“财政吃紧”的真相，终于有人讲明白了！原来钱是这样花掉的

Core Viewpoint - Local governments are facing financial strain due to high infrastructure investment costs, substantial public employee salary expenditures, increasing debt levels, ineffective subsidy policies, and significant education investments without immediate returns [1][3][7][9][11][15]. Group 1: Financial Strain Factors - Local fiscal deficits are persistently high, leading to delayed payments for public employee bonuses and reductions in non-staff personnel to alleviate financial pressure [1][3]. - Infrastructure projects require significant funding, leading local governments to borrow from banks, resulting in escalating debt levels with long payback periods for these investments [6][7]. - Public employee salaries account for over 40% of local fiscal revenues, and increasing salaries to attract talent adds pressure during economic slowdowns [9]. Group 2: Debt Management and Subsidy Issues - Local governments often resort to borrowing new debt to repay old debt, increasing overall debt levels and interest payments, which consume a large portion of fiscal revenues [11]. - Subsidy policies aimed at stimulating investment and consumption provide short-term benefits but create dependency, leading to potential fiscal unsustainability when subsidies are withdrawn [13]. - Education investments have increased significantly, focusing on infrastructure improvements rather than immediate enhancements in educational quality, resulting in limited short-term benefits [15]. Group 3: Recommendations for Improvement - Structural adjustments, institutional reforms, fiscal transparency, and the development of new tax sources are essential to alleviate the financial strain faced by local governments [15].