政策学习系列专题之二：我们如何理解财税体制改革？

Macroeconomic Overview - As of 2023, the central and local public finance revenue shares are 45.9% and 54.1% respectively, indicating a balanced distribution of fiscal income[1] - Local governments bear 86.1% of public finance budget expenditures, highlighting a mismatch between revenue and expenditure responsibilities[1] Tax Revenue Structure - In 2023, local government tax revenue reached 76,643.03 billion CNY, with the largest contributors being domestic VAT (31.9%), corporate income tax (20.7%), land value-added tax (8.3%), and personal income tax (7.8%)[1] - The total domestic VAT revenue for the first three quarters of 2024 was 50,473.0 billion CNY, down 5.6% year-on-year, contributing to a 2.2 percentage point decline in overall tax revenue growth[9] Expenditure Analysis - Central government spending on social security, education, and technology was notably low in 2020, at 3.48%, 35.74%, and 4.58% respectively, indicating a need for increased central investment in these areas[1] - The structure of public finance budget expenditures shows that social security and employment spending grew by 4.3% year-on-year in the first three quarters of 2024, contributing positively to overall fiscal spending[1] Fiscal Reform Directions - The ongoing fiscal reform aims to balance the fiscal powers and responsibilities between central and local governments, addressing the existing imbalances[1] - The reform also emphasizes enhancing the revenue-sharing system and improving the tax refund mechanism to support enterprise profitability and economic stability[1]