agreement, also known as the China-EU Comprehensive Investment Agreement (CAI), aims to build a bilateral investment system arrangement between China and EU . Unlike the Free Trade Agreement (FTA), it is not accompanied by a reduction in tariffs. Among them, "comprehensive" means that the areas involved in the agreement far exceed traditional bilateral investment agreements (usually focusing on investment protection after foreign capital entry), including market access, a level playing field, sustainable development and dispute resolution.
China-ASEAN Free Trade Zone (CAFTA) is a free trade zone established by China and the ten ASEAN countries in accordance with the "Framework Agreement on Comprehensive Economic Cooperation" signed in November 2002. The relevant agreements mainly include the "Trade of Goods" (signed in November 2004), the "Trade of Services" (signed in January 2007), and the "Investment Agreement" (signed in August 2009).
Regional Comprehensive Economic Partnership Agreement (RCEP) is a free trade agreement involving 16 countries led by ASEAN on the basis of reaching a free trade agreement with 6 non-ASEAN member states (China, Japan, South Korea, Australia, and New Zealand ). India withdrew in November 2019, and 15 countries signed an agreement on November 15, 2020, and officially took effect on January 1, 2022.
US-Mexico-Canada Agreement (USMCA) was predecessored by the North American Free Trade Agreement (NAFTA), which came into effect in 1994. After Trump came to power, he held a renegotiation. This agreement is consistent with the vast majority of texts of TPP ( Trans-Pacific Partnership Agreement ), but substantial adjustments have been made on the basis of continuing the high level of TPP.
0 Bottle neck, basic board
✦✦✦
Bottle neck and basic board correspond to the shortcomings and forging strengths in my country's foreign trade field respectively.
Specifically, the choke: Since 2018, the conflict between China and the United States has gradually intensified, and the US's blockade and containment of our technology field has been escalating. In order to ensure the security of the country's industrial chain and supply chain, the central government requires "implementing key core technology research projects and solving a number of 'bottleneck' problems as soon as possible." From a trade perspective, if a commodity has its exports basically come from developed countries and my country imports more, it may be a stubborn commodity. Basic: From a trade perspective, it corresponds to commodities with high absolute value or high share in my country. According to this idea, build a foreign trade basic index = ln (the export value of this commodity is US$100 million) * the global export share of this commodity, and filter out the top 100 products in the foreign trade basic index, which are regarded as the "basic market" of my country's foreign trade.
Regional Development
Chapter 4 Regional Development
1 National strategic regional policies,
Urban agglomeration, metropolitan area, central city
✦✦✦
National strategic regional policies refer to regional policies as important components of the country's overall development strategy, including 4 major aspects and 17 specific strategies. major aspects refer to: (1) In-depth implementation of major regional strategies, including six major regional strategies such as coordinated development of Beijing, Tianjin and Hebei; (2) In-depth implementation of regional coordinated development strategy, including five major strategies such as Western Development of and Northeast Revitalization; (3) New urbanization strategy, including three major strategies such as urbanization of agricultural migrant population; (4) Special positioning, including strategy for the main functional area of , etc.
Urban agglomerations, metropolitan areas, and central cities all belong to the content of "improving urbanization spatial layout" in the new urbanization strategy. Among them, central cities refer to large, super-large or super-large cities that are in an important position in a certain province and in the country's social and economic activities, have comprehensive functions or multiple dominant functions, and play a hub role, including municipalities directly under the central government, provincial capital cities, independent planning cities, important node cities, etc. A metropolitan area refers to a physical space surrounding a central city, with a radius of approximately 1 hour commuting (mainly referring to rail transit, namely subway and light rail), and the population concentration within the scope must be comprehensively investigated. Urban agglomerations refer to the wide-area urbanization form composed of several metropolitan areas. It can be found that in terms of scope, urban agglomerations⊇ metropolitan areas⊇ central cities.
2 High-tech Zone and Industrial Park
✦✦✦
Industrial Park is a very grand concept, generally referring to a special location environment established by the government or enterprise to achieve industrial development goals. According to the specific manifestation form, the common types of industrial parks include: industrial parks, economic and technological development zones, high-tech industrial development zones, , characteristic industrial parks, etc. Among them, the high-tech industrial development zone is the "high-tech zone", which means that the concept of the industrial park includes the high-tech zone.
High-tech Zone, full name "High-tech Industrial Development Zone", also known as "High-tech Development Zone", is a specific area set up for the purpose of developing high-tech. was originated from the National High-tech Industrialization Development Plan in 1988 - the "Torch Plan". In the same year, the first high-tech zone was born in Beijing, which is the predecessor of the "Beijing Zhongguancun Science and Technology Park". The construction of the high-tech zone relies on the advantages of intellectual resources such as intellectual density, information resources, industrial foundation and entrepreneurial atmosphere. In terms of location, the location is preferred to select places with gathering of universities, scientific research institutions and strong scientific research strength.
