Core Viewpoint - The establishment of the AI Smart Review Platform in Xuzhou is set to enhance the zero-based budgeting reform 2.0, providing intelligent support for fiscal balance in key areas and promoting efficient budget management [1][2]. Group 1: AI Integration in Budget Management - Xuzhou's Finance Bureau has integrated AI technology into budget management, developing the "AI Smart Review Platform" to serve as a "smart engine" for zero-based budgeting reform [1]. - The platform captures key information such as project initiation basis, contracts, and personnel numbers, establishing a foundation of data for budget management [1]. Group 2: Optimization of Review Processes - The platform innovatively sets up an AI review parameter system with eight categories, where objective parameter scores account for 90%, allowing for quantifiable assessments of project necessity, importance, policy compliance, and execution [1][2]. - This approach aims to standardize evaluations and reduce discretionary space in budget reviews [1]. Group 3: Risk Prevention and Decision Support - The platform focuses on 15 critical areas, including personnel expenses and government procurement, using AI for in-depth audits and automatic alerts for any violations of standards or regulations [2]. - It offers comprehensive funding analysis and personalized reporting tools, enhancing decision-making efficiency for leadership [2]. Group 4: Future Development Plans - The Finance Bureau plans to explore more AI application scenarios, expanding the "AI+" initiative into broader and deeper areas of budget management, while continuously optimizing fiscal resource allocation [2].

Core Viewpoint - The article emphasizes the clarity of fiscal policy priorities for the second half of the year, focusing on the implementation of proactive fiscal measures to stabilize the economy and support employment, businesses, and market expectations [1][2]. Fiscal Policy Implementation - The government has introduced a more proactive fiscal policy, 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 [2]. - From January to May, 6.29 trillion yuan of national bonds were issued, a year-on-year increase of 38.5%, while local government bonds reached 1.98 trillion yuan, up 36.6% [2]. Support for Employment and Livelihood - The fiscal work will focus on enhancing support for employment and expanding social welfare, with significant budget allocations for social security, education, and healthcare [3]. - In the first five months, social security and employment expenditures amounted to approximately 2 trillion yuan, education spending was around 1.7 trillion yuan, and healthcare spending was about 0.9 trillion yuan [3]. Debt Management and Risk Prevention - The report highlights the importance of managing local debt risks and ensuring the "three guarantees" (basic livelihood, wages, and operations) are met [4][5]. - In the first five months, 1.63 trillion yuan of refinancing bonds were issued to replace hidden debts, achieving 81.5% of the annual limit of 2 trillion yuan [5]. Fiscal Reform and Management - The article discusses ongoing fiscal management pilot programs aimed at improving the efficiency and effectiveness of fiscal governance [6]. - Zero-based budgeting reforms are being implemented to enhance resource allocation efficiency, with plans to shift certain tax collection responsibilities to local governments [7]. Quality of Development - The report calls for a focus on the quality of development, with increased support for education and technology, and the promotion of traditional industry upgrades and new industry growth [7].

Core Viewpoint - The report outlines five key fiscal priorities for 2024, emphasizing the need for proactive fiscal policies to stabilize the economy and support employment, businesses, and market expectations [1][2]. Group 1: Fiscal Policy Implementation - The government plans to accelerate the issuance and utilization of ultra-long special bonds and special bonds to enhance fiscal support for economic recovery [1][2]. - In the first five months of the year, the issuance of national bonds reached 6.29 trillion yuan, a year-on-year increase of 38.5%, while local government bonds increased by 36.6% to 1.98 trillion yuan [2]. - The report indicates that 2.24 trillion yuan of new special bonds are still pending issuance for the year, with expectations for completion in the first three quarters [3]. Group 2: Social Welfare and Employment Support - The report emphasizes a strong focus on social welfare, with significant allocations for social security, education, and healthcare, amounting to approximately 2 trillion yuan, 1.7 trillion yuan, and 900 billion yuan respectively in the first five months [3]. - The government aims to enhance employment support and improve living standards through targeted subsidies and a robust social assistance system [3]. Group 3: Debt Management and Risk Prevention - The report highlights the importance of managing local debt risks and ensuring the "three guarantees" (basic livelihood, wages, and operational stability) are met [5][6]. - In the first five months, local governments issued 1.63 trillion yuan in refinancing bonds to replace hidden debts, achieving 81.5% of the annual target [6]. - The report calls for ongoing reforms in fiscal management and debt replacement strategies to enhance governance efficiency [6][7]. Group 4: Economic Development and Quality Improvement - The report stresses the need to improve development quality by supporting education and technology, and by utilizing special funds and tax incentives to foster traditional and emerging industries [7]. - It also emphasizes the importance of rural revitalization and new urbanization efforts to promote regional coordination and urban-rural integration [7].

