1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - The fiscal achievements during the 14th Five - Year Plan include enhanced financial strength, stable macro - regulation, improved people's livelihood, and effective risk prevention. Over 60% of financing platforms have exited, and in the 15th Five - Year Plan, debt reduction and development will go hand in hand to promote a positive cycle between economic development and debt management [5][8][11]. - Gansu issued the first provincial - level implementation plan for the construction and operation of PPP stock projects, aiming to solve related problems and promote the compliance and stable operation of projects [5][15]. 3. Summary According to Relevant Catalogs 3.1. News Reviews 3.1.1. Fiscal Achievements during the 14th Five - Year Plan - Fiscal macro - regulation has achieved new breakthroughs, with fiscal policies becoming more proactive, enhancing counter - cyclical and cross - cyclical adjustments, and emphasizing expectation management. The deficit rate has increased from 2.7% to 4%, and the total national general public budget expenditure is expected to exceed 136 trillion yuan, a 24% increase from the 13th Five - Year Plan [8]. - The expenditure structure has been further optimized, with a more prominent people - oriented focus. Fiscal investment in people's livelihood is nearly 100 trillion yuan, and in 2025, 100 billion yuan is allocated for child - rearing subsidies and 20 billion yuan for free pre - school education [10]. - Local debt risks have significantly converged, with over 60% of financing platforms exiting. The "6 + 4+2 debt - reduction combination" has achieved positive results, and the Ministry of Finance will advance the issuance of some new local government debt quotas in 2026 [11][12]. - Fiscal and tax reform and management have advanced in depth, forming a good pattern of more scientific budget management, more perfect tax systems, and more sound fiscal systems [13]. 3.1.2. Gansu's PPP Stock Project Plan - Gansu issued the "Implementation Plan for the Standardized Construction and Operation of Government - Social Capital Cooperation Stock Projects" on September 8, 2025. The plan has three - stage goals and proposes multiple measures to ensure the smooth construction of ongoing projects and the stable operation of operational projects [15]. 3.1.3. Early Repayment of Bonds by 29 Urban Investment Enterprises - 29 urban investment enterprises early - repaid the principal and interest of 29 bonds, with a total scale of 5.067 billion yuan, a decrease of 127 million yuan compared to the previous period. Most of the enterprises are in the eastern region, and the main rating is AA [17][18]. 3.1.4. Cancellation of Issuance of 4 Urban Investment Bonds - Four urban investment bonds with a planned issuance scale of 2.1 billion yuan were cancelled from September 10 - 12, 2025. As of September 12, 79 urban investment bonds have been postponed or cancelled this year, with a total scale of 50.264 billion yuan [19]. 3.2. Issuance of Local Government Bonds and Urban Investment Enterprise Bonds 3.2.1. Local Government Bonds - This week, 53 local government bonds were issued, with the issuance scale rising 223.02% to 301.672 billion yuan and the net financing rising 425.16% to 192.779 billion yuan. The weighted average issuance interest rate rose 13.59 BP to 2.17%, and the weighted average issuance spread narrowed 1.72 BP to 19.47 BP [20]. - Shenzhen issued 1 billion yuan of offshore RMB local government bonds in Macau on September 9, and Hainan issued 5 billion yuan of RMB local government bonds in Hong Kong on September 12 [20][21]. 3.2.2. Urban Investment Bonds - This week, 131 urban investment bonds were issued, with the issuance scale rising 26.02% to 94.766 billion yuan and the net financing rising 56.269 billion yuan to 21.563 billion yuan. The average issuance interest rate was 2.38%, a 0.56 BP increase, and the issuance spread was 80.48 BP, a 4.37 BP narrowing [25][27]. - Three overseas urban investment bonds were issued, with a total scale of 2.84 billion yuan, and the weighted average issuance interest rate was 4.11% [27]. 3.3. Trading of Local Government Bonds and Urban Investment Enterprise Bonds - The central bank conducted 1.2645 trillion yuan of reverse repurchase operations in the open market this week, with 1.0684 trillion yuan of reverse repurchases maturing, resulting in a net investment of 196.1 billion yuan [31]. - Short - term capital interest rates all increased. The trading volume of local government bond spot reached 434.793 billion yuan, a 15.64% increase, and most of the maturity yields increased, with an average increase of 4.67 BP [31]. - The trading volume of urban investment bonds was 253.397 billion yuan, a 0.57% increase, and all maturity yields increased, with an average increase of 5.63 BP. The spreads of 1 - year, 3 - year, and 5 - year AA+ urban investment bonds all widened [33]. - Ten urban investment entities had 14 abnormal transactions of 10 bonds, with the number of entities and abnormal transactions increasing compared to last week, while the number of bonds remained unchanged [33]. 3.4. Important Announcements of Urban Investment Enterprises - This week, 56 urban investment enterprises announced changes in senior management, legal representatives, directors, supervisors, etc., as well as changes in controlling shareholders, actual controllers, equity/asset transfers, cumulative new borrowings, name changes, business scope changes, and changes in the use of raised funds [36].

