Study on the Direct Mechanism of Central Financial Funds:Optimization of Financial Functions and Improvement of Governance Efficiency
In 2020,the state innovated the establishment of a direct central financial funds mechanism,which promoted the sinking of financial resources,secured the bottom line of the"three guarantees"at the grassroots level,and provided strong sup-port for the life of groups with special difficulties,stable job growth,and infrastructure construction.Since then,the direct cen-tral financial funds mechanism has been implemented regularly and expanded continuously.This is a major reform measure for the establishment of a modern fiscal and taxation system established by the Third Plenary Session of the 18th CPC Central Com-mittee,and it is a concrete embodiment of the implementation of the"transfer payment system should be improved and the posi-tive fiscal policy should be implemented more actively and promising"proposed by the 20th CPC National Congress.This paper holds that the direct mechanism of central financial funds meets the requirements of Chinese-style modernization,breaks the drawbacks of the multi-layer principal-agent mechanism in the traditional transfer payment system,optimizes the allocation function,distribution function and stability function of finance,and ensures the compatibility of incentives between central and local finance without changing the hierarchical system of government management.It ensures the shortest delay in the issuance of central financial funds,the highest expenditure efficiency,and the whole process is supervised,which maximizes the positive effect of fiscal policy,reflects the general tone of seeking progress in stability,and will be more conducive to promoting the deep-ening of the reform of the financial system below the provincial level.
transfer payment systemdirect access to fundsfinancial functionsfiscal governance efficiency
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