Core Viewpoint - The report from the Finance and Economic Committee of the 14th National People's Congress emphasizes the need to deepen zero-based budgeting reforms to enhance the proportion of budgeted investments that are effectively allocated to projects and units [1] Group 1: Budgetary Practices - The report highlights the importance of organizing revenue collection in accordance with laws and regulations, explicitly prohibiting the collection of "excessive taxes and fees" [1] - It stresses adherence to the Budget Law, reinforcing budget constraints to ensure fiscal discipline [1] Group 2: Zero-Based Budgeting - The committee advocates for the deepening of zero-based budgeting reforms, aiming to improve the scientific and rational nature of budget preparation [1] - There is a focus on increasing the proportion of budgeted investments that are actually implemented in projects and units [1] Group 3: Budget Execution - The report calls for strict regulation of budget execution practices, including the management of reallocations and transfers between different budget categories [1]

Group 1 - The core viewpoint of the report emphasizes the need to deepen economic reforms in key areas and accelerate the implementation of significant reform measures [1] Group 2 - The report suggests advancing fiscal and tax system reforms, including the promotion of zero-based budgeting to break the "base" mindset and rigid spending patterns [1] - It recommends improving the transfer payment evaluation and adjustment mechanism and gradually expanding the scope of state-owned capital management budget preparation to enhance distribution accuracy [1] Group 3 - The report calls for the optimization of state-owned enterprise governance systems, urging state-owned enterprises to focus on their main businesses and accelerate the establishment of evaluation systems for fulfilling strategic missions [1] - It highlights the need to refine and strictly implement the "three major and one large" decision-making and execution mechanisms, with a focus on accountability for serious consequences resulting from violations [1]

Core Viewpoint - The 20th Central Committee of the Communist Party of China emphasizes the importance of deepening fiscal and tax system reforms, specifically through the implementation of zero-based budgeting reform [1][2] Group 1: Zero-Based Budgeting Concept - Zero-based budgeting starts from "zero" and does not consider previous budget arrangements, focusing on actual needs and prioritizing expenditures based on urgency and financial capacity [1] - This approach aims to break the dependency on previous budget baselines, allowing for a comprehensive reassessment of all budget items and prioritizing essential expenditures [1][2] Group 2: Rationale for Reform - Implementing zero-based budgeting reform is crucial for modernizing budget management and enhancing government governance capabilities [2] - The reform supports timely adjustments to revenue and expenditure structures, improving the effectiveness of fiscal policies in response to changing economic conditions [2][3] Group 3: Current Fiscal Context - In 2024, China's general public budget revenue is projected at 21,970.212 billion yuan, achieving 98.1% of the initial budget, with a year-on-year growth of 1.3% [3] - The fiscal environment is characterized by tight balance, necessitating the prioritization of limited resources for major strategic tasks and key livelihood projects through performance evaluation and prioritization [3] Group 4: Implementation Strategies - Enhancing budget coordination capabilities is essential, requiring a comprehensive approach that integrates various budget systems and revenue activities [4] - Strengthening top-level design and establishing cross-departmental collaboration mechanisms are critical to overcoming fragmentation and improving policy execution efficiency [4] - Developing a scientific and standardized budget performance management system is fundamental for achieving the goals of zero-based budgeting reform [4][5] - Continuous investment in professional talent and technical support is necessary to ensure the successful implementation of the reform [5]