Compared with economic development zones, high-tech zones focus more on the laws of industrial development - high-tech industries need government support and cultivation in the early stages of development. The Ministry of Science and Technology (the competent department of the High-tech Zone) has even refined the industry guidance catalogue, which means that the high-tech zone in the place should focus on which industry to develop.
Industrial PolicyMarket Subject
Chapter 5Supply: Industrial policies and market entities
3 Industry, manufacturing, service industry,
Second industry, tertiary industry, "four-top"
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Industry-related concepts are " National Economy Industry Classification ", which divides the national economy into 20 categories, 95 major categories, 396 medium categories, and 913 sub-categories.
Manufacturing industry is one of the categories. Industry is a general term for the three major categories of manufacturing, mining, and electric, heat, gas and water. Based on the 20 categories, three major industries can be further divided. Among them, the primary industry refers to agriculture, forestry, animal husbandry and fisheries (excluding agriculture, forestry, animal husbandry and fishery services). The secondary industry refers to the mining industry (excluding mining auxiliary activities), manufacturing industry (excluding metal products, machinery and equipment repair industry), electricity, heat, gas and water production and supply industry, and construction industry. The tertiary industry is the service industry, which refers to other industries except the primary and secondary industries.
Daily data analysis, pay attention to the "four-top" enterprises. The so-called four uppers are "a customary term for legal entities that have reached a certain scale, qualification or limit." Including industries above scale, qualified construction, wholesale and retail industries above limit, accommodation and catering industries above limit, real estate development and operation industries, and service industries above scale.
4 New economy, three new industries, strategic emerging industries, high-end equipment manufacturing industry, high-tech industries
✦✦✦
New economy: is a qualitative statement relative to the traditional economy. The new economy does not have a fixed connotation, but basically refers to the new economic form produced by information technology and its applications. In the field of statistics, the new economy is generally referred to as three new economy .
Three new economies: refers to a collection of economic activities with new industries, new business forms and new business models as the core content, and its key areas include strategic emerging industries and high-tech industries. The three new industries have a wide range of connotations, including not only the Internet and modern information technology services in in , but also the advanced manufacturing industry in the secondary industry, but also the modern agriculture, forestry, animal husbandry and fishery in the primary industry. From 2016 to 2020, the proportion of the added value of the "three new" economy in GDP increased from 15.3% to 17.1%, of which the proportion of the secondary and tertiary industries reached about 95%.
Strategic emerging industries: including nine major fields, including the new generation of information technology industry, high-end equipment manufacturing industry, new materials industry, biological industry, new energy vehicle industry, new energy industry, energy conservation and environmental protection industry, digital creative industry, and related service industries. 's key direction covers most industries in high-tech industries. During the 12th Five-Year Plan period, the proportion of added value of strategic emerging industries in GDP doubled from 4% to about 8%; during the 13th Five-Year Plan period, this proportion further increased to 12%.
High-end equipment manufacturing industry: mainly includes high-tech and high-value-added equipment required for the transformation and upgrading of traditional industries and the development of strategic emerging industries. It is a subcategory of the classification of strategic emerging industries. High-end equipment, specifically including aviation equipment, satellite and applications, rail transit equipment, marine engineering equipment, and intelligent manufacturing equipment. In the past two years, the output value of high-end equipment manufacturing industry has accounted for more than 3% of GDP.
High-tech industry: includes high-tech manufacturing and high-tech service industries, among which high-tech manufacturing accounts for about 80%. From 2015 to 2020, the proportion of added value of high-tech industries in GDP increased from 5% to 5.7%.
5 The core industry of the digital economy,
digital industrialization, industrial digitalization
✦✦✦
Digital economy can be divided into two parts: digital industrialization and industrial digitalization, among which digital industrialization is the core industry of the digital economy. From 2014 to 2020, the proportion of added value of the digital economy in GDP increased from 26.1% to 38.6%.
Digital industrialization. includes 4 categories: digital product manufacturing, digital product services, digital technology application industry, and digital factor-driven industry. The specific industry levels include computer communications and other electronic equipment manufacturing industry, Internet and related services, software and information technology services industry, etc. From 2014 to 2020, the added value of the core industry of the digital economy increased from 6.8% to 7.8%.
Industry digitalization. is essentially the digital operation of hundreds of industries. This part covers digital application scenarios such as smart agriculture, intelligent manufacturing, intelligent transportation, smart logistics , digital finance , digital commerce, digital society, digital government and other digital application scenarios.
6 Capital, digital economy, Internet platform
✦✦✦
See these three concepts separately has a big difference. Digital Economy: It is the main economic form after the agricultural economy and industrial economy. Among them, the core industries of the digital economy are a collection of several industries. Capital: a factor of production. Promoting the market-oriented allocation of capital factors requires improving the basic system of the stock market, accelerating the development of the bond market, increasing the supply of effective financial services, and actively and orderly expanding the opening up of the financial industry. Internet platform: a sub-industry in the information industry. Including Internet production service platform, Internet life service platform , Internet technology innovation platform, etc.
