牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限 量发放！先到先得！ 财政部部长蓝佛安9月12日在国新办举行的"高质量完成'十四五'规划"系列主题新闻发布会上表 示， 财政政策统筹考虑防风险和促发展，始终留有后手，未来财政政策发力空间依然充足。 "下一步，财政部门将继续保持政策连续性稳定性，增强灵活性预见性，加强对形势的前瞻研判， 做好政策储备，主动靠前发力，为经济社会高质量发展贡献财政力量。" 蓝佛安 说。 全国一般公共预算支出 五年预计超过136万亿元 谈及"十四五"时期财政事业的发展成就，蓝佛安介绍，国家财政实力大大增强，集中财力办成许多 大事要事。 一方面，收入"蛋糕"越来越大 。"十四五"时期，全国一般公共预算收入预计达到106万亿元， 比"十三五"时期增加17万亿元，增长约19%。地方财政实力稳步壮大，从2024年数据看，16个省 份财政收入比2020年增长20%以上；7个省份超5000亿元，其中2个省份超1万亿元。 另一方面，支出强度前所未有 。全国一般公共预算支出五年预计超过136万亿元，比"十三五"时期 增加26万亿元，增长24%。同时，结构不断优化 ...

财政部部长蓝佛安9月12日在国新办举行的"高质量完成'十四五'规划"系列主题新闻发布会上表示，财 政政策统筹考虑防风险和促发展，始终留有后手，未来财政政策发力空间依然充足。 "下一步，财政部门将继续保持政策连续性稳定性，增强灵活性预见性，加强对形势的前瞻研判，做好 政策储备，主动靠前发力，为经济社会高质量发展贡献财政力量。"蓝佛安说。 全国一般公共预算支出 五年预计超过136万亿元 谈及"十四五"时期财政事业的发展成就，蓝佛安介绍，国家财政实力大大增强，集中财力办成许多大事 要事。 一方面，收入"蛋糕"越来越大。"十四五"时期，全国一般公共预算收入预计达到106万亿元，比"十三 五"时期增加17万亿元，增长约19%。地方财政实力稳步壮大，从2024年数据看，16个省份财政收入比 2020年增长20%以上；7个省份超5000亿元，其中2个省份超1万亿元。 另一方面，支出强度前所未有。全国一般公共预算支出五年预计超过136万亿元，比"十三五"时期增加 26万亿元，增长24%。同时，结构不断优化，更多"真金白银"投向了发展大事和民生实事。 "国家财政的民生导向更加鲜明，中国式现代化建设成果更多更公平惠及全体人民。" ...

财政部副部长廖岷在国新办"高质量完成'十四五'规划"系列主题新闻发布会上表示，党的二十届三中全 会对深化财税体制改革作出明确部署，财政部也已经制定了实施方案，还有分年度的工作计划，正在抓 紧推进。下一步根据形势的变化，会条件成熟一项，推出一项。（智通财经） 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 ...

8月25日，市九届人大常委会召开第二十五次会议，市人大常委会党组书记、主任李健主持会议。 会议听取和审议了市政府关于提请审议《镇江市南朝陵墓石刻保护条例（草案）》的议案，认为 《条例（草案）》具体内容和条款设置立足镇江实际、总体比较成熟，建议进一步修改完善。 会议表决通过了《镇江市城乡网格化社会治理条例》，同意进一步修改完善后报请省人大常委会批 准颁布实施；表决通过了《镇江市五级人大代表统一接待选民办法》。 会议审议了市政府关于2025年上半年国民经济和社会发展计划执行情况的书面报告。就做好下半年 工作，会议要求，紧抓项目招引建设、推动产业转型升级，加快培育新质生产力；全面对接重大战略、 用好用足宏观政策，充分释放内需潜力；扎实推进民生改善、防范化解风险隐患，确保社会大局和谐稳 定。 会议传达了习近平总书记近期重要讲话和中央重要会议精神，要求深刻领会习近平总书记重要讲话 精神，切实把思想和行动统一到党中央决策部署上来，主动服务中心大局，充分发挥立法保障、监督推 动和代表聚力作用，助力完成全年经济社会发展目标任务、实现"十四五"圆满收官。 会议听取和审议了市监委关于全市监察机关整治群众身边不正之风和腐败问题工作 ...