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core View of the Report The current fiscal revenue and expenditure of local governments are in a tight - balance situation. The traditional "base + growth" budget model has drawbacks such as rigid fund allocation and resource waste. Zero - based budgeting, which focuses on actual needs and financial conditions, can improve the efficiency of fiscal resource allocation. The reform of zero - based budgeting is a gradual process, and it is expected to be gradually promoted across the country. The process is more important than the result, aiming to ensure rigid expenditures and support effective industrial development and upgrading [2][4]. 3. Summary According to the Directory 3.1 Zero - based Budget Reform Background - Local governments face a prominent contradiction between fiscal revenue and expenditure. In 2024, the national government - funded budget revenue was 6.209 trillion yuan, a 12.2% decrease from the previous year, and the state - owned land use right transfer revenue decreased by 16%. Compared with the peak in 2021, it has decreased by nearly 3.6 trillion yuan. The expenditure pressure comes from various aspects, such as the "Three Guarantees" and debt repayment [10]. - The traditional incremental budget management model cannot meet the new situation, and relevant policies have emphasized the use of zero - based budgeting concepts to break the rigid expenditure pattern [11]. - The Third Plenary Session of the 20th CPC Central Committee in 2024 proposed to deepen the zero - based budget reform as a core task of fiscal and tax system reform, and the 2025 Government Work Report supported local zero - based budget reform [12]. 3.2 Zero - based Budget Reform: Meaning, Progress, and Challenges 3.2.1 Meaning and Advantages - The traditional "base + growth" budget model has the advantage of improving budget management efficiency and stability, but it also has disadvantages such as rigid fund allocation and resource waste. Zero - based budgeting, on the other hand, considers actual needs and financial conditions, breaking the "base" concept and rigid expenditure pattern to improve resource allocation efficiency [29][30]. 3.2.2 Zero - based Budget Reform Progress and Current Situation: Preliminary Exploration - **Reform Progress Bar**: The concept of zero - based budgeting was proposed in the 1950s and was implemented in the United States in the 1970s. In China, some localities piloted it in 1993. In the current budget - tight context, the zero - based budget concept has returned to the reform agenda, with central guidance provided in 2021 and 2024 [35]. - **Provincial - level Reform**: Provinces such as Guangdong, Guizhou, Shaanxi, and Tianjin explored earlier, and Anhui, Jiangsu, and Guangxi have also carried out reforms in recent years. Different provinces have different focuses and intensities in reform [3][36]. - **City - and County - level Reform**: They refer to the provincial reform plans and combine local conditions. For example, Wuxi has formed a zero - based budget model through three - year reform practice [37]. - **Reform Case: Anhui** - **Anhui Zero - based Budget 1.0 Version**: In 2022, Anhui launched the reform, focusing on industries and technology. In 2023, it "squeezed" out over 800 million yuan of ineffective fiscal funds at the provincial level. The number of budget items decreased, and the general public budget expenditure at the provincial level decreased. The reform also led to changes in the structure of fiscal revenue and expenditure [43][44][47]. - **Anhui Zero - based Budget 2.0 Version**: In 2025, Anhui launched the 2.0 version, extending the reform to the county - level and to areas such as people's livelihood and public services, and promoting cost - based budget performance management [59][60]. 3.2.3 Comparison of Key Points of Zero - based Budget Reform Schemes in Different Provinces - **Reform of Budget Preparation Methods**: This includes project expenditure refinement, industry - specific reform directions, and the establishment of project sorting mechanisms. For example, Jiangsu requires project funds to be refined, and Anhui focuses on industries and technology first [64][66][67]. - **Strengthening Fiscal Resource Coordination**: Non - tax revenue does not determine budget expenditures, and special funds have clear management regulations. For example, Jiangsu implements the "two - line management" of non - tax revenue, and Anhui sets a maximum three - year execution period for special funds [68]. - **Deepening Supporting System Reforms**: For example, Hunan proposes to establish a system to reduce fiscal expenditure standards and promote project life - cycle management [69]. - **Standardizing Budget Management**: Hunan proposes not to link budget arrangements with certain revenue indicators and to strengthen the management of treasury temporary payments [70]. 3.2.4 Comparison of Reform Effects - Anhui significantly reduced ineffective policies and expenditures after the reform in 2022, and the general public budget expenditure at the provincial level decreased in 2023. - Guangxi reduced "Three Publics and Two Fees" and increased transfer payments to cities and counties [77][79]. 3.2.5 Challenges in Reform - High requirements for budget preparation personnel: Zero - based budgeting requires high - frequency evaluation of project rationality and life - cycle tracking, which is time - consuming and requires a large number of professional personnel [82]. - Reform resistance: It may change the original expenditure structure and face resistance from some groups [82]. - Lack of supporting measures: The reform requires the coordinated advancement of relevant laws, regulations, and information construction, but currently, the reform synergy is insufficient [82]. 3.3 Reform Outlook The zero - based budget reform is a gradual process, and it is expected to be gradually promoted across the country. Different regions will have different progress based on their economic and political environments. The reform should be carried out incrementally, starting with strict approval of new projects and performance evaluation of existing projects [4][85].

