Core Points - The Hunan Provincial Government has approved the "Hunan Province Directly Managed Land Asset Disposal Measures," marking a new phase in the standardized and systematic management of land asset disposal in Hunan [1][2] - The implementation of these measures aims to transform "sleeping" land resources into active development assets, contributing to the provincial fiscal revenue and supporting key projects [1] Group 1 - The new measures have led to the development of customized disposal plans for 208 batches and 190 units, resulting in the activation of 27,000 acres of land and a demonstrated asset value exceeding 23.3 billion yuan, generating 3.56 billion yuan for provincial finances [1] - The previous land disposal policies were fragmented and ineffective, necessitating a comprehensive regulatory framework to clarify responsibilities and streamline procedures [1][2] Group 2 - The measures establish six disposal methods, including retention allocation, transfer, capital contribution, leasing, recovery, and a five-year transition policy, providing a clear "policy toolbox" for enterprises and institutions [2] - The new framework supports state-owned enterprises in revitalizing land assets through capital contributions and allows eligible projects to benefit from a five-year transition policy, enhancing operational flexibility [2] - An online management loop has been created to improve approval efficiency and service effectiveness, encompassing the entire process from application to implementation [2]

Group 1 - The eighth Zhang Peigang Development Economics Young Scholar Award was presented to three young scholars: Ding Haoyuan from Shanghai University of Finance and Economics, Liu Xiaoguang from Renmin University of China, and Zhou Zhen from Tsinghua University [1] - The event included a forum focused on "High-Quality Economic Development Facing the 14th Five-Year Plan," aiming to gather academic consensus and expand research perspectives on major issues in China's modernization process [3] - The forum emphasized the importance of the 14th Five-Year Plan as a critical phase for China's modernization, encouraging discussions on new productive forces and regional economic collaboration [3] Group 2 - The Zhang Peigang Development Economics Research Foundation aims to support young scholars and contribute to the study of development economics, particularly in the context of new technological changes and international rule transformations [3] - A series of forums were held to discuss "High-Quality Economic Development Facing the 14th Five-Year Plan," with a focus on rural revitalization and common prosperity [4] - The discussions aimed to explore new paths for rural development within the framework of China's modernization process [4]

中证报中证网讯(记者赵中昊)日前，长城国瑞证券研究所发布研报表示，9月22日的国新办发布会集中 展示了五年来金融领域的改革与发展成就，其中资本市场作为资源配置的重要平台，实现了规模与结构 的双重飞跃——A股总市值突破百万亿元、直接融资比重显著提升、新上市科技企业占比超九成，标志 着资本市场正从高速增长迈向高质量发展新阶段。 长城国瑞证券表示，从制度层面来看，以新证券法实施为标志，资本市场迎来制度变革，期货和衍生品 法、私募监管条例等关键法规补齐短板，新"国九条"及60余项配套规则进一步夯实了市场运行的制度基 础。注册制改革全面落地并持续深化，科创板、创业板差异化定位更加清晰，北交所助力创新型中小企 业融资，多层次市场体系日趋完善。同时，对外开放迈向纵深，外资机构持股比例限制全面取消，互联 互通机制持续优化，境外上市备案制落地，中国资本市场的国际吸引力和制度型开放水平显著提升。 从服务实体经济的角度来看，五年来交易所市场股债融资规模达57.5万亿元，直接融资比重较"十三 五"末提升2.8个百分点至31.6%，市场韧性明显增强。更引人注目的是结构优化：新上市企业中科技型 企业占比超90%，科技板块市值占比突破25 ...

Group 1 - The core viewpoint of the news is the progress report on the rectification of the China Securities Regulatory Commission (CSRC) following the third round of inspections by the Central Committee, emphasizing the implementation of new policies and the commitment to high-quality development [1] - The CSRC is focused on enhancing risk management, regulatory enforcement, and supporting technological innovation and new productive forces, leading to positive changes in market structure and ecology [1] - The CSRC will continue to strengthen its rectification efforts with a commitment to long-term improvement and effective supervision of the rectification process [1] Group 2 - The CSRC emphasizes the importance of the Party's leadership in the capital market, ensuring that policies and regulations align with the directives from the central government [2] - The commission is accelerating the implementation of comprehensive capital market reforms, particularly in the Sci-Tech Innovation Board, Growth Enterprise Market, and the Beijing Stock Exchange [2] - The focus is on enhancing the attractiveness and competitiveness of China's capital market through institutional reforms and the development of a multi-level bond market [2] Group 3 - The CSRC aims to improve risk resolution and regulatory enforcement capabilities, promoting the entry of long-term funds into the market and enhancing the regulatory framework for listed companies [3] - There is a commitment to strict enforcement of laws and regulations, improving the detection of violations, and establishing a comprehensive regulatory system [3] - The CSRC plans to introduce more measures to protect investors' rights and interests [3] Group 4 - The CSRC is dedicated to establishing a long-term mechanism for inspection rectification, ensuring that standards remain high and responsibilities are clearly defined [4] - The commission will regularly assess the effectiveness of completed rectification tasks and maintain focus on long-term issues that require ongoing attention [4] - There is a commitment to guiding and overseeing the rectification efforts of various market entities, including stock exchanges [4]

