Research on the Impact Mechanism of Tax and Fee Reduction on China's Fiscal Resilience
In the process of economic transition from rapid growth to high-quality development in China,to encourage enterprise innovation and resident consumption,the government has im-plemented a series of tax and fee reduction policies.Could tax and fee reduction be achieved through the"reduction"of government revenue in exchange for the"addition"of corporate effi-ciency and the"multiplication"of market vitality,so as to promote economic growth and the in-crease of fiscal revenue and fiscal expenditure to balance?Based on the intertemporal budget constraint theory,this paper uses the time series data of China's fiscal revenue and expenditure,the degree of population aging,and the inflation rate from 1978 to 2018 to test whether China's fiscal resilience and the impact of tax and fee reduction policies on fiscal resilience through co-integration tests,multiple linear regression tests and thresholds.The empirical results show that tax and fee reduction policies can improve the overall fiscal resilience to a certain extent.When the real economic growth rate is high,tax and fee reduction policies have a greater effect on im-proving fiscal resilience,but have a weaker effect on promoting local fiscal resilience.There-fore,to prevent the risk of weak fiscal resilience,we should maintain a certain economic growth rate,strictly control the scale of government expenditure,optimize the expenditure structure,and prevent and resolve the hidden debt of local governments.
万方数据
维普
