Group 1 - The training session for county-level finance directors in Shanxi Province aims to enhance fiscal management capabilities and address various financial issues [1][2] - Key topics discussed include fiscal scientific management, tax system reform, government debt risk prevention, and the importance of adhering to central regulations [1] - The training involves nearly 300 participants, including finance department heads from various counties and cities, and features policy interpretation and case studies [2] Group 2 - The training is structured in two phases: fiscal scientific management and special rectification of basic fiscal management work [2] - The session emphasizes the need for participants to engage in discussions and exchanges to clarify policies and identify problems [1][2] - The training aims to support high-quality development at the county level by improving fiscal management practices [1]

Core Viewpoint - The release of the "Opinions" document aims to enhance social welfare and improve people's livelihoods, thereby unlocking the endogenous potential of the economy and society [2][6]. Group 1: Social Welfare and Economic Stability - The "Opinions" emphasize the importance of increasing social welfare spending and improving social security benefits to stabilize social structures and encourage consumption, addressing the issue of insufficient effective demand in the economy [2][3]. - The focus on social welfare is expected to provide long-term endogenous momentum for economic growth by optimizing expenditure structures [2][6]. Group 2: Reform and Policy Implementation - The "Opinions" serve as a declaration for deepening reforms across various fields, necessitating a systematic transformation to address funding sources and inefficient fiscal expenditures [3][5]. - The implementation of social security measures, such as nationwide pension insurance coordination, aims to benefit over 300 million elderly individuals and enhance social security coverage [3][4]. Group 3: Public Service and Resource Allocation - To promote equal access to basic public services, it is essential to optimize existing service standards and establish clear fiscal responsibilities between central and local governments [4][6]. - The document highlights the need for a balanced approach to ensure that the supply and demand for basic public services, such as education and healthcare, are met without raising costs excessively [4][5]. Group 4: Financial and Market Reforms - The document calls for comprehensive reforms in public finance and state-owned enterprises to transform state capital into a support resource for public services, addressing funding shortages in social welfare [5][6]. - Accelerating fiscal reforms, including zero-based budgeting, is crucial to prioritize public welfare spending and improve the efficiency of limited fiscal resources [6].

Group 1 - The Ministry of Finance announced the legislative work plan for 2025, which includes the implementation of the Value-Added Tax (VAT) Law, modifications to the Budget Law, and revisions to the Asset Evaluation Law [1][2][3] - The VAT Law, which is set to take effect on January 1, 2026, will elevate the VAT from a temporary regulation to a formal law, maintaining the overall stability of the VAT system and tax burden [1] - The implementation regulations for the VAT Law are urgent to ensure its smooth execution, with the State Administration of Taxation indicating plans to expedite these regulations this year [1] Group 2 - The Budget Law is proposed for revision, but the likelihood of this occurring this year is low as it was not explicitly mentioned in the legislative plans [2] - The focus of the Budget Law revision will be on enhancing budget management, integrating fiscal resources, and improving transparency in fiscal operations [2] - The Asset Evaluation Law, originally implemented in 2016, is due for revision to address issues arising from economic development and regulatory changes, with the Ministry of Finance working on this [3] Group 3 - The legislative work plan also includes proposals for reviewing drafts of the Telecommunications Law, Consumption Tax Law, and amendments to the Tax Collection Management Law [4] - The National People's Congress plans to review projects including the Consumption Tax Law and modifications to the Certified Public Accountant Law [4]

财政部推进制定增值税法实施条例，修改预算法等。 6月6日，财政部公布2025年度立法工作安排，其中明确推进增值税法实施条例（制定）、预算法（修 改）、资产评估法（修改）、财政违法行为处罚处分条例（修改）等法律、行政法规起草工作。 增值税是中国第一大税种，去年底全国人大常委会通过了《中华人民共和国增值税法》，自2026年1月1 日起施行。增值税从现行的国务院暂行条例上升为法律，总体上保持增值税税制基本稳定、税负水平总 体不变，但也结合相关改革对制度进一步完善，规范增值税的征收和缴纳。 而为了让明年增值税法真正落地，增值税法实施条例制定迫在眉睫，今年国务院立法工作计划中明确要 预备制定增值税法实施条例。 同时，财政部积极配合做好列入十四届全国人大常委会立法规划、全国人大常委会和国务院2025年度立 法工作计划的项目的立法工作。 预算是财政的核心，此次财政部提出在今年修改预算法，而上一次预算法修订是在2018年底。不过今年 国务院立法工作计划和全国人大常委会立法工作计划都没有明确提及预算法修订，因此今年审议修订预 算法可能性极小。 尽管预算法修订内容官方尚未公开，但党的二十届三中全会部署深化财税体制改革中，三大任务 ...

