股权财政与产业适配性简析

Overview of Equity Finance - Equity finance has rapidly expanded in scale, becoming a crucial method for local governments to enhance fiscal revenue and support industrial development[4] - In 2024, China's general public budget revenue, government fund budget revenue, and state capital operation budget revenue are projected to be CNY 21.97 trillion, CNY 6.21 trillion, and CNY 0.68 trillion, with growth rates of 1.3%, -12.2%, and 0.6% respectively[5] Regional Distribution and Investment Trends - By the end of 2024, a total of 2,178 government guidance funds have been established nationwide, with a total target scale of CNY 12.84 trillion, reflecting a 25% increase from CNY 6.16 trillion in 2021[9] - The proportion of equity investment-related expenditures in total fiscal expenditures increased from approximately 0.99% in 2021 to 1.46% in 2024, indicating a growing weight of equity finance in the fiscal system[9] Case Studies of Different Cities - Hefei, as a technology innovation city, has established a fund matrix exceeding CNY 156 billion, focusing on new energy vehicles and integrated circuits, achieving significant returns through strategic investments[16] - Foshan, a manufacturing cluster city, has created a fund system with a total scale of no less than CNY 1.2 trillion, focusing on advanced manufacturing and technology upgrades, with over 60% of investments in these areas[17] - Yulin, a resource-based city, has developed a fund cluster of nearly CNY 10 billion, focusing on green transformation and product value enhancement in traditional resource industries[19] Challenges and Recommendations - Challenges include unclear identification of industrial advantages, insufficient market-oriented operations, and imbalances between risks and returns[20] - Recommendations for improvement include establishing a scientific evaluation system for industrial advantages, enhancing market-oriented operational mechanisms, and perfecting risk-return balance mechanisms[21]