Beijing's tax, fee cuts exceed 470B yuan during 13th Five-Year Plan period

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Beijing's tax and fee cuts exceeded 470 billion yuan (about $72.59 billion) during the 13th Five-Year Plan period amid the capital's efforts to support its speedy development, according to data from Beijing Municipal Finance Bureau on Jan. 11.

An official from the Beijing Municipal Finance Bureau described how Beijing implemented a positive fiscal policy during the 13th Five-Year Plan period, with the government reducing its administrative and management expanse and working to increase corporate benefits and market vitality.

In recent years, Beijing has fully implemented large-scale tax and fee reduction policies to benefit enterprises and individuals. It has also canceled or suspended the collection of 57 items of administrative fees, reduced 35 administrative fee items, canceled or suspended four government-managed funds, and adjusted the collection policies of six government-managed funds. In total, more than 470 billion yuan's worth of tax and fee cuts were extended during the past five years.

The high-quality development of the capital's economy has so far been driven by technological innovation. Over the past five years, science and technology funding reached 194.84 billion yuan, an increase of more than 64% compared to throughout the 12th Five-Year Plan period.

Beijing also spent heavily to support the development of "three cities and one area," namely, Zhongguancun Science City, the Huairou Science City, the Beijing Future Science City, and the Beijing Economic and Technological Development Area, as well as the Zhongguancun Science Park, all achieving tangible progress. In 2020, Beijing boasted a total of 93 unicorn companies, ranking first in the world. In the Nature Index global science city rankings, meanwhile, Beijing has ranked first for the past three consecutive years.

Social capital is increasingly invested in fields such as technological innovation, SME development, and high-tech industries. As of June last year, 27 sub-funds had invested in 4,672 projects for an actual investment of nearly 200 billion yuan.

The "leveraging" role of fiscal funds is also reflected in the endorsement of public-private partnership (PPP) projects. In recent years, Beijing has actively promoted the use of the PPP model in the fields of infrastructure and public services, which has effectively alleviated pressure on fiscal expenditures while also improving the efficiency of the public product supply. As of the end of November last year, the city tallied a total of 73 PPP projects in the management database of the Ministry of Finance, with a total investment of 224.952 billion yuan. These projects spanned 10 public service areas such as transportation, municipal engineering, ecological construction, and environmental protection.

During the 13th Five-Year Plan period, Beijing also gave full play to the role of government bonds. So far, the capital has issued a total of 406.005 billion yuan in government bonds, which have greatly supported the city's construction of major projects and overseeing the completion of key tasks.

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