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Analysis of the fiscal policy of the United States and Japan to promote economic recovery

May 05:36, May 08, 2020 Source: "China Social Sciences", May 8, 2020, No. 1921 Author: Liu Jianmin Zhao Zhu Liu Jiayi

　　2019，Global economic growth is in trade protectionism、Unilateralism and other aspects of complex factors continue to slow down，Original cycle、Institutional、The complex economic situation of structural interoperability，It becomes more severe under the impact of the new crown pneumonia，The exaggeration of the downward pressure on the global economy makes the economic situation of various countries be not optimistic。The International Monetary Fund is expected to be -3%in 2020，5.9 percentage points year -on -year。How to play the positive role of fiscal policies to promote economic stability and recovery becomes a problem faced by countries。The United States and Japan have recently introduced a series of fiscal stimulus policies to promote economic stability，The scale of its policy funds is large、Covering range，More typical。

　　Main content of maintaining economic stability

　　The United States via subsidy tax refund、Tax discount、Distributing loans and distribution subsidies to provide support for individuals and enterprises，The scale of fiscal expenditure is extremely rare。The United States issued two bills and other notifications from March 6 to 26, 2020，Policy content mainly includes: first, providing an emergency capital of US $ 8.3 billion to support the public medical and health system and provides loans to small enterprises suffering from losses; People who affect the impact of new coronary pneumonia provides paid vacation，The vacation salary they paid can be taxed and tax refundable，Fourth is to extend the federal income tax for 3 months。March 27，Trump signed a "$ 2 trillion stimulus bill" with a scale of US $ 2.143.33 bet365 live casino games trillion (referred to as "Cares Law")，Provide direct assistance to the United States 954 billion US dollars、Loan 849 billion U.S. dollars and subsidies 340 billion US dollars。Direct assistance is mainly targeted at personal subsidy tax refund ($ 1200 per person)、Enhanced unemployment rescue strength、Suspend the federal student loan、Elimination of penalties to withdraw pensions in advance，and delayed paying salary tax and social bonding for enterprises、Allows the net business loss from 2018-2020 to 5 annual campaigns.。350 billion U.S. dollars in loan assistance is dedicated to help small companies pay salary、Salary、Welfare，There are also $ 500 billion for "liquidity assistance" for enterprises。Trump issued another new bill of $ 484 billion on April 24，Further supports small and medium -sized enterprises and medical care、Testing Agency，Among them, it includes adding more than $ 310 billion in funds for small enterprises' salary protection plan。

　　The Japanese government allocated 15.3 billion yen on February 13, 2020 for financial support for public health and medical systems，On March 10th, another 2 trillion yen of economic assistance measures，On the one hand, it provides 430.8 billion yen in fiscal funds to support medical systems and subsidy employees for leave for the disease.、The loss caused by stopping business to the enterprise，On the other hand, it provides the society with 1.6 trillion yen of financial loan support。The order and the second fiscal replenishment plan announced on April 20 provides a loan of 175.12 trillion yen for SMEs，Establish a special reserve fee of 1.5 trillion yen epidemic。，The Japanese Cabinet approved the "New Coronatte Emergency Economic Copper Plan" on April 7 and made up for renewal on April 20，The fiscal expenditure of the plan is 4.84 trillion yen，Among them, 2.5 trillion yen is mainly used to Bet365 app download support the health medical system，308 trillion yen used for maintaining employment and stable economy in the short term、Guarantee people's livelihood，3.3 trillion yen used for the economic recovery of Japan after the preliminary control of the epidemic，10.1 trillion yen is used to support industrial regression and build a solid supply chain，and digitalization、Investment for remote development，1.5 trillion yen used to create a special reserve fee for the creation of special new coronary pneumonia virus infection。The tax discounts launched in Japan are mainly: extended one year of payment of national tax、Expand the return of net loss amount of business net loss、Tax support for remote office and digitalization of SMEs、Contracts that are exempt from consumer taxes for some enterprises and provide special loans to companies affected by the epidemic.。

　　The commonality and differences of the US -Japan fiscal policy

　　The size of the fiscal policy of the United States and Japan is large、wide coverage，Has common and individual。

　　The common feature of the US -Japan promoting economic stability and recovery is that it will be employed stable、Guaranteeing residents' life as the primary work focus。First, through delay or salary, tax exemption, tax and social bonded、Provide employees with small and medium -sized enterprises to retain credit and pay fake salary subsidies to encourage SMEs to reduce layoffs and employment，In addition to allowing patients and being isolated to apply for salary leave，The United States also allows family members to apply for salary leave，Japan provides enterprises with paid fake salary subsidies caused by childcare children。Second is to issue cash subsidies to the public to ensure people's livelihood and promote consumption (US $ 1200/person，Japan 100,000 yen/person)，and expand the scope and time limit of unemployment insurance、Distribution of unemployed subsidies to ensure the life of the unemployed，If the bet365 best casino games U.S. unemployed can receive up to four months of unemployment subsidies ($ 600 per week)。

