2025年6月19日，财政部召开2026年中央部门预算编制工作动员会，总结过去一年部门预算管理工作进 展，部署2026年中央部门预算编制工作。财政部党组成员、副部长宋其超同志出席会议并作动员讲话。 外交部、民政部、自然资源部、生态环境部财务部门负责同志作了交流发言。全国人大常委会预算工 委、审计署有关同志应邀出席会议。各中央预算单位财务部门、财政部相关司局负责同志参加会议。 财政部召开2026年中央部门预算编制工作动员会 ...

在有关美联储货币政策举行的"专场"国会听证会首日，美联储主席鲍威尔并未置评7月下次联储会议降息的可能性，重申需要看到更多数据判断高关税会怎样影 响通胀，指出因为预期关税会推升通胀，所以美联储至今暂停降息， 不过，他不排除关税对通胀的影响可能没有预期大，不排除提前降息的可能。 美东时间6月24日周二，在众议院金融服务委员会听证会的问答环节，有议员问到上周五美联储理事沃勒提及7月降息的可能性，鲍威尔称， "很多路径都有可 能"。 他表示，可能会看到通胀不如预料的那样强劲，通胀下行和劳动力市场疲软可能意味着美联储提前降息。 鲍威尔后称，数据表明，至少某些行业的关税将冲击到美国消费者。他说，在6月和7月数据中，"我们认为我们应该开始看到"关税对通胀的影响。"如果没有， 我们将从中吸取教训。" 鲍威尔表示， 美联储对"关税造成（通胀）影响程度将更低"这种看法持"完全开放的"态度 。如果关税对消费者价格的影响低于联储的预期，那将对联储的货 币政策产生实质性影响。 此后，鲍威尔重申， 他预计关税将在6月、7月和8月期间对价格产生显著影响。 如果没有看到影响，那会带来教训。 "我们只有亲眼看到才能知道，但我认为 我们会边走边 ...

Core Viewpoint - The article discusses the ongoing crisis in Japan's bond market, drawing parallels to historical fiscal challenges faced by the country, particularly from 1975 to 2000, as analyzed in the book "Japan's Fiscal Crisis: Efforts to Escape the Crisis through Systemic Mechanism Reform (1975-2000)" [4][8]. Group 1: Historical Context and Current Crisis - The recent auction of Japan's 40-year bonds ended poorly, with a bid-to-cover ratio dropping to 2.21, the lowest in 11 months, amid rising long-term bond yields [4]. - The current turmoil in Japan's bond market is linked to historical fiscal issues, suggesting a cyclical nature of the crisis [4][8]. - The book provides insights into Japan's fiscal crisis from 1975 to 2000, highlighting structural flaws in the budget system that are relevant to understanding today's challenges [4][8]. Group 2: Monetary Policy and Fiscal Mechanisms - The Bank of Japan's quantitative easing (QE) policy, initiated in the early 2000s, evolved from the Fiscal Investment and Loan Program (FILP) established in the 1970s, which aimed to support public sector financing [5][6]. - As of December 2022, the Bank of Japan held 52% of the national debt, indicating a non-market approach to maintaining debt circulation, which has led to market instability following a reduction in bond purchases [6][10]. Group 3: Structural Issues and Spending Patterns - Japan's reliance on public works spending has shifted to social security expenditures, with social security spending constituting 35% of the fiscal budget in 2023, reflecting a new rigid spending trap [7][8]. - The historical pattern of "public works state" has transformed into a "social security dependency," perpetuating the relationship between interest groups and bureaucratic systems [7][8]. Group 4: Political Dynamics and Reform Challenges - The political landscape in Japan is characterized by policy rigidity and entrenched interests, making structural reforms difficult despite repeated attempts by the government [11][12]. - The lack of political consensus on fiscal reforms, as evidenced by stalled negotiations on income tax thresholds, mirrors the challenges faced in the 1990s [11][12]. Group 5: Lessons and Implications for Global Policy - The unique aspects of Japan's fiscal crisis, including policy rigidity and entrenched interests, offer lessons for global policymakers, emphasizing the need for structural reforms alongside fiscal expansion [12][13]. - Effective budget constraints and breaking the cycle of bureaucratic and political entrenchment are essential for achieving sustainable fiscal recovery [12][13].