Core Viewpoint - The article discusses the recent report from the State Council regarding the execution of this year's budget, highlighting the flexible and proactive approach to fiscal macro-control, with an emphasis on timely adjustments based on changing circumstances [3][4]. Summary by Sections Fiscal Policy Focus - The report outlines seven key areas for future fiscal work, with the first being the effective utilization of a more proactive fiscal policy, including a total new government debt scale of 11.86 trillion yuan this year, an increase of 2.9 trillion yuan from the previous year [3][4]. Consumer Support Measures - The report emphasizes the implementation of interest subsidy policies for personal consumption loans and service industry loans to stimulate consumption, alongside ongoing special actions to boost consumer spending [4][5]. Employment and Trade Stability - The second focus is on supporting employment and foreign trade stability, with increased policy support for public employment services, vocational training, and helping enterprises maintain orders and expand markets [5][6]. New Growth Drivers - The third area is fostering new growth drivers by enhancing industrial innovation and technology supply, promoting key core technology breakthroughs, and supporting the transformation and upgrading of the manufacturing sector [5][6]. Social Welfare Enhancements - The fourth focus is on improving and safeguarding people's livelihoods, including subsidies for elderly care and childcare, with a budget of 1 billion yuan allocated for childcare subsidies [6][7]. Risk Management - The fifth area addresses the prevention and resolution of key sector risks, including managing hidden debt risks and ensuring basic livelihood protections, with a comprehensive debt management policy in place [6][7]. Fiscal Governance Improvement - The sixth focus is on enhancing fiscal governance effectiveness, including reforms in fiscal resource allocation, zero-based budgeting, and tax policy adjustments [7][8]. Fiscal Discipline - The seventh area stresses the importance of adhering to frugal fiscal practices, ensuring that new projects align with economic and financial capabilities [8].

Core Viewpoint - The report emphasizes the need for a more proactive fiscal policy to support economic development and social stability, with a focus on timely adjustments based on changing circumstances [1][2]. Group 1: Fiscal Policy Deployment - The report outlines seven key areas for future fiscal policy, with the first being the effective utilization of a more proactive fiscal policy [1]. - A significant increase in government debt is noted, with a total new government debt scale of 11.86 trillion yuan this year, an increase of 2.9 trillion yuan compared to the previous year [1]. Group 2: Consumer Support and Employment Stability - The report highlights the implementation of interest subsidy policies for personal consumption loans and service sector loans to boost consumption [2]. - It stresses the importance of supporting employment and foreign trade, including enhancing public employment services and vocational training [2]. Group 3: Social Welfare and Risk Management - The report emphasizes improving and safeguarding people's livelihoods, including subsidies for elderly care and childcare [3]. - It outlines the need to prevent and mitigate risks in key areas, such as addressing hidden debt risks and ensuring basic livelihood protections [3][4]. Group 4: Financial Governance and Efficiency - The report calls for enhancing fiscal governance effectiveness, including reforms in fiscal resource allocation and tax policy adjustments [4]. - It mentions the ongoing zero-based budgeting reforms aimed at breaking the rigid patterns of fiscal spending [4]. Group 5: Fiscal Discipline - The report stresses the importance of adhering to frugal spending practices, ensuring that new projects align with economic and fiscal capabilities [4].

"十四五"时期，财政支出强度前所未有，助力新质生产力发展 全国财政科技支出增长34%(权威发布·高质量完成"十四五"规划) 9月12日，国务院新闻办举行"高质量完成'十四五'规划"系列主题新闻发布会，介绍"十四五"时期财政改 革发展成效。"十四五"以来，财政部门坚持稳中求进、改革创新，顶住风险挑战，拓展发展空间，国家 财政实力持续增强，效能不断提升。 地方财政实力稳步壮大 "'十五五'时期，我们将坚持以人民为中心，切实保障和改善民生，做到人民群众对美好生活的期盼在 哪里，财政资金就重点投向哪里；人民群众急难愁盼在哪里，财政政策就往哪里发力。"财政部部长蓝 佛安表示。 财政宏观调控更加积极有为 蓝佛安表示，"十四五"时期的财政宏观调控亮点，可以用4个"更加"概括： 支持更加给力——赤字率从2.7%提高到3.8%，今年进一步提高到4%；安排新增地方政府专项债券额度 19.4万亿元；新增减税降费及退税缓税缓费超10万亿元，财政政策空间进一步打开。工具更加丰富—— 综合运用政府债券、税收、财政贴息、专项资金等工具，强化与其他宏观政策协同，放大政策乘数效 应。发力更加精准——比如一次性安排6万亿元债务限额置换存量隐性债 ...