Regarding capital, Xi Jinping emphasized at the 38th collective study of the Political Bureau of the CPC Central Committee to "regulate and guide the healthy development of my country's capital in accordance with the law and give full play to the positive role of capital as an important factor of production." For the digital economy, Xi Jinping presided over the 34th collective study of the Political Bureau of the CPC Central Committee and emphasized, "Grasp the development trends and laws of the digital economy and promote the healthy development of my country's digital economy."
In recent years, more concepts of platform economy have been mentioned, which are related to both the Internet platform and the digital economy. "Platform economy is a new economic form with Internet platforms as the main carrier, data as the key production factor, new generation information technology as the core driving force, and network information infrastructure as the important support."The "Several Opinions on Promoting the Standardized, Healthy and Sustainable Development of the Platform Economy" points out that "improve the rules and systems; improve the regulatory capabilities and levels; optimize the development environment; enhance innovative development capabilities; and empower economic transformation and development." The Politburo meeting in July 2022 emphasized that "it is necessary to promote the standardized, healthy and sustainable development of the platform economy, complete special rectification of the platform economy, implement normalized supervision of the platform economy, and launch a number of "green light" investment cases. ”
7 Market entities, enterprises,
Small and micro enterprises, individual industrial and commercial households
✦✦✦
The data collection department of market entities is the State Administration for Market Regulation. It includes corporate legal persons, individual industrial and commercial households and farmers' professional cooperatives. As of the end of 2021, there were 154 million registered market entities nationwide. Among them, 48.423 million enterprises and 40.34 million small and micro enterprises, accounting for 8 of the total number of enterprises. 3.3%; 103 million individual industrial and commercial households. More than 2 million farmers' cooperatives.
However, from the perspective of unit statistics, the market entity data given by the State Administration for Market Regulation does not include all units. For example, legal entities, in addition to corporate legal persons, there are also legal persons in institutions, legal persons, social groups, etc.
is for corporate legal persons, and there are two common categories. one is for enterprise size, paying attention to the situation of small and micro enterprises. The division of enterprise size mainly refers to the "statistical classification of large, medium, small and micro enterprises Measures for the division (2017). Small enterprises refer to 20-300 employees, with an annual operating income of 3 million to 20 million. Micro enterprises refer to: the number of employees is less than 20, with an annual operating income of less than 3 million. The second is for enterprise registration types. Including domestic enterprises , foreign-invested enterprises and Hong Kong, Macao and Taiwan-invested enterprises. Domestic enterprises are further divided into state-owned enterprises, collective enterprises, joint-stock cooperative enterprises , associate enterprises, limited liability companies, joint-stock companies , private enterprises, etc.
It should be emphasized that individual business owners do not belong to corporate legal persons. But some concepts may involve both. For example, private investment includes both investments of individual business owners and investments of private enterprises. For example, the inclusive financial loans of the central bank include loans to small and micro enterprises with a single-family credit of less than 10 million yuan, and business loans to individual business owners.
ConsumptionInvestment
Chapter 6 Demand: Consumption and Investment
8 Consumption 1: Final consumption,
Resident consumption, Social retail
✦✦✦
Final consumption is one of the three commonly known economic troop. includes residents' consumption and government consumption.
The basic data source of residents' consumption is household survey. According to the survey, it obtains residents' consumption expenditure data. According to the different purposes, consumption expenditure can be divided into eight categories: food, tobacco, alcohol, clothing, residence, daily necessities and services, transportation and communication, education, culture and entertainment, medical care, other supplies and services. On this basis, make several adjustments to the data caliber to obtain residents' consumption in GDP. .
The market is more concerned with social retail data. There are two major differences between consumer expenditures in and household surveys. First, social retail mainly counts commodity consumption, and household consumption expenditures include education, medical care and other service expenditures. Second, social retail obtains data for merchants, and the goods sold to enterprises and institutions will also be included in the statistics. The source of household consumption expenditure data is households, which more accurately reflects residents' consumption situation.
above the social retail limit is subdivided into several categories, such as catering, grain, oil, food, automobiles, etc. It can be corresponding to the eight major categories of household consumption expenditures. From the perspective of consumer goods classification, it can be understood that the subdivided categories of social retail are a subset of household consumption expenditures.
9 Consumption 2: consumption rate, consumption propensity,
initial allocation, redistribution
✦✦✦
Consumption rate is a commonly mentioned concept . From the perspective of GDP expenditure method, it corresponds to the investment rate. From the perspective of the capital flow statement, it corresponds to the savings rate. The consumption rate of a country can be calculated using GDP final consumption/GDP. Here, it should be pointed out that final consumption includes residents' consumption and government consumption.
generally pays more attention to the consumption rate of the residents' sector. From the perspective of DuPont's split, the consumption rate of the residents can be disassembled into the accumulation of the consumption tendency of the residents' sector, the disposable total income of the residents' sector/the total income of the initial distribution, and the proportion of the residents' sector's initial distribution. To fully understand these three concepts, you can pay attention to the capital flow statement.
