大国财政宝典系列 1：中国：迈向大财政，税改进行时

Fiscal Structure - China's fiscal system consists of four budgets: General Public Budget, Government Fund Budget, State Capital Operations Budget, and Social Insurance Fund Budget, each serving distinct functions and interlinked[7] - The General Public Budget primarily relies on tax revenues, while the Government Fund Budget is mainly supported by land sales[8] Revenue and Expenditure - In 2024, the General Public Budget's revenue and expenditure will account for 54% and 60% respectively, while the Government Fund Budget will account for 15% and 21%[20] - Major sources of revenue include four key taxes and land finance, which together represent approximately 50% of total revenue, with insurance and interest income making up about 25%[8] - Expenditure in 2024 will see traditional infrastructure and real estate spending at about 25%, while social security and livelihood spending will account for approximately 30%[8] Fiscal Deficit and Reform - China is expected to maintain a "big fiscal" approach, with a projected general deficit rate of around 10% in 2025, which is considered high compared to historical and global standards[9] - Continuous fiscal reform is necessary, focusing on establishing a tax system that aligns with high-quality development and new business models[9] Local Government Finance - Local governments play a crucial role in China's fiscal system, with a significant portion of their expenditures being financed through deficits, nearing 50% of total expenditures[10] - By 2025, some local fiscal indicators are expected to improve marginally, although the overall tight fiscal situation remains a challenge[10]