“十四五”时期，财政支出强度前所未有，助力新质生产力发展 全国财政科技支出增长34%

Core Viewpoint - The news highlights the achievements and ongoing reforms in China's fiscal policy during the "14th Five-Year Plan" period, emphasizing the strengthening of fiscal capacity and the focus on improving public welfare and economic stability [1][2][4]. Fiscal Strength and Growth - 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 [2]. - By 2024, 16 provinces are projected to see fiscal revenue growth of over 20% compared to 2020, with seven provinces exceeding 500 billion yuan, and two surpassing 1 trillion yuan [2]. - General public budget expenditure is expected to exceed 136 trillion yuan over five years, an increase of 26 trillion yuan or 24% compared to the previous plan [2]. Social Welfare and Public Services - Over 70% of national general public budget expenditure is allocated to social welfare, ensuring that modernization benefits all citizens [2]. - Basic pension insurance coverage exceeds 1.07 billion people, and basic medical insurance covers 1.327 billion individuals [2]. - The standard for resident medical insurance subsidies has increased from 580 yuan to 700 yuan per person annually, with rural and urban minimum living standards raised by approximately 20% [2]. Public Service Equity - The scale of equalization transfer payments is projected to grow from 1.9 trillion yuan in 2021 to 2.7 trillion yuan by 2025, with an average annual growth of 9.6% [3]. - All administrative villages have access to paved roads, with over 95% coverage for express delivery services and 94% for tap water [3]. - Approximately 20 million economically disadvantaged students receive living subsidies, and 13 million children of migrant workers have access to education funding [3]. Fiscal Policy and Economic Strategy - The fiscal deficit rate has increased from 2.7% to 3.8%, with a further rise to 4% planned for this year [4]. - New local government special bond quotas amount to 19.4 trillion yuan, with over 10 trillion yuan in tax reductions and refunds [4]. - Central fiscal employment support has reached 318.6 billion yuan, a 29% increase from the previous plan, contributing to over 50 million new urban jobs [5]. Innovation and R&D Investment - National fiscal spending on science and technology is expected to reach 5.5 trillion yuan, a 34% increase from the previous plan [6]. - Basic research funding has totaled 730 billion yuan, with an annual growth rate of 12.3% [6]. - R&D investment intensity is projected to rise from 2.41% at the end of the "13th Five-Year Plan" to 2.68% by 2024 [6]. Risk Management and Debt Control - Central fiscal transfers to local governments are projected to approach 50 trillion yuan over five years, ensuring financial stability [7]. - A legal debt management system has been established to address hidden debts, with a focus on reducing existing liabilities [7]. - By the end of 2024, total government debt is expected to reach 92.6 trillion yuan, with a debt-to-GDP ratio of 68.7%, indicating manageable risk levels [7]. Financing Platform Reforms - Over 60% of financing platforms are expected to exit by mid-2025, indicating significant progress in reducing hidden debts [8]. - The government aims to establish a debt management mechanism aligned with high-quality development during the "15th Five-Year Plan" [8].