Group 1 - The core viewpoint highlights the challenges and opportunities for China's economy during the "14th Five-Year Plan" period, emphasizing the shift from high-speed growth to high-quality development and the need to address demand insufficiency [5][6][9] - The external environment is characterized by intensified trade friction with the U.S., which has escalated into a comprehensive confrontation affecting China's external demand and supply chains [4][6] - Internally, China faces structural issues such as aging population and insufficient demand, necessitating reforms in consumption and investment structures to stimulate economic growth [6][8] Group 2 - The economic growth rate during the "14th Five-Year Plan" is projected to be in the range of 4.5% to 5%, with a focus on balancing nominal and actual growth rates [6][10] - Key challenges include ongoing trade tensions, demographic shifts leading to labor shortages, and local government debt issues that require systemic reforms [6][11] - Opportunities arise from strengthening non-U.S. trade alliances, leveraging the potential of a unified domestic market, and fostering human capital and technological innovation [7][9] Group 3 - The planning and reform strategies for the "14th Five-Year Plan" should focus on balancing supply and demand, optimizing investment and consumption, and enhancing the relationship between manufacturing and service sectors [8][9] - Macro-control systems need to transition to prioritize nominal growth and adjust fiscal and monetary policies accordingly [10][13] - Structural reforms should aim to improve income distribution, accelerate urbanization, and enhance the fiscal system to support consumption and economic balance [11][12][13] Group 4 - The development of high-quality services in sectors such as healthcare, tourism, and elder care is essential to meet the growing demand for quality services [16] - Encouraging private sector participation and reducing market entry barriers will be crucial for service industry growth [16] - Strengthening regulatory frameworks to protect consumer rights and promote new service consumption models will enhance market stability and growth [16]

Core Viewpoint - The current fiscal and tax system in China faces significant challenges, necessitating deeper structural reforms to enhance public service provision and promote social equity [1] Group 1: Challenges in the Fiscal System - The total growth of fiscal revenue is slowing, with the projected national general public budget revenue for 2024 at 22 trillion yuan, reflecting a year-on-year increase of only 1.3% [1] - The proportion of indirect taxes, such as value-added tax and consumption tax, is high, while the share of direct taxes is low, indicating a need for further optimization of the tax structure [1] - The low proportion of personal income tax revenue compared to the high proportion of corporate income tax revenue is unfavorable for improving income distribution and boosting consumption [1] Group 2: Recommendations for Reform - Enhance tax capacity by maintaining an appropriate tax-to-GDP ratio, expanding the tax base while keeping tax rates reasonable, and increasing public awareness of tax obligations [2] - Centralize social security coordination, clarify the fiscal responsibilities between central and local governments, and consider establishing "public service personal accounts" for direct access to services [2] - Expand the scale of government debt and increase the deficit ratio, issuing more national bonds to develop a comprehensive national bond yield curve and stimulate the financial market [2] - Align fiscal reforms with other structural reforms, including land property rights and household registration system reforms [3]

Core Viewpoint - The pressure on county-level finance is not only due to the overall financial volume but also stems from structural pressures that require reform in the fiscal and tax system, particularly in matching financial authority with expenditure responsibilities [1][6]. Summary by Sections Daily Operations of County Finance - The daily routine of a county finance officer involves managing numerous requests for funding from local enterprises and ensuring timely disbursement of funds [2][3][4]. - A significant portion of the officer's work is dedicated to raising funds and repaying debts, with limited resources available for other fiscal responsibilities [4][10]. Financial Responsibilities and Challenges - County-level finance is under increasing pressure due to rising expenditure responsibilities, particularly in areas like social security and public service projects, which often lack corresponding funding from higher levels of government [5][14]. - In 2025, the monthly rigid expenditure for the county is approximately 800 million yuan, while the actual monthly income is only about 100 million yuan, leading to a significant financial gap [14]. Structural Issues in Fiscal Management - The mismatch between financial authority and expenditure responsibilities is a critical issue that needs urgent reform to alleviate the financial strain on local governments [6][17]. - Many local governments face challenges in managing special funds and debts, often resorting to reallocating funds from other projects to meet immediate financial obligations [14][16]. Reform Needs - There is a pressing need for reforms that align local government responsibilities with adequate financial resources, as many debts arise from mandated projects without sufficient funding [17]. - The current fiscal challenges cannot be resolved solely by local governments and require higher-level reforms, particularly in clarifying expenditure responsibilities and improving the financial relationship between central and local governments [17].

