透视“十四五”财政账本，民生投入近百万亿

Core Viewpoint - The "14th Five-Year Plan" period has seen significant growth in China's fiscal strength, with a focus on enhancing public welfare and supporting economic development through increased budget allocations and proactive fiscal policies [2][5][7]. 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, marking an increase of 26 trillion yuan or 24% compared to the previous five-year period [1]. Investment in Public Welfare - During the "14th Five-Year Plan," significant investments have been made in key areas such as education (20.5 trillion yuan), social security and employment (19.6 trillion yuan), health care (10.6 trillion yuan), and housing security (4 trillion yuan), totaling nearly 100 trillion yuan in fiscal welfare spending [1][6]. Fiscal Policy and Economic Growth - The fiscal policy has maintained an active orientation, focusing on expanding domestic demand, improving people's livelihoods, and supporting technological innovation [5][7]. - The deficit ratio has increased from 2.7% to 3.8%, with a further rise to 4% in 2023, indicating a proactive fiscal stance [5]. Debt Management and Risk Mitigation - A comprehensive debt management strategy has been implemented, including a total of 12 trillion yuan in measures to address hidden local government debt, with significant reductions in the scale of such debts [10][11]. - By the end of 2024, the total government debt is projected to be 92.6 trillion yuan, with a government debt ratio of 68.7%, which is considered manageable compared to G20 and G7 averages [11]. Future Outlook - The government aims to establish a robust debt management mechanism aligned with high-quality development, ensuring sustainable fiscal practices and enhancing transparency in debt management [12][13].