广东增加地方财力大动作！

Core Viewpoint - The article discusses the significant reform in Guangdong Province's fiscal policy aimed at increasing local financial autonomy by adjusting the revenue-sharing ratio between provincial and municipal governments, resulting in a notable decrease in provincial budget revenue and an increase in local government revenues [3][4][9]. Summary by Sections Fiscal Revenue Adjustment - Guangdong's provincial budget revenue was revised down from 315.3 billion to 239.18 billion yuan, a reduction of 76.12 billion yuan [3][4]. - The adjustment is linked to a change in the revenue-sharing ratio between the provincial and municipal levels, allowing municipalities to retain more revenue [3][5]. Impact on Local Governments - Cities like Guangzhou saw a significant increase in fiscal revenue, with a 12% year-on-year growth in general public budget revenue, totaling 163.21 billion yuan for the first three quarters [4]. - The increase in local revenues is primarily due to the provincial government allowing municipalities to keep more of the shared tax revenues, with Guangzhou's revenue increase attributed to approximately 12% growth compared to a national average of 1.8% [4][5]. Tax Revenue Breakdown - The reduction in provincial revenue includes a decrease of approximately 45.71 billion yuan in value-added tax, 14.76 billion yuan in corporate income tax, and 6.11 billion yuan in personal income tax, among others [5][8]. - The reform specifically affects "incremental" revenues, meaning that existing revenue bases remain unchanged, with municipalities expected to remit 75.046 billion yuan back to the provincial level [8][9]. Long-term Implications - The reform aims to alleviate the financial pressures on local governments, particularly concerning basic public services and operational costs, while maintaining the overall fiscal structure [9][10]. - Over time, this policy is expected to gradually enhance local financial capabilities, benefiting local governments in attracting investments and assessing fiscal health [9][10].