Increase the consumption rate of the residents' sector, or increase the consumption propensity, or increase the redistribution income of the residents' sector, or increase the proportion of the residents' sector's initial distribution. According to the "The key to expanding residents' consumption is the "two improvements"" of the China Institute of Macroeconomics, "the proportion of primary distribution income of the residents' sector in my country is low. Among the primary distribution income of the national population, the proportion of my country's residents' sector is 60.6%, 5.5 percentage points lower than the world average; the proportion of enterprise sector is 24.7%, 5.6 percentage points higher than the world average; the proportion of government departments is 14.7%, 0.1 percentage points higher than the world average. ... The initial distribution of countries around the world is tilted towards the residents' sector, and the proportion of primary distribution income of my country's residents' sector is squeezed to a certain extent by the enterprise sector."
0 Investment 1: Foreign capital inflows, foreign direct investment, foreign enterprise fixed asset investment
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Understand the main reference data for foreign capital inflows are the International Investment Position Statement and Balance of Payments Statement of the State Administration of Foreign Exchange. The former is stock data and the latter is traffic data. At the end of 2021, the liability side of the international investment position balance (foreign capital inflows) was US$7.3 trillion. Among them, foreign direct investment is US$3.62 trillion and foreign securities investment is US$2.15 trillion.
Frequently direct investment part, a similar concept is the actual use of foreign capital. Since 2015, the contents of these two concepts have been completely consistent. In 2020, China actually utilized US$144.37 billion in foreign investment, becoming the world's second largest investment-attracting country for four consecutive years. The increase in the number and operating scale of foreign-invested enterprises brought about by the increase in foreign direct investment. According to the Ministry of Commerce, "Foreign-invested enterprises, as important market entities in my country, account for about 2% of the total number of enterprises of all types in the country, have created about 2/5 of the country's foreign trade and 1/6 of the tax revenue, directly or indirectly 1/10 of the urban employment." The fixed asset investment of foreign-invested enterprises in China is included in the investment statistics, with a annual volume of about 3 trillion yuan. Foreign investment mainly focuses on six major industries: manufacturing, leasing and business services, real estate, scientific research, technical services and geological exploration, information transmission, computer services and software industries, as well as wholesale and retail industries.
Foreign securities investment part, the market is more concerned about the proportion of foreign holdings in A-shares and the proportion of foreign custody market value of bonds. According to the China Securities Regulatory Commission, "As of the end of October 2021, foreign capital held a circulating market value of A-shares of 3.67 trillion yuan, accounting for about 4.97%"; according to the central bank, "As of the end of 2021, the custody balance of overseas institutions in the Chinese bond market was 4.1 trillion yuan, accounting for 3.1% of the custody balance of China's bond market. By bond type, overseas institutions held 2.5 trillion yuan of treasury bonds, accounting for 61.3%, and policy-based financial bonds were 1.1 trillion yuan, accounting for 27.3%. "
1 Investment 2: Manufacturing investment,
New construction, expansion, technical transformation
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Manufacturing investment is one of the sub-items of fixed asset investment, accounting for about 30%. Investments in other industries include real estate investment, infrastructure investment, agriculture, forestry, animal husbandry and fishery investment, mining investment, education investment, etc.
Investments in each industry can be further subdivided into three items: new construction, expansion and reconstruction, and manufacturing investment is no exception. , which newly built projects emphasize "starting from the ground" and starting construction. Expansion refers to the expansion of the production capacity (or benefits) of the original product or the addition of new product production capacity, and the additional production workshop (or main projects), branches, independent production lines and other projects. Technical transformation, the full name is reconstruction and technical transformation. It contains a lot of content, including changing the type of product (such as converting military products to civilian products), building projects that have been added to fully utilize the original production capacity but not increasing the production capacity of main products, using advanced technology to replace backward technologies, and using advanced technology and equipment to replace backward processes and equipment.
From January to July 2022, the proportion of technical transformation investment in all manufacturing investment was 41.5%, an increase of 0.9 percentage points over the same period in 2021. Investment in manufacturing technology transformation increased by 12.5% year-on-year, 2.6 percentage points higher than the total manufacturing investment. The analysis of technical transformation focuses on the source of enterprise funds (enterprise profits, credit support, financial subsidies, etc.) and policy guidance (such as digitalization, greening, elimination of backward production capacity, etc.). 2018 and 2022 are two major years of technological transformation.
2 Investment 3: Capital, Special construction fund, development financial instruments
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Capital is the amount of capital subscribed by investors in the total investment of the project. It has three major characteristics: ) It must be non-debtor funds for investment projects; 2) Subscriptions are made once and year by year and cannot be withdrawn in any way; 3) There is a minimum capital ratio requirement for infrastructure projects (generally 20%).
