今年我國將實行積極的財政政策來對抗疫情衝擊

政府工作報告指出，今年積極的財政政策要更加積極有爲，財政赤字規模比去年增加1萬億元，並將發行1萬億元抗疫特別國債。專家表示，中國可以靈活使用各種財政和貨幣政策來對抗疫情的衝擊。

To counter the economic shocks caused by the novel coronavirus outbreak, China will rely on extensive fiscal measures and maintain a flexible stance on monetary policy, according to signals in the Government Work Report and the annual fiscal budget arrangement.

根據政府工作報告和年度財政預算報告釋放出的信號，爲了對抗新冠肺炎暴發對經濟造成的衝擊，中國將藉助大量的財政措施並保持靈活的貨幣政策。

The Government Work Report, delivered by Premier Li Keqiang to the third session of the 13th National People's Congress on Friday, said the government set the deficit-to-GDP ratio at "3.6 percent or higher this year", with the deficit 1 trillion yuan more than last year.

5月22日，李克強總理在第十三屆全國人民代表大會第三次會議上做的政府工作報告中指出，政府今年的赤字率“擬按3.6%以上安排”，今年財政赤字規模比去年增加1萬億元。

In addition, 1 trillion yuan of central government special bonds will be issued to fund coronavirus control measures.

此外，中央政府將發行1萬億元抗疫特別國債。

All proceeds of the special bond issuance and the rise in the fiscal deficit, totaling 2 trillion yuan, will be transferred to local governments, the report said.

報告稱，特別國債和增加的赤字規模總共兩萬億元將轉給地方政府。

It highlighted fiscal support for the economy, despite setting no GDP growth target, as the pandemic disrupts activity via a combination of domestic and external shocks.

儘管沒有設定GDP增長目標，但在疫情內外衝擊擾亂經濟活動的局勢下，政府工作報告凸顯了中央對經濟的財政支持。

The fiscal deficit ratio was set higher than the 2019 target of 2.8 percent.

今年設定的財政赤字率高於2019年2.8%的目標。

Analysts said the phrase "or higher", used in the report, is a new expression that may indicate a willingness to raise the level later if necessary.

分析人士稱，報告中用的“以上”這一新表達可能暗示着，如果必要的話還願意進一步提高赤字率。

In the face of uncertainty, Beijing has raised the local government special bond quota to 3.75 trillion yuan, or 3.6 percent of GDP.

在不確定的情況下，中央擬將地方政府專項債券提高到3.75萬億元，相當於國內生產總值的3.6%。

The Government Work Report said the nation will maintain a prudent monetary policy in a more flexible and appropriate way. A variety of tools will be used, such as reductions in the reserve requirement ratio, interest rate cuts and re-lending, to enable broad money supply and aggregate financing to grow at notably higher rates than last year, it said.

政府工作報告稱，穩健的貨幣政策要更加靈活適度。綜合運用降準降息、再貸款等手段，引導廣義貨幣供應量和社會融資規模增速明顯高於去年。

Last week, the Ministry of Finance released fiscal data for April. Total budgeted revenue dropped by 15 percent from the same month last year, after a decline of 26.1 percent in March.

上週，財政部公佈了四月份的財政數據，預算收入同比下降15%。三月份收入同比下降26.1%。

Meanwhile, fiscal expenditure growth jumped to 7.5 percent year-on-year from a decline of 9.4 percent in March, as China ramped up policy stimulus measures.

與此同時，因爲中國開始增加刺激性政策措施，四月份財政支出同比增加了7.5%。三月份財政支出同比下降9.4%。

In the first four months, the government's general public budget income dropped by 14.5 percent from the same period a year ago, and tax income declined by 16.7 percent, the ministry reported.

財政部的報告稱，今年前四個月，政府的一般公共預算收入同比減少14.5%，稅收收入同比減少16.7%。

Economists forecast that fiscal revenue growth may rise in the coming months, but the pace of recovery could slow significantly due to slumping external demand, the lagging impact of the coronavirus on corporate profits, and waivers and delays in tax payments.

經濟學家預測，未來幾個月財政收入可能會增長，但是由於外部需求量驟減，疫情對企業利潤的滯後影響，以及稅收減免和延期繳納，財政收入恢復速度可能會顯著變慢。

Wei Benhua, former deputy administrator of the State Administration of Foreign Exchange and former executive director for China at the IMF, said the country is in a good position to use fiscal and monetary policy to counter coronavirus shocks.

國家外匯管理局原副局長、中國駐國際貨幣基金組織原執行董事魏本華表示，現在國家很適合運用財政和貨幣政策來對抗新冠疫情的衝擊。

Measured by any international standard, China's annual and cumulative fiscal deficits are much lower than those of developed countries, he added.

他補充道，如果用國際標準來衡量，無論當年赤字率還是總赤字佔GDP的比例，中國的財政狀況都比發達國家要好得多。

"China still has the potential to mobilize resources to support the economy. For example, we could continue to lower the RRR, lower interest rates and inject more liquidity into the economy," he said.

他說：“中國在存款準備金率、利率等政策工具使用上具有很大的空間，可以靈活地調動運用這些工具向經濟注入流動性，支持經濟發展。”