Core Viewpoint - The "14th Five-Year Plan" period has seen significant enhancements in China's fiscal strength and effectiveness, with fiscal policy playing a crucial role in national governance and economic stability [1][2]. Fiscal Strength and Revenue Growth - 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 or approximately 19% compared to the "13th Five-Year Plan" [2]. - Local fiscal strength has steadily grown, with 16 provinces projected to have fiscal revenue growth of over 20% compared to 2020, and 7 provinces exceeding 500 billion yuan, including 2 provinces surpassing 1 trillion yuan [2]. Expenditure and Structural Optimization - The total general public budget expenditure is projected to exceed 136 trillion yuan, an increase of 26 trillion yuan or 24% compared to the "13th Five-Year Plan" [2]. - The expenditure structure has been optimized, with more funds directed towards significant development and livelihood projects [2]. Macroeconomic Policy and Economic Growth - Fiscal policy has become more proactive and precise, supporting stable and healthy economic development [2][3]. - The average economic growth rate over the past four years has been 5.5%, contributing approximately 30% to global economic growth [3]. Social Welfare and Public Services - The general public budget has allocated 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 for social welfare [4]. - Over 70% of the general public budget expenditure has been directed towards social welfare, benefiting the populace directly [4]. Healthcare and Education Initiatives - The per capita financial subsidy for residents' medical insurance has increased from 580 yuan to 700 yuan, with rural and urban minimum living standards raised by approximately 20% [4][5]. - All compulsory education students are exempt from miscellaneous fees and receive free textbooks, with around 20 million economically disadvantaged students receiving living subsidies [5]. Domestic Demand Expansion Strategies - The Ministry of Finance has implemented a series of policies to stimulate domestic demand, including employment subsidies and support for consumption [6]. - Central fiscal employment support funds have reached 318.6 billion yuan, a 29% increase from the "13th Five-Year Plan," resulting in over 50 million new urban jobs [6]. Investment and Infrastructure Development - Over the past five years, 19.4 trillion yuan in local government special bonds have been allocated to support 150,000 construction projects [7]. - The Ministry of Finance plans to innovate fiscal and tax policy tools to stimulate consumption and expand effective investment, tapping into the vast potential of domestic demand [7].

Group 1 - The core viewpoint of the articles emphasizes the significant increase in public budget allocations for education, social security, health, and housing during the "14th Five-Year Plan" period, totaling nearly 100 trillion yuan in fiscal spending [1][2] - The central government's fiscal revenue is projected to reach 106 trillion yuan during the "14th Five-Year Plan," an increase of 17 trillion yuan compared to the previous five-year period, while total public budget expenditure is expected to exceed 136 trillion yuan, marking a 24% growth [2][3] - The fiscal policy has become more proactive and adaptable to economic conditions, with a focus on supporting stable economic growth, particularly during periods of economic downturn [2][3] Group 2 - Continuous tax reform efforts are being made to optimize resource allocation and enhance efficiency, including budget management and tax structure adjustments [3][4] - The government debt situation is under control, with a total debt of 92.6 trillion yuan, including various categories of debt, and a government debt ratio of 68.7%, indicating a reasonable level of risk [3] - Looking ahead to the "15th Five-Year Plan," the fiscal department aims to enhance macroeconomic regulation, deepen tax system reforms, and improve fiscal management to support high-quality economic development [4]

