BENEFITS FROM TAX CUTS
Corporate burden reduction is essential to stimulate consumption By Su Jian
The author is director of China Center for Economic Research at Peking University
C hina’s economic landscape has become more complex and challenging since 2018. Against this backdrop, the development of a robust domestic market has been put forward as an important measure when curating macro-regulation, with tax reduction, a policy designed to unlock the huge potential of domestic demand, drawing particular attention.
2.3.4 经产妇各分娩年龄组瘢痕子宫发生率 随着产妇年龄的增加，瘢痕子宫等妊娠期并发症的发生率逐渐增加，趋势卡方检验差异有统计学意义(P<0.05)。见表4。其中一些比较严重的类型中，年龄的影响更加明显，RR值更高。
Premier Li Keqiang set out the tasks for the government in 2019 at the Second Session of the 13th National People’s Congress on March 5, stressing that a combination of measures will be adopted to foster a stronger domestic market. These include implementing larger-scale tax cuts, significantly reducing enterprise contributions to social insurance schemes, ensuring tax and administrative fee cuts are fully implemented,alleviating the difficulties faced by enterprises in accessing affordable financing, and making effective use of local government bonds.
The reduction of taxes and administrative fees will improve the business environment.Enterprises benefiting from an enhanced business environment can reduce the price of their products as their business cost falls,further stimulating consumption. The move could also increase the incentive for enterprises to expand production and seek greater technological innovations.
Tax officers explain tax reduction policies to a business representative at an activity in Fuzhou, southeast China’s Fujian Province, on March 3
On the other hand, tax cuts are conducive to increasing the disposable income of individual consumers. Data released by the National Bureau of Statistics shows that richer Chinese consumers are upgrading their consumption patterns, shifting the focus from making ends meet to pursuing a higher quality of life. This is also consistent with international trends.Whether it is consumption expansion or consumption upgrade, the basic premise lies in income growth. The measures on special additional deductions from taxable personal incomes that took effect on January 1 are equivalent to indirectly increasing household incomes.
加强危机预警，迅速回应网络舆情是缓解旅游危机事件网络舆情传播的有效措施。旅游业是一个综合性特点显著的行业，要加强危机预警，就必须联合多职能部门，通过政府、企业与媒体的协调合作来提高当地的旅游危机事件网络舆情预警能力。当地政府和旅游企业应加强网络舆情的动态监督，掌握网络舆情动态，及时采取有效的防范措施，将旅游危机事件的影响最小化。因此，相关部门和企业要提高网络新媒体时代的技术素养，熟练使用微博、微信等网络新媒体，从预警机制上实现 “预防为主”的目的，及时迅速地对旅游危机事件网络舆情做出科学反应，将其负面影响控制在最小范围内。
Inflation risks should be prevented as well.Though the current price level remains low,with a year-on-year increase in the consumer price index (CPI) at 2.1 percent in 2018, many people are concerned about the possible deflationary pressure. Those in the business community believe that the direct result of a proactive fiscal policy and a prudent monetary policy will promote the growth of the CPI. In addition, due to external trade frictions and reforms of social security collection methods,low-end supply risks rapid contraction, which is unfavorable for the stability of prices and the consumer market.
Several issues should be properly handled when expanding consumption. A proactive fiscal policy and a prudent monetary policy are both essential to enhancing the domestic market. But if the additional funds in society do not fl ow into the real economy after tax reductions,it will not stimulate consumption. Worse still, if the money instead goes into the capital market, this would lead to the risk of an economic bubble.
The tax and administrative fee cuts should be conducted on the supply and demand sides simultaneously. On the one hand, the threshold of the personal income tax should be raised to directly expand consumer demand; while on the other hand, various taxes and administrative fees for enterprises should be slashed to make lower commodity prices possible. The rate of return on investment of enterprises would increase by reducing taxes, which is conducive to stimulating investment and fostering the domestic market.
对于持续发酵的卡舒吉被杀事件，美国已经陷入了两难的困境。但是，鉴于沙特所展现出来的对国际原油市场的影响力，以及美国正在推动的对伊朗制裁，我们有理由相信，既使在国际舆论的影响下美国不得不教训沙特，但应该不会将沙特的石油工业作为首选制裁对象。否则，将造成国际原油市场的极度恐慌，极大的推高国际油价，对世界经济增长造成巨大打击。这显然并不符合特朗普总统增强美国经济发展能力的政策，也不符合欧盟区恢复经济增长的诉求，并可能使欧盟正在发力增强一体化的努力化为泡影。
More attention should be also paid to the increase of government debt. A stringent management and supervision system is badly needed to ensure the stability and security of the financial system.
Copyedited by Craig Crowther
Comments to yanwei@bjreview.com
标签：CORPORATE论文; BURDEN论文; ESSENTIAL论文; to论文; CONSUMPTION论文; China Center for Economic Research at Peking University论文;