求解“地方财政困难”，不只是搞定钱的事

Core Viewpoint - The article emphasizes the urgent need to address local fiscal difficulties in China, highlighting the contradiction between limited fiscal revenue and unlimited rigid expenditures, particularly at the grassroots level, which has led to a long-term "emergency fiscal phenomenon" [1][3][4]. Group 1: Current Fiscal Challenges - Local fiscal difficulties are characterized by insufficient liquidity and a stark contrast between limited fiscal income and increasing rigid expenditures [3][4]. - The fiscal situation is particularly dire in "medium regions," where areas like Liaoning face significant challenges despite being classified as eastern provinces [4][9]. - The "three guarantees" (ensuring livelihood, wages, and operational stability) are becoming increasingly difficult to maintain, with some regions transitioning to a "five guarantees" model that includes debt repayment and clearing arrears [7][8]. Group 2: Revenue and Expenditure Dynamics - Local government revenues are under pressure due to declining tax income, reduced land transfer revenues, and limited non-tax income sources [11][16]. - For instance, a specific eastern county's tax revenue is projected to drop from 2.7 billion yuan in 2023 to 2.3 billion yuan in 2025, while expenditures related to social welfare are expected to rise by 300 million yuan during the same period [7][11]. - The reliance on land sales for revenue is diminishing, with land transfer income in 2025 expected to be 2.91 trillion yuan, a 10.7% decrease year-on-year [11]. Group 3: Debt and Financial Management - As of September 2025, the total local government debt reached 53.7 trillion yuan, with debt repayment pressures increasing [15][16]. - The article notes that the growth of debt repayment expenditures is outpacing overall expenditure growth, indicating a rising financial burden on local governments [14][15]. - The central government has initiated measures to alleviate local debt pressures, including a 500 billion yuan allocation to support local fiscal stability [17][18]. Group 4: Policy Recommendations - Experts suggest a multi-faceted approach to address local fiscal challenges, including enhancing liquidity, allowing local governments more control over fiscal resources, and implementing debt restructuring measures [18][20]. - Recommendations also include increasing transfer payments, optimizing expenditure structures, and gradually reforming the fiscal system to create stable local tax sources [20][21]. - The need for tailored solutions based on regional economic conditions is emphasized, with different strategies required for eastern, central, and western regions [20].