Special Construction Fund is a tool for policy banks to supplement project capital. The biggest advantage of is that it does not make budgets or increase government debts, and issuance is extremely fast. The essence of a special construction fund is low-interest loans, with policy banks "raising money + issuing money", the Ministry of Finance "supporting money", and the National Development and Reform Commission selecting projects, three main steps: First, issue special construction bonds, and bond income forms a special construction fund (fund pool); Second, project construction companies apply for fund support from the government, and are selected by the Central Development and Reform Commission; Third, equity capital injection projects for fund pools.
Policy-based development financial instruments (hereinafter referred to as "financial instruments") are also tools for replenishing project capital through policy banks. In line with the special construction fund. From the perspective of issuance/repayment entities, the issuance entity of financial instruments is a policy bank. The SPV established by them conducts equity investment, does not enter the fiscal budget, profits are not core goals, and more emphasis is placed on social benefits → higher risk preferences. From the perspective of distribution principle, financial instruments mainly look at projects and do not divide locally; regions with many mature projects and poor financial debt status benefit more financial instruments.
3 Investment 4: Special bond investment direction, special bond capital investment direction, and financial instruments focus investment
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Special bond investment direction: "9+2": key areas include transportation infrastructure, energy, agriculture, forestry and water conservancy, ecological and environmental protection, social undertakings, urban and rural cold chain and other logistics infrastructure, municipal and industrial park infrastructure, national major strategic projects, affordable housing projects, and two expansion areas include new energy projects and new infrastructure projects.
Special bonds are mainly invested in the top ten areas of project funds: ) toll roads; 2) trunk airports; 3) inland navigation and power hubs and ports; 4) railways; 5) urban parking lots; 6) natural gas pipelines and gas storage facilities; 7) urban and rural power grids; 8) water conservancy; 9) urban sewage and garbage treatment; 10) water supply.
Key investments in policy development tools: ) The five key infrastructure areas identified by the 11th meeting of the Central Financial and Economic Commission are network infrastructure such as transportation, water conservancy and energy, industrial upgrading infrastructure such as information technology and logistics, urban infrastructure such as urban infrastructure such as underground pipeline corridors, agricultural and rural infrastructure such as high-standard farmland, and national security infrastructure. 2) Major scientific and technological innovation and other fields. 3) Other projects that can be invested by local government special bonds.
4 Investment 5: Major projects,
02 major projects
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What is a major project? There is currently no official concept. The schemas of each province are different. It can be roughly observed from three perspectives:
1) From the perspective of risk assessment and information disclosure: the central government's standards are clear. In principle, fixed asset investment projects that require government approval are major projects → Follow the approval and approval of the Development and Reform Commission to reflect the central government's willingness and direction to stabilize investment;
2) Local governments have greater discretion over major projects and different scopes → Follow the annual investment plans and centralized start of major projects in various places, reflecting "projects follow the planning";
3) From the perspective of fund support: the investment direction of special bonds must be major projects → Follow the high-frequency data of special bonds, reflecting "funds follow the project".What's going on with "102 major engineering projects"? refers to 102 major projects and major projects scattered in the "14th Five-Year Plan" column, which can be further broken down into thousands of projects.
EmploymentIncome
Chapter 7 Employment and income
5 Unemployment rate, economically active population
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Unemployment rate = unemployed population/economicly active population × 100% = unemployed population/(employment population + unemployed population) × 100%.
In the survey on the unemployment rate, the respondents were mainly divided into three categories: non-economic population, the working population in the economic population, and the unemployed population in the economic population. The economically active population and non-economicly active population are both people over 16 years old, and the sum of the two is the working-age population.
1) Economic population: the population who is able to work and participate in or require participation in socio-economic activities. Among them, the employed population includes those who have worked for one hour in the past week or have been on short-term leave or suspended work. The unemployed population needs to meet 3 conditions: no job + have found a job in the past month + if there is a job opportunity, you can start working within two weeks.
2) Non-economic population: people who have no job and no desire to work and are not looking for a job. This part of the population mainly includes students in school, retirees, those who are unable to work due to disability, and other people who are not willing to work.
6 Disposable income, wage income
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Disposable income: that is, income that residents can use to disposal. It contains four items: wage income, net operating income, net property income and net transfer income. Wage income is one of the sources of disposable income.
2021, the national population was 1412.6 million at the end of the year, and the per capita disposable income of residents nationwide was 35,128 yuan. Based on this calculation, the disposable income of all residents in 2021 was 49.6 trillion. The composition of disposable income: 55.9% comes from wage income, 16.8% comes from net operating income, 8.8% comes from net property income, and 18.6% comes from net transfer income.
Wage income: further divided into urban private unit employment wages, urban non-private unit employment wages, and rural unit employment wages. In 2021, the average annual salary of employees in urban private units across the country was 62,884 yuan. In 2019, there were 145 million urban private enterprises. The estimated total salary of private units in urban areas is approximately 1.45*6.28 = 9.1 trillion. In 2021, the average annual salary of non-private urban employees in urban areas will be 106,837 yuan. In 2020, the number of non-private urban employees will be 170 million. The estimated total salary of non-private units will be approximately 1.7*10.68 = 18.1 trillion.
