【粤开宏观】分税制改革30年：评述、问题与未来改革方向

Investment Ratings - Investment ratings are divided into stock investment ratings and industry investment ratings[1] - The investment recommendation standards are based on the relative performance of industry stock indices against the CSI 300 index over the next 12 months[2] Tax System Reform Insights - The 1994 tax-sharing system reform significantly improved the central government's macro-control capabilities and clarified the revenue distribution between central and local governments[9] - The reform has been successful for 30 years, but issues such as local government debt and financial risks have emerged, necessitating a new round of fiscal reform[9][34] Current Issues in Fiscal System - The central and local revenue distribution is unreasonable, leading to a lack of main tax sources for local governments, which affects their financial autonomy[22] - The scale of transfer payments from the central government to local governments reached 9.7 trillion yuan in 2022, accounting for 43.1% of local general public budget expenditures[75] Future Reform Directions - Strengthening the responsibilities of the central government and clarifying the division of responsibilities between central and local governments is essential for effective governance[39] - Optimizing the structure of transfer payments and improving the supervision and evaluation mechanisms for the use of these funds are necessary steps for reform[53][76]