Core Insights - The Chinese government has made significant progress in fiscal reform and development during the "14th Five-Year Plan" period, enhancing national fiscal strength and efficiency [1][2]. Fiscal Strength and Public Budget - National general public budget revenue is expected to reach 106 trillion yuan, an increase of 17 trillion yuan or approximately 19% compared to the "13th Five-Year Plan" [2]. - Public budget expenditure is projected to exceed 136 trillion yuan, an increase of 26 trillion yuan or 24% compared to the previous plan [2]. - Over 70% of public budget expenditure is allocated to the livelihood sector, ensuring that modernization benefits all citizens [2]. Social Security and Public Services - The number of participants in basic pension insurance has surpassed 1.07 billion, and those in basic medical insurance has reached 1.327 billion [2]. - The scale of equalization transfer payments is set to grow from 1.9 trillion yuan in 2021 to 2.7 trillion yuan by 2025, with an average annual growth of 9.6% [3]. - Significant investments have been made in education and healthcare, with over 800 billion yuan allocated to enhance medical capabilities [3]. Macroeconomic Control - The fiscal deficit ratio has increased from 2.7% to 3.8%, with further increases planned [4]. - New local government special bond quotas amount to 19.4 trillion yuan, and tax reductions and refunds exceed 1 trillion yuan [4]. Employment and Economic Support - Central fiscal employment support funds have reached 318.6 billion yuan, a 29% increase from the previous plan, contributing to over 50 million new urban jobs [5]. - The government has allocated 4.2 trillion yuan to support consumption, leading to sales exceeding 2.9 trillion yuan [6]. Risk Management - The central government has arranged nearly 50 trillion yuan in transfer payments to local governments to stabilize fiscal operations [7]. - A legal debt management system has been established to address hidden debts, with a focus on reducing interest costs [7]. - By the end of 2024, total government debt is projected to be 92.6 trillion yuan, with a debt-to-GDP ratio of 68.7%, indicating manageable risk levels [7][8].

Core Viewpoint - The Chinese government is implementing a more proactive fiscal policy during the "14th Five-Year Plan" period, enhancing macroeconomic regulation to support stable economic growth [2][4][5]. Group 1: Fiscal Policy Characteristics - The fiscal macro-control during the "14th Five-Year Plan" is characterized by stronger efforts, a richer toolkit, more precise actions, and greater flexibility in timing [5]. - The average annual growth rate during the "14th Five-Year Plan" has been 5.5%, contributing approximately 30% to global economic growth [4]. Group 2: Economic Cycle Management - The goal of macroeconomic regulation is to smooth out economic cycles, preventing significant fluctuations that could waste resources and impact social welfare [3]. - Cross-cycle regulation is increasingly important to find new growth drivers for medium- to long-term development [3]. Group 3: Coordination of Policies - Fiscal policy and monetary policy must work in tandem to enhance the effectiveness of macroeconomic regulation [6]. - The issuance of 500 billion yuan in special government bonds is expected to leverage approximately 6 trillion yuan in credit [6]. Group 4: Fiscal Space and Debt Management - The fiscal deficit rate has increased from 2.7% to 4%, providing more room for fiscal policy [8]. - China's government debt-to-GDP ratio is projected to be 68.7% by the end of 2024, significantly lower than the G20 average of 118.2% and G7 average of 123.2% [8]. Group 5: Future Fiscal Policy Potential - There is considerable potential for further fiscal policy action, supported by a long-term positive economic trend and a large market [9]. - Ongoing reforms in fiscal management aim to enhance the efficiency of resource allocation and increase the fiscal capacity for macroeconomic regulation [9][10]. Group 6: International Coordination - Strengthening international macroeconomic policy coordination is essential to mitigate negative spillover effects from major economies [11]. - China's active participation in global economic governance and cooperation enhances the environment for domestic fiscal macro-control [11].

Core Insights - The article discusses the achievements and developments in fiscal reform during the "14th Five-Year Plan" period, highlighting the strengthening of national fiscal capacity and efficiency [1] Fiscal Strength and Growth - National general public budget revenue is expected to reach 106 trillion yuan, an increase of 17 trillion yuan or approximately 19% compared to the "13th Five-Year Plan" period [2] - By 2024, 16 provinces are projected to have fiscal revenue growth of over 20% compared to 2020, with 7 provinces exceeding 500 billion yuan, and 2 provinces surpassing 1 trillion yuan [2] - General public budget expenditure is expected to exceed 136 trillion yuan over five years, an increase of 26 trillion yuan or 24% compared to the previous period [2] Social Welfare and Public Services - Over 70% of national general public budget expenditure is allocated to social welfare, ensuring that modernization benefits all citizens [2] - Participation in basic pension insurance exceeds 1.07 billion people, and basic medical insurance covers 1.327 billion people [2] - The standard for resident medical insurance subsidies increased from 580 yuan to 700 yuan per person annually, with rural and urban minimum living standards raised by approximately 20% [2] Public Service Equity - The scale of equalization transfer payments is projected to grow from 1.9 trillion yuan in 2021 to 2.7 trillion yuan by 2025, averaging a 9.6% annual increase [3] - All administrative villages have access to hardened roads, with over 95% coverage for express delivery services and 94% for tap water [3] - Approximately 20 million economically disadvantaged students receive living subsidies, and 13 million children of migrant workers have access to education funding [3] Fiscal Policy and Economic Strategy - The fiscal macro-control has become more proactive, with the deficit rate increasing from 2.7% to 3.8%, and further to 4% this year [4] - New local government special bond quotas amount to 19.4 trillion yuan, with over 10 trillion yuan in tax reductions and refunds [4] - The government employs various tools, including bonds and tax incentives, to enhance policy effectiveness [4] Employment and Consumption Support - Central fiscal employment support funds amount to 318.6 billion yuan, a 29% increase from the previous period, contributing to over 50 million new urban jobs [5] - Approximately 4.2 trillion yuan has been allocated to support consumption through trade-in programs, boosting sales by over 2.9 trillion yuan [5] Innovation and R&D Investment - National fiscal spending on science and technology is expected to reach 5.5 trillion yuan, a 34% increase from the previous period [6] - Basic research funding has reached 730 billion yuan, with an annual growth rate of 12.3% [6] - R&D investment intensity is projected to rise from 2.41% at the end of the "13th Five-Year Plan" to 2.68% by 2024 [6] Risk Management and Debt Control - The central government has allocated nearly 50 trillion yuan for transfer payments to local governments, ensuring stable fiscal operations [7] - A legal debt management system has been established to address hidden debts, with a focus on reducing existing liabilities [7] - By the end of 2024, total government debt is projected to be 92.6 trillion yuan, with a debt-to-GDP ratio of 68.7%, indicating manageable risk levels [7] Financing Platform Reforms - Over 60% of financing platforms have exited, indicating significant progress in reducing hidden debts [8] - The government aims to establish a debt management mechanism aligned with high-quality development during the "15th Five-Year Plan" period [8]