Net operating income: mainly comes from two groups: farmers and individual industrial and commercial households. Net property income: includes net interest income, dividend income, net savings insurance income, net rental income for transfer of contracted land operation rights, net rental income for renting houses, etc. Net transfer income (income-expenditure): The transfer income part includes pensions or pensions, social relief and subsidies, policy production subsidies, policy living subsidies, etc.; the transfer expenditure part includes taxes paid, social security expenditure, etc.
7 Employment group 1: higher education, graduate students, undergraduate students, junior college students
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Higher education: including graduate students, general undergraduate, vocational undergraduate and higher vocational (junior college), adult undergraduate and junior college, online undergraduate and junior college, etc. According to the "2021 National Education Development Statistical Bulletin", the total number of higher education in various forms in 2021 is 44.3 million, and there are 3,012 higher education institutions nationwide. According to the 2022 National Online Video Conference on Employment and Entrepreneurship of General College Graduates held by the Ministry of Education and the Ministry of Human Resources and Social Security in Beijing, "The number of college graduates in 2022 is expected to be 10.76 million, an increase of 1.67 million year-on-year."
Graduate students: including doctoral and master's students. According to the 2019 sampling survey by the National Bureau of Statistics, the proportion of graduate students in the country is about 0.64%. In 2021, there will be 1.1765 million graduate students, 3.3324 million graduate students, and 772,800 graduate students.
General undergraduate students: 4.446 million students are admitted in 2021; 18.931 million students are currently in school; 4.281 million graduates are included. Vocational undergraduate degree, 41,400 students were admitted in 2021 and 129,300 students were admitted.
Higher Vocational (Junior degree): In 2021, 5.5258 million students will be enrolled, 15.901 million students will be enrolled, and 3.9841 million graduates will be enrolled.
8 Employment group 2: migrant workers,
migrant population, separation of people and households
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migrant workers: refers to agricultural household registration personnel who have been working in local township enterprises or have been working in urban areas for 6 months or more, namely local migrant workers and migrant workers who go out, the latter is included in the migrant population. In 2021, the total number of migrant workers in my country reached 293 million, accounting for about 21% of the total population in the country. Among them, there are about 172 million migrant workers, accounting for 59% of the total number of migrant workers.
separated population: refers to the population whose place of residence is inconsistent with the township and street where the household registration place is located, and who has left the household registration place for more than 6 months. In 2021, the number of people separated from households in my country reached 504 million, accounting for about 36% of the total population in the country.
Migrant population refers to the population with separate households deducted from the separation of households within the municipal districts. The population with separate households within the municipal districts refers to the population whose residence and household registration place are not in the same township and streets within the jurisdiction of a municipality or prefecture-level city. only includes migrant population across provinces and cities, and does not reflect the mobility of the population within the city. In 2021, my country had a total of 385 million migrant population. At present, 1 in less than 4 Chinese people is a migrant population, and the population has obvious characteristics of high mobility migration.
9 Employment group III: Civil servants
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Included as civil servants requires three conditions to meet at the same time: refers to the performance of public duties in accordance with the law; 22 is included in the national administrative system; 33 is the national finance bears wages and benefits. Therefore, personnel of public institutions distributed in public departments such as education, medical care, scientific research, and culture do not belong to the category of civil servants in my country (these groups are generally included in civil servant statistics abroad). According to the Ministry of Human Resources and Social Security, as of the end of 2016, there were 7.19 million civil servants nationwide.
The salary of civil servants in my country includes basic salary, allowances, subsidies and bonuses. From the current structure, according to the 2014 National People's Congress Standing Committee's special survey on the implementation of the Civil Servants Law of the People's Republic of China, basic wages account for only about one-third of the income of civil servants, and subsidies account for the majority; subsidies are mainly regional surcharges, reflecting differences in regional economy, price levels, etc. → regional financial resources determine the overall salary fluctuations of civil servants.
Inflation
Chapter 8 Price
0 GDP deflating index, CPI, core CPI
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GDP deflating index, measures the price changes of the final goods and services produced by an economy, which is equivalent to the weighted average of the price index of each industry, and the weight is the added value share of the industry. CPI refers to the consumer price index, and is an indicator that measures the average change in the prices of a representative basket of consumer goods and services purchased by consumers over a period of time, and is obtained through survey data. The basis for determining the "representative" goods, services and their weights is the structure of household consumption expenditure.
core CPI refers to "excluding certain items that have abnormal or large fluctuations in prices". It is the most traditional indicator to use long-term and measurement of core inflation, but which items are excluded depends on the economic conditions of each country. Take the core CPI of China, the United States, Europe and Japan as an example. The core CPI of my country and the United States both refer to "CPI without food and energy", but my country's core CPI includes "eating abroad", while the United States does not; Japan's core CPI is "CPI without fresh food"; the core CPI of the euro zone is "CPI without energy, food, alcohol and tobacco".