当地时间24日，德国政府内阁批准了2025年财政预算草案和2026年财政预算框架。 新预算案聚焦增加投资刺激德国经济增长 2023年和2024年，德国经济已经连续两年陷入负增长。24日内阁批准的新的财政预算草案的核心内容是 增加投资，促进德国经济重新回到增长轨道。 根据2025年的预算草案，2025年德国增加投资额至1157亿欧元，2026年投资额度约为1236亿欧元。这两 个数字相比于2024年745亿欧元的投资额有了大幅提升。德国副总理兼财政部长克林拜尔24日表示，到 2029年，德国将维持每年约1200亿欧元的投资。 到2029年德国国防开支将占GDP的3.5% 2025年的预算草案还涵盖了一份直到2029年的中期财政计划。根据这份财政计划，到2029年，德国国防 开支将占国内生产总值（GDP）的3.5%。其中，2025年德国的国防开支大约为950亿欧元，到2029年国 防开支将达到1620亿欧元。 朔尔茨领导的上届德国政府于去年11月垮台，导致上届政府没有时间通过2025年财政预算。今年2月， 德国进行了大选，新一届德国政府于5月上台，并且着手制定预算草案。2025年以来，德国一直在使用 临时预算运作 ...

Group 1 - The German government cabinet has approved the draft budget for 2025 and the budget framework for 2026, significantly increasing defense spending [1] - The investment amount for 2025 is set to reach €115.7 billion, and approximately €123.6 billion for 2026, a substantial increase from €74.5 billion in 2024 [1] - The Deputy Prime Minister and Finance Minister, Christian Lindner, stated that Germany will maintain an annual investment of around €120 billion until 2029 [1] Group 2 - The mid-term financial plan included in the 2025 budget draft indicates that defense spending will account for 3.5% of GDP by 2029 [1] - The defense budget for 2025 is approximately €95 billion, projected to rise to €162 billion by 2029 [1]

德国政府内阁于24日批准了2025年财政预算草案和2026年财政预算框架。新预算案的核心是增加投资， 促进经济重回增长轨道。根据预算草案，2025年德国增加投资额至1157亿欧元，2026年约为1236亿欧 元，相比2024年745亿欧元的投资额大幅增加。德国副总理兼财政部长克林拜尔表示，到2029年，德国 将维持每年约1200亿欧元的投资。此外，预算草案还涵盖了一份直到2029年的中期财政计划，计划到 2029年德国国防开支将占GDP的3.5%，2025年国防开支约为950亿欧元，到2029年将达到1620亿欧元。 (央视新闻) ...

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 audit report from the National Audit Office outlines the central budget execution and other fiscal revenues and expenditures for the year 2024, indicating a balanced budget with a deficit of 33,400 million yuan [1] Group 1: Central Budget Overview - The total revenue of the central general public budget is projected to be 108,844.06 million yuan, while the total expenditure is expected to reach 142,244.06 million yuan, resulting in a deficit of 33,400 million yuan, which aligns with the budget plan [1] - The central government fund budget is expected to have a total revenue of 15,126.64 million yuan and total expenditure of 14,711.77 million yuan [1] - The central state-owned capital operation budget is projected to have a revenue of 2,359.42 million yuan and expenditure of 2,305.2 million yuan [1] - The central social insurance fund budget is expected to have a revenue of 3,005.6 million yuan and expenditure of 2,959.73 million yuan, with a year-end balance of 85.58 million yuan [1] Group 2: Investment Allocation - The National Development and Reform Commission is managing the allocation of 700,000 million yuan in central budget investments, with 1,635 million yuan designated for central-level expenditures and 5,365 million yuan for transfers to local governments [1] - The investments are primarily directed towards eight key areas, including the construction of a modern industrial system, new urbanization, rural revitalization, regional coordinated development, and the advancement of national security systems and capabilities [1]

记者6月23日从自治区财政厅获悉，当前自治区财政厅正根据修订后的《党政机关厉行节约反对浪 费条例》，结合现行财政政策和广西实际，协助修订相关实施细则，扎实推动节约型机关建设，从制度 层面进一步拧紧全区党政机关带头过紧日子的螺栓。 近年来，自治区财政厅把深入贯彻中央八项规定精神、持续深化党政机关习惯"过紧日子"作为财政 工作长期要求，围绕"大钱大方、小钱小气"深化管理改革，通过狠抓建章立制、优化支出、绩效监督、 资产盘活等举措，进一步弘扬厉行勤俭节约、反对铺张浪费的优良作风。 "我们在财政预算管理一体化系统新增政府采购预算审核环节，严格执行政府采购节约资金收回管 理制度；深化预算绩效管理，新增重大政策项目支出事前绩效评估，核减无效、低效、虚高、超前支 出，挤出预算中隐匿的'水分'。"自治区财政厅相关负责人表示，自治区财政厅按照中央要求严控"三公 两费"支出，2025年年初自治区本级一般公共预算安排的"三公两费"7.12亿元，下降3％。 为建立健全行政事业性国有资产调剂共用机制，推动国有资产跨级次、跨区域、跨部门共享共用， 今年3月，自治区财政厅印发《关于实施全区政府公物仓管理的通知》，搭建全区政府公物仓系统，以 ...

美联储古尔斯比：政府数据由于预算削减可能变得更加混乱。政府统计机构的预算被压缩了。一些最重 要的经济指标的含义变得不那么清晰了。 ...