Core Viewpoint - The news highlights the achievements and ongoing reforms in China's fiscal policy during the "14th Five-Year Plan" period, emphasizing the strengthening of fiscal capacity and the focus on improving public welfare and economic stability [1][2][4]. Fiscal Strength and Growth - National general public budget revenue is expected to reach 106 trillion yuan, an increase of 17 trillion yuan or approximately 19% compared to the "13th Five-Year Plan" period [2]. - By 2024, 16 provinces are projected to see fiscal revenue growth of over 20% compared to 2020, with seven provinces exceeding 500 billion yuan, and two surpassing 1 trillion yuan [2]. - General public budget expenditure is expected to exceed 136 trillion yuan over five years, an increase of 26 trillion yuan or 24% compared to the previous plan [2]. Social Welfare and Public Services - Over 70% of national general public budget expenditure is allocated to social welfare, ensuring that modernization benefits all citizens [2]. - Basic pension insurance coverage exceeds 1.07 billion people, and basic medical insurance covers 1.327 billion individuals [2]. - The standard for resident medical insurance subsidies has increased from 580 yuan to 700 yuan per person annually, with rural and urban minimum living standards raised by approximately 20% [2]. Public Service Equity - The scale of equalization transfer payments is projected to grow from 1.9 trillion yuan in 2021 to 2.7 trillion yuan by 2025, with an average annual growth of 9.6% [3]. - All administrative villages have access to paved roads, with over 95% coverage for express delivery services and 94% for tap water [3]. - Approximately 20 million economically disadvantaged students receive living subsidies, and 13 million children of migrant workers have access to education funding [3]. Fiscal Policy and Economic Strategy - The fiscal deficit rate has increased from 2.7% to 3.8%, with a further rise to 4% planned for this year [4]. - New local government special bond quotas amount to 19.4 trillion yuan, with over 10 trillion yuan in tax reductions and refunds [4]. - Central fiscal employment support has reached 318.6 billion yuan, a 29% increase from the previous plan, contributing to over 50 million new urban jobs [5]. Innovation and R&D Investment - National fiscal spending on science and technology is expected to reach 5.5 trillion yuan, a 34% increase from the previous plan [6]. - Basic research funding has totaled 730 billion yuan, with an annual growth rate of 12.3% [6]. - R&D investment intensity is projected to rise from 2.41% at the end of the "13th Five-Year Plan" to 2.68% by 2024 [6]. Risk Management and Debt Control - Central fiscal transfers to local governments are projected to approach 50 trillion yuan over five years, ensuring financial stability [7]. - A legal debt management system has been established to address hidden debts, with a focus on reducing existing liabilities [7]. - By the end of 2024, total government debt is expected to reach 92.6 trillion yuan, with a debt-to-GDP ratio of 68.7%, indicating manageable risk levels [7]. Financing Platform Reforms - Over 60% of financing platforms are expected to exit by mid-2025, indicating significant progress in reducing hidden debts [8]. - The government aims to establish a debt management mechanism aligned with high-quality development during the "15th Five-Year Plan" [8].