2025年市级财政透明度研究报告：产业投资基金、基础设施投资类公司等公开程度普遍较低

Core Insights - The report highlights the importance of fiscal transparency as a key indicator of the modernization of national governance systems and capabilities [1] - The 2025 report shows an overall improvement in fiscal transparency among municipal governments in China, with an average score of 59.1, indicating a narrowing gap between cities [2][4] Group 1: Fiscal Transparency Indicators - The research evaluates fiscal transparency based on a comprehensive indicator system that includes the disclosure of fiscal funds used by government and public institutions, the four government accounts, other important fiscal information, and the user-friendliness of fiscal transparency [1] - The 2025 indicator system has undergone two significant adjustments: the removal of the "Public-Private Partnership (PPP)" indicator and the addition of a scoring item for social security funds based on coordination levels [2] Group 2: Performance Analysis - The average score for fiscal transparency among municipal governments reached 59.1, an increase from 2024, with 144 cities scoring 60 or above, indicating a broader distribution of high-scoring cities [2][3] - The first part of the indicator, concerning the disclosure of institutions using fiscal funds, remains stable, with most cities improving the information available [3] Group 3: Areas for Improvement - The second part, focusing on the disclosure of the four government accounts, shows that while most cities meet basic disclosure requirements, there are significant gaps in detailed information, particularly regarding budget execution and tax details [3] - The third part, which includes other important fiscal information, remains a weak link, with low transparency in areas such as industrial investment funds and performance evaluations [3][4] Group 4: Recommendations - The report suggests that municipal governments should enhance the depth and breadth of fiscal information disclosure, improve user-friendliness, and promote the publication of comprehensive debt information [4]