透视“十四五”财政账本，民生投入近百万亿

Core Viewpoint - The article discusses the achievements and future plans of China's fiscal policy during the "14th Five-Year Plan" period, highlighting significant increases in budget revenues and expenditures, as well as various measures to enhance economic growth and manage debt risks [1][2][5]. Fiscal Performance - During the "14th Five-Year Plan," the national general public budget revenue is expected to reach 106 trillion yuan, an increase of 17 trillion yuan compared to the "13th Five-Year Plan," representing a growth of approximately 19% [1]. - The national general public budget expenditure is projected to exceed 136 trillion yuan, an increase of 26 trillion yuan, or 24% compared to the previous plan [1]. - Key allocations include 20.5 trillion yuan for education, 19.6 trillion yuan for social security and employment, 10.6 trillion yuan for health, and 4 trillion yuan for housing security, totaling nearly 100 trillion yuan in fiscal investment for people's livelihoods [1]. Fiscal Policy and Economic Growth - The fiscal policy has maintained a proactive orientation, focusing on expanding domestic demand, benefiting people's livelihoods, and supporting technological innovation [5][7]. - The deficit ratio has increased from 2.7% to 3.8%, with a further rise to 4% in 2023, and a projected deficit scale of 5.66 trillion yuan for 2025 [5]. - A total of 11.86 trillion yuan in government bonds has been issued, marking a historical high, including special bonds to support state-owned banks [5]. Debt Management - A comprehensive debt reduction initiative was launched, amounting to 12 trillion yuan, which includes increasing local government debt limits and replacing hidden debts [10]. - By mid-2025, over 60% of financing platforms have exited, indicating significant progress in reducing hidden debts [10]. - The total government debt is projected to be 92.6 trillion yuan by the end of 2024, with a debt-to-GDP ratio of 68.7%, which is considered manageable compared to G20 and G7 averages [11]. Future Outlook - The government aims to establish a robust debt management mechanism aligned with high-quality development, ensuring sustainable debt practices and enhancing transparency [12]. - Continued efforts will be made to implement debt reduction measures and improve the management of both hidden and legal debts [12].