Core Viewpoint - The construction of a unified national market is essential for strengthening domestic circulation and better integrating international circulation, with significant progress made at both national and local levels through policy improvements and practical measures [4][5][6]. Group 1: Achievements in Building a Unified National Market - A series of detailed policies have been introduced to provide actionable measures for the construction of a unified national market, including the issuance of the "Opinions on Accelerating the Construction of a Unified National Market" in March 2022 and the "Guidelines for the Construction of a Unified National Market (Trial)" set to be released by the end of 2024 [5]. - Key areas such as market access, fair competition, and investment promotion have seen continuous policy enhancements, including a reduction in the number of items in the "Negative List for Market Access (2025 Edition)" from 117 to 106, indicating a further relaxation of market access restrictions [5][6]. - Actions have been taken to eliminate market access barriers, with the establishment of a complete work loop for collecting, verifying, rectifying, and reporting issues related to improper interventions in the construction of a unified national market [6]. Group 2: Local Level Implementation - Local governments have improved regulations and foundational systems, such as the implementation of the "Zhejiang Province Fair Competition Review Measures" in April 2024, which is the first provincial-level regulation of its kind in the country [7]. - Regions have actively cleaned up policies that contradict the spirit of unified market construction, leading to the repeal and revision of several measures that hinder fair competition [7]. - Efforts to create a favorable business environment have been exemplified by Zhejiang's introduction of a monitoring index system for the business environment, which includes 300 specific indicators to reduce administrative intervention [7]. Group 3: Future Directions and Reforms - To address the complexities of economic circulation and local protectionism, reforms are needed to dismantle systemic barriers and enhance cooperation between central and local governments [9][10]. - Key reforms include optimizing the fiscal and tax system to reduce local protectionism, improving statistical accounting systems, and enhancing the evaluation and assessment of government performance [10]. - Local mechanisms should be innovated to facilitate regional economic integration, including the establishment of unified management mechanisms for land use and shared human resources [12].

Table_First|Table_Summary 华福证券 固定收益专题 2025 年 5 月 12 日 【华福固收】财税视角看县域经济 投资要点： 24 年县域社会消费增速高于全国，比重也有近三成，对全国的消 费拉动作用明显。县域消费更加具备活力，与城镇化、区域财力适当 下沉、区域内体制内职工就业与工资的相对稳定、网络普及消费观念 改变（个性化、悦己型）、供给端日益丰富和完善（包含电商下沉、 "最后一公里"的完善、《县域商业三年行动计划（2023—2025 年）》 政策）、大城市年轻人口回流、生育政策的改善、县域旅游热度提升等 密切相关。 政策端，如 23 年印发的《县域商业三年行动计划（2023—2025 年）》明确，到 2025 年，在全国打造 500 个左右的县域商业"领跑 县"，建设改造一批县级物流配送中心、乡镇商贸中心（大中型超市、 集贸市场）和农村新型便民商店。 观察近年各县及县级市税收及增速，近四年复合增速较高的县域 包括巴里坤哈萨克自治县、房县、枝江市、沙雅县、蒲县、西乌珠穆 沁旗、宜都市、达拉特旗、习水县、汾阳市、舞阳县、山阴县、应城 市、景宁畲族自治县、临颍县、中阳县等，税收增速高的县 ...

Core Viewpoint - The Central Committee of the Communist Party of China emphasizes the need for more proactive macro policies, particularly through an expansionary fiscal policy and moderately loose monetary policy to support economic recovery [1] Fiscal Policy Implementation - The fiscal expenditure scale for 2025 is set to reach 29.7 trillion yuan, an increase of 1.2 trillion yuan from the previous year, indicating a strong expansionary fiscal policy [1] - The fiscal deficit for 2025 is projected to be 5.66 trillion yuan, up by 1.6 trillion yuan, with a deficit rate target of around 4% [1] Government Debt and Financial Support - The new local government special debt limit for 2025 is set at 4.4 trillion yuan, an increase of 500 billion yuan, aimed at providing financial support for local debt management [2] - The issuance of ultra-long special bonds is planned at 1.3 trillion yuan, with 800 billion yuan allocated for major project support and 500 billion yuan for new policy implementation [2] Focus on Social Welfare and Consumption - Over 70% of fiscal spending will be directed towards social welfare, emphasizing the importance of investing in people [3] - Measures to increase disposable income for residents include raising pensions and healthcare subsidies, benefiting over 300 million people [4] Support for Key Sectors - Increased fiscal support for education, technology, green initiatives, and rural revitalization is planned, with a focus on enhancing productivity and sustainable development [5] - Central government science and technology spending is set to increase by 10% to 398.1 billion yuan, with a focus on basic research [5] Fiscal Management and Reform - The need for a scientific fiscal management system is highlighted, with an emphasis on improving efficiency and effectiveness in fund usage [9] - The implementation of zero-based budgeting reforms is encouraged to enhance budget efficiency and resource allocation [7][10] Legal and Standardized Management - Establishing a comprehensive legal framework for fiscal management is essential for modernizing the fiscal system [10] - Standardization in fiscal management practices is necessary to improve efficiency and address common issues [10]

