Core Viewpoint - The focus of China's fiscal reform this year is to promote scientific fiscal management, aiming to enhance the systematic, refined, standardized, and rule-of-law levels of fiscal management through pilot programs in provinces like Shandong and Guangdong, ultimately achieving breakthroughs in fiscal governance systems and capabilities [1] Group 1: Fiscal Management Reforms - Shandong's government has released the "Opinions on Promoting Scientific Fiscal Management," which outlines 16 reform measures to be piloted from 2025 to 2026, with a full rollout planned for 2027 [1] - Key reform areas include strengthening fiscal resource and budget coordination, deepening zero-based budgeting reforms, and enhancing local debt management [1][2] - The goal is to improve existing budget management systems and fiscal frameworks to support high-quality provincial development [1] Group 2: Debt Management - Shandong's local government debt is approximately 3.28 trillion yuan, below the limit of about 3.57 trillion yuan, indicating manageable debt risk [2] - The Ministry of Finance allocated 6 trillion yuan in refinancing special bonds to support local debt replacement, with Shandong receiving over 370 billion yuan to help eliminate hidden debts by the end of 2028 [2] - The "Opinions" propose a comprehensive budget management system that integrates various budget types, including government debt budgets, to enhance local debt management [2] Group 3: Budget Optimization - To address fiscal revenue and expenditure imbalances, Shandong plans to optimize spending by implementing zero-based budgeting, which will break the existing rigid fiscal expenditure structure [3] - The reform will involve a thorough review of current expenditure policies, with a maximum execution period of three years for each policy [3] - The linkage of spending budgets to fiscal revenue growth or GDP growth will be reconsidered to improve fiscal flexibility [3] Group 4: Expenditure Control - The "Opinions" emphasize the need for strict management of "three public" expenditures (government spending on official receptions, travel, and vehicle purchases) and propose a dynamic monitoring mechanism for budget execution [4][5] - The aim is to align public expenditure with departmental needs while establishing hard constraints on spending [4] Group 5: Social Welfare Assurance - Ensuring the basic livelihood, salaries, and operational stability of grassroots levels is a critical task in the fiscal management pilot [6] - All counties in Shandong will establish dedicated salary accounts and expand the scope of basic livelihood accounts, with monitoring and emergency liquidity support as needed [6]
山东试点财政科学管理,2028年底前存量隐性债务清零
Di Yi Cai Jing Zi Xun·2025-06-12 03:02