1 Price control and price reform
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Price mechanism is the core of the market mechanism, and price mechanism reform is an important part of my country's economic system reform. my country's price mechanism reform mainly has three key directions: prices in competitive areas, which are determined by the market; those that require government pricing should be more scientific and reasonable; and important people's livelihood prices should be continuously improved.
The goal of the price mechanism reform during the 14th Five-Year Plan period is: "By 2025, prices in competitive fields and links will be mainly determined by the market, a scientific pricing mechanism for network-type natural monopoly links will be fully established, the energy resource price formation mechanism will be further improved, the price control mechanism for important people's livelihood commodities will be more sound, the price policy policy for public service will be basically improved, and a price policy system that meets the requirements of high-quality development will be basically established."
LiquidityCredit
Chapter 9 Finance: Liquidity and Credit Expansion
2 Narrow and generalized liquidity
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Definition of liquidity: originally means the difficulty of converting a certain asset into a payment and settlement method. For example, cash can be directly used for purchase without converting it into another asset, so it is considered to be the most liquid asset.
Narrow liquidity: mainly refers to the situation of funds in the interbank market. We observe it through money market interest rates such as DR007. For narrow liquidity, the main supplier of funds is the central bank. Broadly speaking liquidity: The total amount of monetary credit of different calibers is usually observed through indicators such as social financing year-on-year and M2 year-on-year.
3 Interest rate corridor and benchmark interest rate
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Interest rate corridor: is based on the upper limit of the 7-day standing lending rate (SLF) and the excess reserve interest rate is the lower limit. Policy interest rate: At present, my country has basically formed an interest rate system with the 7-day reverse repurchase rate as the short-term policy interest rate and the 1-year MLF interest rate as the medium-term policy interest rate.
Market benchmark interest rate: ①DR007: The best indicator for observing interbank liquidity selected by the central bank. The full name of DR007 is the 7-day interest rate for bond pledge repurchase of Chinese deposit financial institutions, and its counterparts are banks and banks. ②LPR: Use LPR as a reference when pricing loans from each bank. LPR is reported by the quotation bank on the one-year MLF interest rate. It is divided into two categories: one-year and five-year.
4 Social financing, RMB loan,
Resident loan, corporate medium- and long-term loan
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Social financing scale: funds obtained by the real economy (non-financial enterprises, residents and governments) from the financial system. First, financial institutions provide financial support to the real economy through on-balance sheet business, including RMB loans and foreign currency loans. Second, financial institutions provide financial support to the real economy through off-balance sheet business. Includes entrusted loans, trust loans and undiscounted bank acceptance bills. The third is to use standardized financial tools for the real economy, and the direct financing obtained in the formal financial market, including domestic stock financing for non-financial enterprises, corporate bonds, government bonds, and asset-backed securities of deposit-related financial institutions. Fourth, the financial support provided to the real economy by other means mainly includes insurance company compensation, investment real estate, loan write-offs and other financing.
The RMB loan part includes loans to residents and loans to enterprises and institutions. For residents' loans, is further divided into consumer loans and business loans. Among them, business loans refer to loans issued by the lender to the borrower for legal production and operation. Consumer loans refer to loans issued by lenders to individual borrowers for purchase of housing, education, large and durable consumer goods and other daily consumption purposes. loans to enterprises and institutions, and further distinguishes it into short-term loans, bill financing, medium- and long-term loans, financial leasing, and various advances.
5 Notes: invoice, discount,
repost, repost, redemption, and redemption
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invoice: For example, Company A wants to buy a computer with Company B, but Company A has no money for the time being, but Bank C and Company A are more familiar with Company A, so Company A applies to Bank C to open a bank acceptance bill, and then hand it over to Company B. The process of forms an undiscounted bank acceptance bill for social financing off-balance sheet business.
redemption: The period of notes is usually paper-based, and the term of electronic products is not more than one year. Company B goes to the bank to redeeme after receiving the bills. This process is called "redemption".
Discount: Let's assume that Company B suddenly lacks money after receiving the bill 3 months after receiving the bill, then he can "sell" the bill to Bank D and get the funds in advance. This process is "discount", and forms "bill financing" in RMB loans, while "undiscounted interbank acceptance bills" are reduced.
repost: If Bank D suddenly lacks money, then he can discount the bill to other banks again, and this process becomes reposting.
re-post: In some cases, bank D can also discount bills to the central bank, and this process is called re-discount.
Government Finance
Chapter 10 Finance: Tax and non-tax
6 The principle of legal tax and the current legislative process
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Tax statutory principle is a basic principle of tax legislation and tax legal system, and an important principle established in the Constitution of our country.
