【粤开宏观】央地关系：基本格局与改革方向

Group 1: Central-Local Relationship Reform - The reform of the central-local relationship aims not only to address short-term local fiscal difficulties but also to support high-quality development and a balanced supply-demand relationship in the long term[2] - The reform is crucial for macroeconomic control, local government motivation, and overall economic stability, impacting tax and budget reforms significantly[2] - The current central-local relationship is characterized by a high proportion of local government spending, with local expenditures reaching 23.6 trillion yuan, while total national fiscal revenue is only 21.7 trillion yuan[5] Group 2: Fiscal Challenges and Debt Issues - Local government spending is disproportionately high, with central government spending accounting for only 14% of total expenditures, leading to significant fiscal strain on local governments[5] - Central transfer payments are substantial but unsustainable, creating a "dilemma" where local governments rely heavily on these payments, which can lead to inefficiencies and disincentives for economic development in wealthier provinces[6] - Local debt levels are high, with a combination of explicit and implicit debts used to cover fiscal gaps, raising concerns about liquidity risks and the sustainability of such debt levels[6] Group 3: Recommendations for Improvement - To resolve the central-local relationship issues, it is essential to reduce the responsibilities of local governments and increase the central government's role, thereby alleviating fiscal pressures on local entities[8] - The central government's expenditure ratio should be increased to better match the responsibilities and needs of local governments, as current levels are below those of many developed economies[27] - A dynamic adjustment mechanism for the allocation of responsibilities and financial resources between central and local governments should be established to ensure a more effective fiscal framework[9]