Core Viewpoint - The audit reports from 17 provinces reveal significant issues in the management and usage of special bonds, despite their effectiveness in stabilizing investment and the economy. The problems include data inaccuracies, project delays, and underperformance in expected returns, which pose potential risks to local governments' ability to repay interest on these bonds [1][2][4]. Special Bond Issues Overview - The issuance of special bonds has been increasing, with an expected issuance of 4.4 trillion yuan this year. As of June, the total local government special bond debt reached approximately 34.8 trillion yuan, accounting for about 67% of total local debt [1]. - Audit reports highlight that some local governments have exaggerated project benefits to secure special bond funding, leading to mismanagement and inefficiencies [2][3]. Project Management Challenges - Many special bond projects are experiencing slow progress or have been halted, resulting in potential economic losses. For instance, in Sichuan, 10 projects were either not started or had been halted, with total investments of 150.8 billion yuan, of which 133.01 billion yuan were from bond funds [3]. - In Hebei, three projects were terminated due to inadequate land conditions, leading to a loss of 14.5 million yuan in upfront costs [3]. Monitoring and Data Integrity Issues - The special bond monitoring system is found to be flawed, with discrepancies between reported and actual expenditures. This hampers the ability of financial authorities to conduct comprehensive risk monitoring [4]. Root Causes of Problems - Local governments often lack the necessary project management capabilities and risk assessment skills, leading to inflated project proposals and unrealistic revenue expectations [7][8]. - The decreasing number of public welfare projects that can cover interest payments has contributed to the issue of overstated project benefits [8]. Policy Responses and Recommendations - The State Council has introduced measures to optimize the management of special bonds, including a "negative list" approach to broaden the scope of eligible projects and allow for more flexible funding arrangements [9]. - Recommendations include enhancing project feasibility assessments, involving financial institutions in preliminary evaluations, and shifting from a "funding for projects" to a "project-driven funding" approach to ensure effective allocation of resources [10][11].

Core Insights - The use of special bonds by local governments has shown significant effects on stabilizing investment and the economy, but issues in fund management and project oversight have been highlighted by recent audits [1][2][3] Group 1: Issues Identified - Recent audits from 17 provinces revealed problems in the management and use of special bond funds, including data inaccuracies in monitoring systems that hinder risk control [1][2] - Some local governments have exaggerated project benefits during the application process, leading to slow project progress or even project halts, resulting in idle funds [1][3] - There are instances of fund misappropriation, with some localities using special bond funds for unrelated expenditures, such as repaying loans or covering operational costs [4][5] Group 2: Financial Context - The scale of special bond issuance has been increasing, with an expected issuance of 4.4 trillion yuan this year, and the total local government special debt reaching approximately 34.8 trillion yuan by mid-year [2] - The reliance on special bonds as a financing tool has grown, especially during economic downturns, but the management capabilities of local governments have not kept pace with the rapid expansion of debt [2][8] Group 3: Underlying Causes - The lack of rigorous project evaluation and risk assessment has led to inflated project claims, with local governments often rushing to secure funding without thorough feasibility studies [8][9] - The mismatch between project financing and actual revenue generation has been a persistent issue, with many projects failing to meet expected returns [9][10] Group 4: Regulatory Responses - The State Council has initiated measures to address these issues, including the introduction of a "negative list" management model for special bond projects to enhance flexibility in fund allocation [12][13] - Recommendations for improving project evaluation processes include involving financial institutions in assessments and ensuring that revenue projections are realistic [13][14] Group 5: Future Directions - There is a call for deeper fiscal reforms to clarify the role of special bonds, ensuring they are used specifically for projects that can generate sufficient returns to cover debt obligations [15]

Group 1 - The core viewpoint of the news is that over the past decade, China's fiscal and tax reforms have significantly strengthened the country's financial capabilities, with substantial reductions in tax burdens and an increase in the number of market entities [1][2][3] - The total tax reductions and fee cuts over the past ten years amount to 8.8 trillion yuan, with the number of newly registered tax-related market entities exceeding 90 million [1][2] - From 2012 to 2021, the national general public budget revenue increased from 11.73 trillion yuan to 20.25 trillion yuan, with a total of 163.05 trillion yuan accumulated over the decade, reflecting an average annual growth rate of 6.9% [1][2] Group 2 - The national general public budget expenditure grew from 12.6 trillion yuan in 2012 to 24.63 trillion yuan in 2021, totaling 193.64 trillion yuan over ten years, with an average annual growth rate of 8.5% [1][2] - The macroeconomic regulation of fiscal policy has been continuously improved, with active fiscal policies implemented from 2012 to 2021, effectively reducing economic cycle fluctuations and supporting high-quality economic development [2][3] - The number of general VAT taxpayers increased from 5.44 million at the end of 2015 to 12.38 million by the end of 2021, indicating a sustained effect of stimulating market vitality through tax reductions [2]