城投随笔系列：论“股权财政”

Group 1: Concept of "Equity Finance" - "Equity finance" helps supplement fiscal revenue while aligning with the development of new productive forces[3] - There are four models of "equity finance": direct equity investment, government-led funds, strategic restructuring of state-owned enterprises, and monetization of data resources[25] - The shift from land finance to equity finance is crucial for local governments seeking new revenue sources[13] Group 2: Challenges and Responses - Since 2018, state-owned capital has increasingly acquired control of private listed companies, with Guangdong, Shandong, and Zhejiang leading in acquisitions[49] - Successful models from Hefei, Suzhou, and Shenzhen provide insights for local governments[3] - The transformation of local government financing platforms into capital operation entities is essential for implementing "equity finance"[3] Group 3: Financial Data Insights - In 2023, national state-owned capital operating budget revenue was 674.4 billion yuan, while general budget revenue and government fund revenue were 21.68 trillion yuan and 707.05 billion yuan, respectively[20] - The proportion of state-owned capital revenue transferred to the general budget increased from 754 million yuan in 2018 to 3.38 billion yuan in 2023, reaching 50%[20] - The dividend payout ratio for state-owned enterprises is currently below 30%, indicating significant room for improvement[29]