财政“十四五”答卷：近100万亿投入民生，隐性债务有序化解

Core Viewpoint - The "14th Five-Year Plan" period has seen significant growth in China's fiscal strength, with a focus on enhancing macroeconomic regulation and promoting quality economic development through active fiscal policies [2][4]. Fiscal Revenue and Expenditure - National general public budget revenue is expected to reach 106 trillion yuan, an increase of 17 trillion yuan or approximately 19% compared to the "13th Five-Year Plan" period [1] - National general public budget expenditure is projected to exceed 136 trillion yuan, an increase of 26 trillion yuan or 24% compared to the "13th Five-Year Plan" period [1] - Total fiscal investment in people's livelihood during this period is nearly 100 trillion yuan, with significant allocations for education, social security, health, and housing [1] Fiscal Policy and Economic Strategy - The fiscal policy has maintained an active orientation, focusing on expanding domestic demand, benefiting people's livelihoods, and supporting technological innovation [2][3] - The deficit ratio has increased from 2.7% to 3.8%, with a further increase to 4% planned for this year [2] - A total of 11.86 trillion yuan in government bonds has been issued, marking a historical high [2] Debt Management and Risk Mitigation - A comprehensive debt reduction initiative was launched, involving 12 trillion yuan in measures to address local government debt [5] - By mid-2025, over 60% of financing platforms have exited, indicating a significant reduction in hidden debts [5] - The total government debt is projected to be 92.6 trillion yuan, with a debt-to-GDP ratio of 68.7%, which is considered manageable compared to G20 and G7 averages [6] Future Outlook - The government aims to establish a debt management mechanism that aligns with high-quality development, ensuring sustainable debt practices [7] - Continued efforts will be made to enhance transparency in debt management and prevent the accumulation of new hidden debts [7]