　　There are still two major differences between the fiscal policy of the United States and Japan。First, the goal of fiscal policy is different: The fiscal policy of the United States has been committed to the aid of the health medical system in the short term、Maintain employment and stable economic operation，The main measure is to support medical treatment、Provide loans and subsidies to small and medium -sized enterprises to reduce layoffs，and through tax cuts and fees、Issuing cash subsidies to reduce the burden of the public，The core goal is to reduce layoffs and corporate bankruptcy to promote employment stability and stable economy。Japan's fiscal policy goals reflect the features of the combination of length，The economic plan updated on April 20th in Japan includes two stages: the first stage is the "emergency assistance stage" when the epidemic is basicly controlled by the epidemic，The focus is on supporting the public health medical system and stable employment、Maintain economic operation，roughly consistent with the current policies in the United States; the second stage is the "recovery stage" after the second stage，It aims to build a long -term tough economic structure，The point is to assist industries that have seriously affected the epidemic and digitize the future、Remote early investment、Assisting companies in foreign countries will withdraw the production line to withdraw the production line and promote the reform of the supply chain。Second, there are differences in key areas of fund assistance，In addition to the use of funds to support medical treatment、Loans that support small and medium -sized enterprises, especially employees retain credit，The key support object of the United States is the transportation industry、The aviation industry Bet365 lotto review and enterprises related to the maintenance of national security，Specific performance in providing direct assistance to shipping for $ 32 billion、Suppliers in aviation companies and aviation -related fields，another aviation enterprise、National Security Related Enterprises offer $ 29 billion and $ 17 billion in loans，and allocated $ 116 million in funds for strategic national reserves。Japan will use a large amount of funds to digitize the future、Investment in new fields such as remoteization，Use funds of more than 10 trillion yen to support the improvement of production infrastructure、Intelligent Agricultural Technology R & D project、5G communication system infrastructure enhancement and remoteness and digital development in various fields，Strive to seize the high point in the new round of information technology competition。

　　A coexistence of results and risks

　　Although the United States cooperates with the use of loose monetary policy to maintain zero interest rate，and issued nearly $ 158 billion in subsidies to 88 million people before April 25 and provided salary assistance for more than 1.6 million small companies，The unemployment rate in the United States still rises sharply，At present, the number of applicants for unemployment relief for the first time has exceeded 22 million。It can be seen that the previous fiscal policy in the United States has not yet realized its stable employment、Objective to protect people's livelihood，The reason is that the current severe situation in the United States has enabled companies and individuals to have a sorrowful attitude towards the future of the economic situation，The role of policy improvement is difficult to play。Trump issued another $ 484 billion bill on April 24 to further support small and medium -sized enterprises and medical care、Testing Agency，But the United States is currently very difficult，bet365 Play online games Before the epidemic prevention and control work achieves staged results，The effect of fiscal stimulus policy may still be very limited。，There are certain hidden dangers in the current stimulus policy in the United States，On the one hand，The Fed has adopted unlimited loose monetary policy to maintain interest rates at zero levels and promise to expand purchase of national debt，The large amount of fiscal policy and unlimited loose monetary policy portfolio may cause domestic inflation，Bring a new credit crisis，The size of government debt is too large, and it is easy to cause debt crisis。On the other hand，Due to the global reserve currency status of the dollar，The expansion fiscal policy in the United States cooperates with extremely loose monetary policies to pass the domestic adjustment costs to other countries around the world，It is likely to cause currency appreciation to other countries, especially emerging economies、The second wave of shocks other than the epidemic of foreign exchange reserves are shrinking。

　　Japan has also adopted a loose monetary policy to maintain long -term interest rates at about zero，Earlier economic measures have begun to take effect in stable employment and prices，But the situation is still not optimistic。The monthly economic report in Japan in April 2020 shows that employment and price are basically stable，The complete unemployment rate in April is 2.4%，Basically flat with March，But the number of new employment shows a reduction trend，Personal Consumption、The profit and business status of the enterprise and the import and export trade have also declined due to the epidemic situation，The situation is still very severe。，The too huge fiscal expenditure in Japan's fiscal policy increases the government's debt risk，The balance of debt in the Japanese government in the fiscal year 2019 is more than twice the GDP，This proportion Bet365 app download is the highest level in developed countries，The huge expenditure amount in this policy will inevitably bring greater debt repayment pressure to the government。

　　(Author Unit: Hunan Institute of Finance and Economics; Hunan University)

Editor in charge: Changchang