9月22日，中共上海证券交易所委员会发布关于二十届中央第三轮巡视整改进展情况的通报。通报称， 经过集中整改，上交所党委巡视整改工作取得阶段性成效。下一步，上交所党委将坚持标准不变、力度 不变、"一把手"负责不变，扎实推进巡视整改常态化长效化。 具体来看，上交所党委将强化党委"把方向、管大局、保落实"领导作用，走好中国特色金融发展之路； 一体推进防风险、强监管、促高质量发展工作，做好金融"五篇大文章"，更大力度推动中长期资金入 市，持续稳定和活跃资本市场，更好服务新质生产力发展和广大投资者；坚持从严监管、科学监管，既 抓早抓小抓苗头，更打大打恶打重点，努力做到严而有度、严而有方、严而有效。 同时，上交所党委还将进一步全面深化改革，以深化资本市场投融资综合改革为牵引，以深入推进"提 质增效重回报"行动、加强指数化投资生态建设为抓手，健全市场内在稳定性长效机制；发挥好科创板 改革"试验田"作用，落实好进一步全面深化科创板改革各项改革措施，进一步推动"科创板八条""并购 六条"创新性示范性案例落地；稳步拓展互联互通，丰富跨境投融资产品，推进高水平对外开放。 (张淑贤) ...

Core Viewpoint - The article discusses the progress of the third round of inspections by the Central Committee and the subsequent reforms in China's capital market, emphasizing the need for continuous improvement and the establishment of a robust regulatory framework to enhance market stability and investor protection [2][3][4][6]. Group 1: Regulatory Reforms - The China Securities Regulatory Commission (CSRC) aims to deepen reforms in the Sci-Tech Innovation Board, ChiNext, and the Beijing Stock Exchange, focusing on improving the issuance and listing mechanisms to cultivate patient capital [3]. - The CSRC emphasizes the importance of adhering to the Party's leadership in capital markets, ensuring that policies and regulations align with the central government's directives [3][4]. - The CSRC plans to enhance risk resolution and regulatory enforcement capabilities, promoting the entry of long-term funds into the market and improving the legal framework for listed companies [4][6]. Group 2: Market Stability and Investor Protection - The Shanghai Stock Exchange (SSE) is committed to increasing the inflow of medium- and long-term funds to stabilize and activate the capital market, thereby better serving the development of new productive forces [6][9]. - The Shenzhen Stock Exchange (SZSE) aims to develop equity funds and streamline channels for medium- and long-term capital to enter the market, supporting the growth of quality technology innovation enterprises [10][11]. - Both exchanges are focused on enhancing risk monitoring and prevention capabilities to maintain market stability and protect investors' rights [12][13]. Group 3: Party Leadership and Governance - The article highlights the necessity of strengthening the Party's comprehensive leadership over capital market operations, ensuring that political guidance is integrated into all aspects of market regulation and governance [11][12]. - There is a strong emphasis on maintaining a culture of integrity and accountability within the regulatory bodies, with ongoing efforts to combat corruption and improve the governance framework [4][6][13]. - The exchanges are tasked with fostering a loyal, clean, and responsible cadre of talent, focusing on practical performance and effective management [13].

Core Viewpoint - The National Taxation Administration of China has announced progress on the third round of inspections, emphasizing the need for rectification in tax-related issues concerning investment attraction and enhancing regulation of emerging tax sources [1] Group 1: Taxation and Regulation - The administration aims to address violations in tax-related issues linked to investment attraction [1] - There is a focus on strengthening regulation of the platform economy and other emerging tax sources [1] - The administration is committed to advancing the revision of tax collection laws and standardizing tax incentive policies [1] Group 2: Economic Development Support - The initiatives are designed to support the construction of a unified national market and accelerate the development of new productive forces [1] - The measures are also aimed at promoting high-level opening up to the outside world, thereby better serving the overall economic and social development [1]

Group 1 - The core viewpoint emphasizes the need for greater efforts to promote medium- and long-term capital inflows to stabilize and activate the capital market [1] - The Shanghai Stock Exchange will strictly adhere to central requirements and maintain a consistent approach in its oversight and regulatory practices [1] - The focus will be on risk prevention, strong regulation, and promoting high-quality development within the financial sector [1] Group 2 - The report highlights the importance of deepening comprehensive reforms in the capital market, particularly through investment and financing reforms [2] - It aims to enhance the stability of the market by implementing measures that promote quality improvement and efficiency [2] - The report also mentions the role of the Sci-Tech Innovation Board as a testing ground for reforms and the need to expand cross-border investment products [2]

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 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].