Core Viewpoint - The Jiangsu Provincial People's Congress is reviewing the performance of the fiscal science and technology special funds for 2024, highlighting both progress and areas needing improvement in funding allocation and effectiveness [1][2]. Funding Allocation and Performance - Jiangsu's fiscal science and technology special funds have seen increased investment, with a notable rise in basic research funding from 3.077 billion yuan in 2022 to 6.724 billion yuan in 2024, marking a doubling in short-term investment [2][3]. - The basic research funding proportion in Jiangsu is 4.94%, significantly lower than Shanghai's 10.56%, despite similar total R&D expenditures [2]. Evaluation and Management - The provincial government is developing a performance evaluation system for laboratories, focusing on macro, meso, and micro indicators to assess the effectiveness of funding and research outcomes [3]. - A comprehensive performance management system is being implemented to address issues such as slow project progress and improper fund usage, with a focus on contract management and monitoring of project milestones [4][5]. Audit Findings and Rectification - Recent audits have identified 23 areas for improvement in the management and use of science and technology special funds, leading to the establishment of a task list for rectification [7][8]. - All identified issues have been addressed as of June 30, 2023, resulting in optimized funding allocation and improved project management processes [8].

【点评】 实际工作中，多数地方和部门的预算编制按照以上一年支出为基数、适当考虑一定增长比例的方式分配 资金。零基预算，是以"零"为起点，不考虑以往预算安排基数，不参照过去的预算项目和收支水平，重 新审视各项支出的必要性、成本效益、开支标准及优先级，在综合平衡的基础上进行预算编制。 传统模式虽简便易行，但容易造成支出固化僵化、"为花钱而花钱"等问题，不利于优化支出结构、提高 财政使用效益，一定程度上影响预算平衡、资源统筹和财政可持续。而零基预算更多从实际需要、财力 状况、事项轻重缓急出发，能更灵活应对内外环境的变化，更贴近预算年度真实经济活动需要。深化零 基预算改革有助于加强预算控制、提升资金配置效率和使用效益，为经济社会发展提供更充足的"血 氧"。 【现象】今年的《政府工作报告》提出，"开展中央部门零基预算改革试点，支持地方深化零基预算改 革"。多地出台方案、加快探索步伐：江西从编制2025年预算起，对到期的阶段性项目、与基本支出高 度重叠的日常运转类项目等，原则上全面清理退出；广东广州制定市本级行政事业单位国有资产共享共 用试行办法，将低效、闲置、超配资产调剂共享，进一步降低机关运行成本；江苏南京对政府投资 ...

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