“十五五”大财政平衡术：多地加大盘活“三资”力度

Core Insights - China is entering a phase of optimizing both new and existing assets, as highlighted in the 15th Five-Year Plan, which emphasizes the need for a comprehensive macro asset-liability balance sheet and the revitalization of idle assets [1][2] Group 1: National Asset Management - As of the end of 2024, the total equity of state-owned enterprises in China is projected to reach 109.4 trillion yuan, with total assets of 401.7 trillion yuan and liabilities of 260.5 trillion yuan [1] - The report indicates that the total state-owned financial capital equity is 33.9 trillion yuan, corresponding to total assets of 487.9 trillion yuan and liabilities of 435.9 trillion yuan [1] - The total state-owned administrative and public service assets amount to 68.2 trillion yuan, with liabilities of 12.8 trillion yuan and net assets of 55.4 trillion yuan [1] Group 2: Local Government Initiatives - Local governments are actively working to revitalize state-owned assets, with Hunan province reporting a cumulative revitalization income of 350 billion yuan during the 14th Five-Year Plan [1][4] - The Anhui provincial government is implementing a comprehensive asset management plan that includes various asset types and resources, with actions planned from September to December 2024 [2][4] - Hubei province is focusing on the "assetization, securitization, and leveraging" of state-owned assets to enhance operational efficiency and support economic growth [7][10] Group 3: Financial Implications - The growth of non-tax revenue, which increased by 25.4% in 2024, is significantly driven by the revitalization of state-owned resources and assets [5] - The overall public budget revenue for 2024 is projected at 21.97 trillion yuan, with tax revenue declining by 3.4% to 17.5 trillion yuan [5] - The emphasis on revitalizing existing assets is seen as a crucial strategy for enhancing fiscal sustainability and resource allocation efficiency [5][11] Group 4: Investment Opportunities - The push for assetization and securitization of state-owned resources is expected to create numerous investment opportunities, particularly in infrastructure and public utilities [7][10] - Examples of successful asset management include the integration of water treatment facilities in Hubei and the asset securitization of highways in Anhui, which have generated significant financial returns [8][9] - The government aims to transform idle assets into productive investments, thereby expanding effective investment channels and reducing fiscal risks [9][10]