Core Viewpoint - The concept of "secondary finance" and "tertiary finance" in discussing China's regional economic issues, particularly in Jiangsu, is widely misunderstood and oversimplified [1][4][7]. Group 1: Understanding Jiangsu's Fiscal System - Jiangsu's 13 prefecture-level cities, including Nanjing, are often described as having a "secondary finance" system, directly connecting with the central government without provincial mediation [2][3]. - This perception of Jiangsu's fiscal structure as entirely "secondary finance" is a significant misconception [4]. - To comprehend Jiangsu's fiscal system, a broader understanding of China's fiscal hierarchy is necessary, which consists of five levels: central, provincial, prefectural, county, and township [6]. Group 2: Taxation and Revenue Distribution - China transitioned from a fiscal package system to a tax-sharing system, where the central and local governments share tax revenues, significantly enhancing central government finances while weakening local government finances [8]. - In Jiangsu, the provincial tax revenue is only 23.11 billion, while the total provincial revenue reaches 7642.03 billion, indicating that provincial revenue constitutes a mere 0.3% of the total [12]. - The "lower-level revenue sharing" in Jiangsu is substantial, with 2055.39 billion received from lower-level governments, which is about eight times the provincial revenue [12][13]. Group 3: Unique Fiscal Logic in Jiangsu - Jiangsu's fiscal model operates on a "package logic" where cities retain most of their revenue after meeting provincial obligations, contrasting with the tax-sharing logic seen in other provinces [15]. - The proportion of local fiscal revenue retained at the city level in Jiangsu is 77.02%, higher than in Guangdong and Zhejiang [16]. - Recent government initiatives aim to reform Jiangsu's fiscal system to align more closely with the national tax-sharing model, moving away from the unique "package logic" [16][17].

2025.06. 16 本文字数：1474，阅读时长大约2分钟 作者 | 第 一财经 陈益刊 粤开证券首席经济学家罗志恒告诉第一财经，中国是一级政府一级财政，并不存在网上说的"二级财 政"。一些人士看到江苏、浙江等预算表中，省级政府一般公共预算收入很少，几乎没有参与地市分 成，以为下属市县没有上缴省级收入，实际情况并非如此。从一个省来看，严格来说有四级财政，即 省、地市、县（区）、乡（镇），由于目前乡镇的财政基本都归区县管理，所以实际上是（省、地 市、县）三级财政。但直辖市、计划单列市来说，由于行政层级少了一级（仅有市、区），因此财政 级次也少一级，属于二级财政。 江苏省一位地市级官员也告诉第一财经，对该省地市来说，从来就没有"二级财政"说法。 事实上，无论是从江苏省财政体制相关文件，还是从江苏省财政厅公布的预算报告数据，江苏省13 个地市都需要向省级财政上缴一定的财政收入。 根据《江苏省2024年预算执行情况与2025年预算草案》（下称《草案》），2024年江苏省省级一 般公共预算收入总计约6022亿元，占全省一般公共预算收入总额比重约37%。其中，江苏省省级 2024年获得的税收收入仅23亿元。省级获取税 ...

Core Viewpoint - The notion of "secondary finance" in Jiangsu Province is a misunderstanding; in reality, cities in Jiangsu are required to pay a certain percentage of their fiscal revenue to the provincial government, indicating a "tertiary finance" structure instead [2][3][6]. Group 1: Fiscal Structure - Jiangsu Province operates under a "tertiary finance" system, where cities do not have a "secondary finance" status and must contribute to the provincial budget [2][4]. - The provincial government collects approximately 602.2 billion yuan in general public budget revenue for 2024, accounting for about 37% of the total provincial budget revenue [3][6]. - The tax revenue for the provincial government in 2024 is projected to be only 2.3 billion yuan, which is a mere 0.3% of the total tax revenue of approximately 764.2 billion yuan for the province [3][6]. Group 2: Revenue Distribution - The provincial government anticipates receiving about 205.5 billion yuan from lower-level governments, which constitutes around 34% of the total provincial revenue for 2024 [3][6]. - The fiscal management system in Jiangsu is characterized by a complex revenue-sharing model, where tax revenues are divided among the central, provincial, and local governments based on specific tax types [2][7]. - Recent reforms aim to optimize the division of fiscal responsibilities and revenue sharing between provincial and municipal governments, adjusting the sharing methods based on the stability and distribution of tax bases [7].