本报记者 任晓

Our reporter RenXiao

　　在债券融资快速增长、信贷增速不低的背景下，实体经济融资条件在8月有所好转。但是，在融资总量不低的情况下，财政政策依然趋紧。“稳增长”财政弹药充足，应加大财政政策刺激力度。

In the bond financing rapid growth/Credit growth under the background of not low,The real economy financing conditions on August better.but,In the financing amount under the condition of not low,Fiscal policy is still a tightening."Steady growth"Fiscal ammunition enough,Should strengthen fiscal policy stimulus efforts.

　　从年初确定的全年8万亿元贷款规模目标看，8月信贷规模相对较高，显示出整体流动性的确在适度放松。从更广泛的社会融资总量观察，1-8月社会融资规模为10.07万亿元，比上年同期多6915亿元。在货币政策微调加力的同时，前7月1.1万亿元财政盈余和实体经济所面临的严峻形势并不匹配。

From the beginning of the year for 8 trillion - to determine the size of the loan target to see,August credit scale is relative taller,Shows the overall liquidity indeed in moderate to relax.From the more extensive social financing amount observation,1 - August social financing scale for 10.07 trillion yuan,Than the same period last year more than 691.5 billion yuan.In the monetary policy fine-tuning boosted at the same time,Before July 1.1 trillion yuan fiscal surplus and entity economy faces the severe situation does not match.

　　今年我国经济下行，财政收入增速放缓，但目前的收入情况对加大财政刺激力度并未构成显著制约，我国财政政策仍有操作空间。

This year, China's economic downward,Fiscal revenue growth is slowing,But the current income to increase fiscal stimulus efforts did not constitute a significant restriction,Fiscal policy there are still operating space.

　　一方面，财政支出有待更加积极。从财政支出结构变化可以看到，上半年包括教育、文化传媒、社保、环保支出等民生保障项目等领域支出进度较慢。固定资产投资重头戏——交通运输支出增速持续几个月不断走低。从8月财政收支情况数据观察，除教育支出累计增速略微加快外，农林水务、医疗卫生、节能环保、交通运输、住房保障几项支出同比累计增速均较7月放慢。下半年在这些关系民生和经济结构调整的领域可加大财政支出力度。

On the one hand,The fiscal expenditure needs to be more active.From the financial expenditure structure change can see,In the first half including education/Culture media/Social security/Environmental expenditure and the people's livelihood security project, etc spending progress is relatively slow.Fixed asset investment grand opera - transportation spending growth last months running low.From August financial revenue and expenditure situation observation data,In addition to education expenditure accumulated growth speed up slightly outside,Farming, forestry and water/Medical and health/Energy conservation and environmental protection/transportation/Housing safeguard several spending up accumulated growth than July to slow down.In the second half of the relationship between the people's livelihood and economic structure adjustment field can increase the fiscal expenditure strength.

　　另一方面，有专家测算，今年以来推进的各项结构性减税改革，其减税力度只有数千亿元，结构性减税还有进一步释放空间。

On the other hand,The expert estimates,Since this year the tax cuts promote structural reform,The tax cuts strength only several hundred billion dollars,Structural tax cuts and further release space.

　　分析人士指出，未来结构性减税重点包括酌情扩大营改增试点范围，减少流通环节税收费用，落实企业自主创新研发投入相关所得税抵免优惠，以及抓紧抓实减轻小微企业税负工作等。除增值税改革外，在所得税优惠方面，应进一步采取扩大中小企业所得税优惠征收范围的措施，以改善实体经济经营环境。进一步提高微型企业和个体工商户税收起征点，对小微企业社保缴款由企业负担的部分，鼓励地方财政给予适当补助。

Analysts pointed out that,The future structural tax cuts highlights include the discretionary expand camp to increase the scope,Reduce the circulation link tax cost,Implement enterprise independent innovation r&d investment related income tax credit preferential,And take the emphasizing reduce small micro enterprise tax work, etc.In addition to the value-added tax reform,In the income tax preferential aspects,Should take further expand the small and medium-sized enterprise income tax collection range of measures,In order to improve the real economy business environment.Further improve the miniature enterprise and individual and industrial and commercial door tax threshold,For small micro enterprise contribution by the enterprise part of the burden,Encourage local finance grant appropriate allowance.

　　在推动投资转型和消费升级方面，政策更应以补贴、减税方式如通过加速折旧、前竞争阶段补贴等手段，推动企业设备更新改造和研究开发，产品结构更新换代和产业结构升级调整，把投资重点逐步从基建投资转移到设备投资和研发投资方面来。扩大农村居民消费、加大消费基础设施投资、进一步优化中高档消费品进口环节税收政策等。

To promote investment in the transformation and upgrading of consumption,More policy should be to subsidies/Tax cuts way such as through accelerated depreciation/Before competition stage subsidies, and other means,Promote enterprise renewal of equipment reform and research and development,Product structure renewal and the upgrading of the industrial structure adjustment,The investment priority gradually from infrastructure investment transfer to the equipment investment and r&d investment to.Expand the rural residents consumption/Increasing consumption infrastructure investment/Further optimization of high-grade consumer goods import link tax policy, etc.