审计署：9省违规新增隐性债用于政府投资、偿还债务补充财力

Core Insights - The audit report reveals significant issues regarding tax collection and local government debt, highlighting the ongoing challenges in maintaining a stable business environment and supporting the private economy [1][4]. Tax Collection Issues - The audit identified a total of 889.97 billion yuan in "over-collection" of taxes and fees, with 331.89 billion yuan collected from 631 enterprises through excessive levies on land occupation tax, value-added tax, and penalties across 28 provinces [4]. - Additionally, local governments collected 558.08 billion yuan in land transfer income through improper means, such as converting free land allocations into paid ones [4]. Local Government Debt Risks - The report emphasizes the ongoing risks associated with local government debt, noting that some regions have illegally increased hidden debts since March 2023, primarily for government investments and debt repayments [4][8]. - Specifically, five regions have added 59.09 billion yuan in hidden debts through state-owned enterprises financing construction projects, with commitments for repayment from fiscal funds [4]. Financing Platforms and Hidden Debt - Eleven regions and 15 financing platforms have raised 1.5 billion yuan in hidden debt through non-standard financial products and loans, affecting over 1,600 individuals and 45 public welfare organizations [5]. - For instance, a financing platform in Fujian has borrowed 15.02 billion yuan from local charitable organizations, some of which is allocated for government investment projects, contributing to hidden debt [5]. Misallocation of Funds - The report indicates that funds have been misallocated towards local "three guarantees" expenditures (basic livelihood, salaries, and operational costs) and repaying local debts [6][7]. - The Ministry of Finance has emphasized the importance of ensuring adequate funding for these guarantees, especially at the county level, amidst pressures from declining fiscal revenues and rising debt burdens [7]. Recommendations for Debt Management - The audit suggests enhancing government debt management, including better coordination of long-term special bonds and stricter oversight of local special bonds to mitigate risks associated with hidden debts [8]. - The audit authority has initiated corrective measures and will continue to monitor the situation, with a report on the comprehensive rectification expected by the end of the year [8].