文/ 财政部党组书记、部长 蓝佛安 中央经济工作会议明确提出，2 02 5年要实施更加积极的财政政策，持续 用力、更加给力，打好政策"组合拳"。持续用力，就是要做好政策衔接， 既让已出台的政策发挥最大效能，又及时出台新的有力度的政策，根据外 部影响程度动态调整，前后贯通、接续发力。更加给力，就是要用好用足 政策空间，加强超常规逆周期调节，提高宏观调控的前瞻性、针对性、有 效性，使政策力度更大、效果更好，各方面更有获得感。具体体现在五个 方面：一是提高财政赤字率，加大支出强度、加快支出进度。二是安排更 大规模政府债券，为稳增长、调结构提供更多支撑。三是大力优化支出结 构、强化精准投放，更加注重惠民生、促消费、增后劲。四是持续用力防 范化解重点领域风险，促进财政平稳运行、可持续发展。五是进一步增加 对地方转移支付，增强地方财力、兜牢"三保"底线。 一、迎难而上、积极作为，2024年财政工作取得新进展新成效，有力促进完成全年经济社会发展目标任 务 2024年是实现"十四五"规划目标任务的关键一年，外部压力加大、内部困难增多。以习近平同志为核心 的党中央沉着应变、综合施策，特别是三季度打破常规、果断出手，及时推出一揽 ...

Core Viewpoint - In 2025, China will implement a more proactive fiscal policy, with a focus on enhancing resource allocation and precise funding to support economic recovery and growth [1][5]. Group 1: Fiscal Policy Implementation - The Shandong Provincial Finance Department aims to deepen the implementation of a more proactive fiscal policy, emphasizing resource coordination and precise funding to provide solid fiscal support for economic recovery [2][3]. - The fiscal policy will prioritize improving people's livelihoods, promoting consumption, and enhancing economic resilience, linking these aspects to boost living standards and create new economic growth points [2][6]. Group 2: Investment in People's Livelihoods - Shandong will increase basic livelihood investment, ensuring that the proportion of livelihood expenditure remains stable at around 80% [2][7]. - The province will enhance fiscal regulation effectiveness and provide strong support for consumption, including expanding the scope of policies for trade-in programs for consumer goods [2][7]. Group 3: Economic Resilience and Investment - Shandong will focus on developing new productive forces by supporting education, technology innovation, and green low-carbon initiatives to stimulate internal economic dynamics [3][8]. - The province will also aim to expand effective investment by leveraging government investment to attract social investment and enhance the efficiency of special bonds [3][8]. Group 4: Fiscal Reform Initiatives - The Shandong Provincial Finance Department plans to deepen fiscal and tax reforms, launching a series of signature reform outcomes unique to Shandong [4][9]. - Key reforms will include improving the modern budgeting system, enhancing budget management, and increasing financial support for major strategic tasks and basic livelihoods [4][9].

南方财经全媒体集团全国两会报道组 作 者丨周潇枭 编 辑丨张星 3月5日，十四届全国人大三次会议开幕会举行，国务院总理李强作政府工作报告。 政府工作报告指出，2 0 2 5年经济增长预期目标为5%左右，既是稳就业、防风险、惠民生的需 要，也有经济增长潜力和有利条件支撑，并与中长期发展目标相衔接，突出迎难而上、奋发有 为的鲜明导向。 政府工作报告指出，要实施更加积极的财政政策，实施适度宽松的货币政策。政府工作报告还 对今年的重点工作进行部署，包括大力提振消费、提高投资效益，因地制宜发展新质生产力， 深入实施科教兴国战略，推动标志性改革举措加快落地，扩大高水平对外开放，有效防范化解 重点领域风险等。 完成5%左右的增长目标有哪些支撑条件？如何看待更加积极的财政政策和适度宽松的货币政 策组合？如何大力提振消费？如何提高投资效益？有哪些重点产业赛道值得关注？当前应推动 哪些重点改革事项落地？带着这些问题2 1世纪经济报道记者专访了中国宏观经济研究院院长 黄汉权。 黄汉权。资料图 以新质生产力为驱动的发展态势在逐步形成 《2 1世纪》 ：2 0 2 4年我国G D P规模接近1 3 5万亿元，同比增长5 %。如何看待中 ...