A Study On The Financial Policy Promoting The Development Of Emerging Strategic Industries

The Financial crisis since2008took the world into the abyss,so the country allover the world need to find a new growth point to p;romot the technologicaldevelopment, upgrade the industrial structure.Therefor the development of emergingstrategic industries becomes the choices and priorities of the countries towardseconomic revival.China also actively identifies the development plan of emergingstrategic industries. As an important means of government interventing in theeconomy, the development strategy of promoting industry, the study of fiscal policy isextensively respected by the government and academics.Strategic emerging industries is the industies based on major technologicalbreakthrough and major development needs,having growth potential,strongsustainability,obvious economic and social benefits, contracting with other industriestightly,and playing an important leading role on the overall economic and social andlong-term development.Under the current macro-context, developing emergingstrategic industries is an important part of countries to seize the technological highground in the era of post-crisis, the current reality needs to upgrade the industrialstructure and to change the economic development patterns,the implementation pathleading to sustainable development and low carbon economy. Based on the selectioncriteria of industry-led force, industrial development ability, power and industrialcompetitiveness,strategic emerging industries include energy-saving andenvironmental protection industry, new generation of IT industry, biological industry,high-end equipment manufacturing, new energy industry, new material industry, newenergy electric vehicle industry.Externality theory, market failure theory, the theory of protecting infant industryis the theoretical foundation for fiscal policy to promote the development of strategicemerging industries. From the point of view of the mechanism fiscal policy play onthe development of strategic emerging industries, the primary means that fiscal spending policies playing the role of internal boost includs transfer expenditure suchas direct financial investment, financial subsidies policy and purchasing expenses ofits of, such as and, such as government procurement; financial income policies playexternal traction mainly through tax policy to guide the enterprises to developstrategic emerging industries.China’s strategic emerging industries development has achieved some success,fiscal policy also play an important role. But the aspects of the financial investment,government procurement policy, tax policy is not satisfactory.Because of shorter posttime of strategic emerging industries, subjecting to the limitations of statistics,thepaper makes Shandong Province as a case, using Eviews quantitative analysissoftware and the OLS regression, analyze of the effects of fiscal expenditure policyand fiscal revenue policy for the development of strategic emerging industries andobtain the elasticity the government funds invested in R&D activities, investment infixed assets, the financial investment in emerging industries to the strategic output are0.1387,0.2985,0.9121and the tax policy has positive effect for the strategic emergingindustries. Stones from other hills may serve to polish jade.By examining thesuccessful practices of the United States, Japan, Russia, India and other countries onthe promotion of the fiscal policy to develop the strategic emerging industries,aimingthe problems of fiscal policy of our country to promote the development of strategicemerging industries, analyzing the opportunities and challenges that our conntrydevelop the strategic emerging industries, the paper raise the further fiscal policy topromote the development of China’s strategic emerging industries:to increase thefinancial input in strategic emerging industries through the establishment of astandardized long-term financial investment mechanism based on drawing up thetargeted industries development planning;to improve the efficiency of governmentprocurement of strategic emerging industries, to form specifical and perfect taxpreferential policies to promote the development of strategic emerging industries.The innovation of the paper lies in the systematic analysis of the mechanism offiscal policy to boost the strategic emerging industries, and the quantitative analysis ofthe fiscal policy playing on the emerging strategic industries.It is helpful for the government to take appropriate fiscal policy to promote the development of strategicemerging industries.