Page 27 - CCFA Journal - Fourth Issue

加中金融 Economics 经济纵横

speed up reforms, and improve the multi-level guarantee system. At the level of legal system, there is only “Social Insurance Law” in China at present.
Supplementary endowment and medical treatment are not included in it, which is difficult to meet the people’s practical needs. On April 30, 2020, the
National Bureau of Statistics released the “2019 Migrant Workers Monitoring Survey Report”. The relevant specific data show that the total number of
migrant workers in 2019 reached 29.77 million, which is about 1/7 of China’s total population. The proportion of rural migrants in the urban labor
market is as high as 43%. Although the urban surveyed unemployment rate during the peak of the epidemic in February 2020 was 6.2%, it has since
decreased as the pandemic situation improved. However, the current unemployment rate survey in China is obtained through a sample set of the urban
labor force, and does not include statistics on migrant workers. If migrant workers return to their hometown due to poor economic conditions, they are
not counted. According to statistics from the Ministry of Agriculture and Rural Affairs, more than 8 million migrant workers returned to their hometown
during the pandemic. Migrant workers’ employment status tend to be unstable and their social security status limits the consumer demand to a large
extent. With the increase in income, the decreasing marginal propensity to consume will reduce the general consumption expenditure. Therefore, there
is a large space to release the consumption power of those who have the desire to consume but choose to save because of worries at home, which is
also closely related to the corresponding demand-side reform.

此外，统筹基本养老金进一步发挥养老金蓄水池的共济互助作用，具有重要意义。以基本养老全国统筹迟迟不能落实为例，分散的
“蓄水池”过多，其“互济”功能就受到很大局限。如果将其变为全国性蓄水池，资金调节功能便能更好发挥。不同人口结构区域间
的调剂功能提升上来后，辽宁和东北等地的养老金发放难题，就可以依靠蓄水池的“互济”功能加以解决。过去其中的行政阻力较大，
相关部门形成了庞大管理队伍，手握实权管理收缴费用，这样就为自身带来了部门的既得利益。2018 年个人所得税改革将该系统所有
的收费管理功能，交给税收工作系统，意味着消除了一个很大的既得利益阻碍因素，应乘势加快落实已提出了十余年的全国统筹改革
目标。如果基本养老保险实现全社会统筹，全国便可形成一个统一的缴费比例，十分有利于劳动力无壁垒地在统一市场流动，而且同
时可以通过精算分析，得知全国蓄水池功能提升后，缴费率可以下调的量值，这样一来就有条件来降低企业相关的缴费负担。
In addition, it is of great significance to coordinate the basic pensions to play the role of sustaining the pension reservoirs. Take the delay in
implementing the national plan for basic elderly care as an example, the scattered “reservoirs” greatly limits their “mutual aid” function. If these reservoirs
are turned into a national one, the fund adjustment function can be better utilized. After the adjustment function between different population structure
regions is improved, the problem of pension payment in Liaoning and Northeast China can be solved by relying on the “mutual aid” function of the
reservoir. In the past, the administrative resistance was relatively high. The relevant departments formed a huge management team, holding real power
to manage the collection of fees, which brought the vested interests of the department to themselves. In 2018, the personal income tax reform will
transfer all the charging management functions of the system to the taxation work system, which means that a big vested interest hindering factor has
been eliminated, and we should take advantage of the momentum to accelerate the implementation of the national reform goal that has been proposed
over ten years ago. If the basic endowment insurance is coordinated by the whole society, a unified contribution rate can be formed across the country,
which is very conducive to the unbarred flow of labor in the unified market. At the same time, it can be learned through actuarial analysis that – after
the improvement of the national reservoir – the contribution rate can be lowered reduce the corporate-related payment burden.
(二)投资的堵点

这首先突出地表现于具有投资规划权的部门缺少协调。多个部门都有实际的规划权和对投资安排的重要影响力，如何“多规合一”
地形成高水平的“规划先行”，带出建设项目投资高水平的通盘安排，便是消除投资堵点的一大关键所在。在一个地方政府辖区之内，
过去的职能分工是发展改革委员会负责经济社会发展规划，工信部门负责企业生产力布局和产业结构规划，城乡建设部门负责城乡建
设开发规划，另外交通有规划，环保有规划，教育有规划，如此这般。但这些规划间怎样有机地、合理地联结在一个全景图里，怎样
在整个国土开发过程中高水平地形成整个一盘棋似的合理结构?落到结构上，便是供给管理问题，但是前面的相关制度安排是应该规
划先行、多规合一，那就是以制度和规划的改革消除需求侧堵点、使投资需求能够有条件合理而充分地表现、畅通地对接供给。
2. Blocking point of investment

First of all, the lack of coordination among departments with investment planning authority is prominent. Multiple departments have the right
planning and important influence on investment arrangement. How to form a high-level “planning first” by combining multiple plans and bring out the
overall arrangement of high-level investment in construction projects is a key to eliminate investment blockage. Within the local government jurisdiction,
the division of functions used to have the Development and Reform Commission responsible for economic and social development planning, the
Industry and Information Department responsible for corporate productivity / industrial structure planning, and the Urban and Rural Construction
Department responsible for general construction and development planning. In addition, transportation and environmental protection were planned,
and so did education. But how can these plans be organically and reasonably connected to form an effective structure at a high level in the land
development process? When it comes to structure, it is a problem of supply management. However, the previous related institutional arrangements
should be planned first, and multiple regulations should be integrated. That is, the reform of the system and planning will eliminate the demand-side
blockage, so that investment demand can be reasonably and adequately expressed, and the supply can be smoothly connected.

CCFA JOURNAL OF FINANCE June 2021
Page 27 第27页