Article 56 of the Constitution stipulates: "Citizens of the People's Republic of China have the obligation to pay taxes in accordance with the law"; in March 2015, the Third Session of the 12th National People's Congress passed the decision to amend the Legislative Law, which not only clearly stipulated in Article 8 that "the basic tax systems such as the establishment of tax types, the determination of tax rates and the tax collection and management can only be enacted", but also limited the authorization clauses in Article 9, stipulating that "the period of authorization shall not exceed five years". Subsequently, my country's tax legislation process was significantly accelerated.
At present, 12 of the 18 tax types in my country have been legislated, and 9 of them have been promulgated after 2018: including environmental protection tax, tobacco leaf tax, ship tonnage tax, vehicle purchase tax, arable land occupation tax, resource tax, urban maintenance and construction tax, deed tax and stamp tax. Among the remaining unlegislated taxes, opinions are solicited for draft legislation on taxes such as value-added tax, consumption tax, land value-added tax, etc.
7 Tax concept 1: What is consumption tax?
China-US differences?
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China's consumption tax is similar to the overseas special consumption tax, and China's value-added tax is similar to the overseas general consumption tax.
China's consumption tax has only 15 items, which does not cover all consumer goods. "Tobacco, Alcohol, Oil and Vehicles" account for more than 95%, which is more similar to the overseas special consumption tax (Excise Tax); under the same caliber of , the proportion of my country's consumption tax still has room for improvement compared to OECD countries.
China's VAT is similar to the general consumption tax overseas. Take the United States as an example, the federal special consumption tax (Federal Excise Taxs) and state special consumption tax (Excise Taxs By State), and the county general consumption tax (Sales Tax By State, County Sales Tax) are similar to my country's value-added tax.
8 Tax concept 2: What are the taxes for income and capital gains?
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According to the OECD classification of taxes, the first category is for income, profits and capital gains. Including personal income tax for individuals; corporate income tax and land value-added tax for enterprises.
Among the fiscal revenue in 2021, land value-added tax was 689.6 billion yuan, corporate income tax was 420.41 billion yuan, and personal income tax was 139.93 billion yuan, totaling 6.29 trillion yuan, accounting for 36.4% of tax revenue. In terms of
collection, Personal Income Tax Law ushered in its seventh amendment in 2018. After the amendment, the comprehensive income of residents will be reduced by 60,000 yuan in expenses and the balance after special deductions, special additional deductions and other deductions determined in accordance with the law. Corporate Income Tax Law was passed in 2007, and the corporate income tax rate is 25%. Small and micro-profit enterprises that meet the conditions will be subject to corporate income tax at a reduced rate of 20%. High-tech enterprises that the country needs to support will be subject to a reduction of corporate income tax at a tax rate of 15%. Land value-added tax has not yet been legislated. According to the Interim Regulations in 2011, units and individuals who transfer state-owned land use rights, buildings and their attachments on the ground and obtain income are taxpayers of land value-added tax; land value-added tax implements a four-level over-rate progressive tax rate.
9 Non-tax concept 1: How to make a credit for the profits of state-owned enterprises?
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clarifies two concepts: the state-owned capital operation budget revenue mainly corresponds to non-financial central enterprises and is in the three accounts. The operating income of state-owned capital mainly corresponds to financial central enterprises and is in one account.
State-owned capital operation budget revenue mainly comes from the remittance of profits from non-financial state-owned enterprises. The profits are first paid into three accounts and then transferred to one account. The first-time transfer is divided into five levels based on different types of enterprises from exemption to 25%, so although the proportion of secondary transfer has increased to nearly 50%. Under the two "interceptions", the net profit attributable to shareholders of non-financial state-owned enterprises actually pays only about 10% of the fiscal ratio, and there is still room for improvement in the future.
State-owned capital operating income is a non-tax income item in a book, which mainly comes from the remittance of profits from specific financial institutions and central enterprises. It is directly paid into a book, which is a key variable that determines the scale and growth rate of non-tax income.
This year is special. There are two sources of remittances for specific financial institutions and central enterprises: one is that the remittances were paid normally that year, with less, and they are still recorded in non-tax revenue - state-owned capital operation income, and the central budget arranged only 25 billion yuan; the other is that the balance profit formed before 2021 is paid, and 1.65 trillion yuan is paid into the second account, and the central bank will pay more than 1.1 trillion yuan (the central bank has paid 900 billion yuan in the first half of the year).
0 Non-tax concept 2: How does land sales income affect expenditure?
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Land sales are revenue, 80% is cost, and only 20% is available profit; what we see is revenue shock, which is actually profit shock: in the process of farmland → raw land → cooked land, the costs used for land acquisition and demolition compensation and subsidy for land acquisition and farmers account for about 80%, and the remaining 20% of the profit is available to the government, which is used for urban construction, agriculture and rural areas, and affordable housing projects.
is mostly for 80% cost part, which is a compensation for demolition. One is that there is no hard budget constraint (selling less land and spending less), and the other is that it has little significance for stabilizing growth (not used in infrastructure).
HuaChuang Macro·Zhang Yu Team
Thank you for your attention and support
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