城镇保障性安居工程补助资金566亿元、医保财政补助及建设资金4166亿元……近期，一系列关系 明年民生保障的资金从中央财政提前下达地方。中央经济工作会议强调，重视解决地方财政困难，兜牢 基层"三保"底线。谋划新一年改革发展，"三保"再次被放在重要位置。 兜牢基层"三保"底线，就是要做好基层的保基本民生、保工资、保运转工作。一方面，民生无小 事、枝叶总关情，就业、教育、医疗、社会保障等关系群众切身利益；另一方面，保障工资正常发放和 机构正常运转，则是推动政府履职和各项政策实施的基础条件。中央历来高度重视做好"三保"工作，仅 从今年下半年看，7月份召开的中央政治局会议和近期召开的党的二十届四中全会、中央经济工作会 议，都明确提出"兜牢基层'三保'底线"。可见，基层"三保"在全局工作中举足轻重。 当前一些地方财政运行压力较大，这也是强化"三保"工作的一个重要背景。受部分行业企业经营困 难、土地出让收入大幅下降等因素影响，一些地方政府收入增长乏力，财政收支矛盾较为突出。必须重 视解决地方财政困难，综合施策缓解财政运行压力，才能牢牢兜住基层"三保"底线。 兜牢基层"三保"底线，需要务实管用的有力支持。基层各类刚性支出不 ...

兜牢基层"三保"底线，需要务实管用的有力支持。基层各类刚性支出不少，应始终把"三保"摆在财政支 出的优先位置，优先足额安排"三保"经费预算，加强"三保"财力保障。今年中央对地方转移支付安排 10.34万亿元，同口径增长8.4%，重点是增加一般性转移支付，增强地方政府财力，有效提高地方财政 保障能力。近期中央财政下达一系列资金，即在助力地方提高预算编制完整性，加快预算执行进度，更 好地保障"三保"各项支出。各地也应加大财力下沉力度，筹措资金兜牢"三保"底线，加大库款保障和监 测力度，确保"三保"不出问题。 兜牢基层"三保"底线，需要着眼长远的制度安排。"三保"不是一时之需，而是长久之计。做好这项工 作，不能仅限于短期的资金安排，还要致力于长期制度安排。解决地方财政困难、提高基层"三保"能 力，必须提高地方自身的造血能力，特别是建立健全增收节支机制，增强地方自主财力。通过优化税制 结构，完善地方税、直接税体系，比如推进消费税征收环节后移并稳步下划地方等，促进地方收入有更 多源头活水。优化中央和地方财政关系，适当加强中央事权、提高中央财政支出比重，避免地方"小马 拉大车"。完善财政转移支付体系，更好发挥转移支付均衡 ...

Core Viewpoint - The Ministry of Finance of the Communist Party of China has released a report on the progress of the third round of inspections, emphasizing the need to better coordinate development and security while effectively preventing and mitigating financial risks [1] Group 1: Financial Risk Management - The report guides local governments to implement a series of incremental debt support policies, focusing on the management of hidden debt replacement, financing platform reform, and accountability for illegal borrowing [1] - There is a call to strengthen the full-process management of special bonds to ensure effective financial operations [1] Group 2: Budget and Fiscal Stability - Local governments are urged to prioritize the "three guarantees" (basic living needs, education, and healthcare) to ensure a solid foundation for grassroots financial stability [1] - The report emphasizes the importance of thoroughly assessing and appropriately responding to various factors affecting fiscal revenue and expenditure to ensure budget balance and stable financial operations [1]

Group 1 - National general public budget revenue for the first seven months reached 1,358.39 billion yuan, marking a 0.1% increase, the first positive growth this year [1] - The increase in fiscal revenue is supported by stable economic performance, with a recovery from a 1.6% decline at the beginning of the year [1] - Policies aimed at boosting consumption and investment have shown effectiveness, with notable growth in cultural, sports, and entertainment sectors [1] Group 2 - Positive interaction between fiscal revenue and macroeconomic policies is evident, particularly in sectors like equipment manufacturing and modern services [2] - Tax revenue from industries such as aerospace, shipbuilding, and cultural services has maintained a high growth rate, supported by fiscal spending on "two new" policies [2] - The reliance on non-tax revenue is decreasing, indicating an improvement in the structure of fiscal revenue [2] Group 3 - Continued efforts are needed to maintain a positive cycle between fiscal policy and economic growth, with a focus on consumer spending and technological innovation [3] - The "three guarantees" (basic livelihood, wages, and operational stability) must be prioritized to ensure social stability and economic order [3] - Central government has increased transfer payments to local governments to support fiscal capacity, emphasizing the importance of monitoring and addressing fiscal risks [3] Group 4 - To sustain the recovery of fiscal revenue, it is essential to stabilize employment, businesses, and market expectations, while implementing proactive fiscal policies [4]

Core Viewpoint - The central government emphasizes the importance of maintaining basic livelihood, wages, and operational stability, with a focus on ensuring the "three guarantees" at the grassroots level [1] Group 1: Financial Support for Local Governments - The central government has increased transfer payments to local governments to 1,034.15 billion yuan, a year-on-year increase of 8.4%, to support the "three guarantees" [2] - In the first half of the year, 9.29 trillion yuan of transfer payments were allocated to local governments, accounting for 89.8% of the annual budget, which is an increase of 1.7 percentage points compared to the previous year [2] - Local governments are encouraged to replace hidden debts to alleviate repayment pressure and free up resources for public welfare [2] Group 2: Budget Execution and Monitoring - The budget report emphasizes prioritizing "three guarantees" expenditures and strictly controlling budget overruns [3] - Beijing allocated 171.97 billion yuan in transfer payments to districts, a year-on-year increase of 8.3%, while Henan's county-level "three guarantees" expenditures reached 173.87 billion yuan, up 16.2% [3] - A monitoring mechanism has been established to detect financial risks early, with 27 indicators set to track local fiscal operations [3] Group 3: Enhancements in Social Welfare - A new childcare subsidy of 3,600 yuan per child per year has been implemented, with an initial budget of approximately 90 billion yuan for this year [4] - Public budget expenditures reached 16,073.7 billion yuan in the first seven months, a year-on-year increase of 3.4%, with social security and employment expenditures growing by 9.8% [4][5] - The government is focusing on employment strategies, reducing insurance rates, and increasing pension benefits to enhance social welfare [4] Group 4: Long-term Institutional Support - The central government is building a long-term mechanism for the "three guarantees," including enhancing local financial capacity and monitoring fiscal operations [6] - Local governments are implementing measures to ensure the "three guarantees" are prioritized in budget arrangements and expenditures [6] - Recommendations include optimizing the fiscal revenue distribution mechanism to enhance local financial autonomy and efficiency in fund management [7]

Core Insights - The audit report reveals significant issues regarding tax collection and local government debt, highlighting the ongoing challenges in maintaining a stable business environment and supporting the private economy [1][4]. Tax Collection Issues - The audit identified a total of 889.97 billion yuan in "over-collection" of taxes and fees, with 331.89 billion yuan collected from 631 enterprises through excessive levies on land occupation tax, value-added tax, and penalties across 28 provinces [4]. - Additionally, local governments collected 558.08 billion yuan in land transfer income through improper means, such as converting free land allocations into paid ones [4]. Local Government Debt Risks - The report emphasizes the ongoing risks associated with local government debt, noting that some regions have illegally increased hidden debts since March 2023, primarily for government investments and debt repayments [4][8]. - Specifically, five regions have added 59.09 billion yuan in hidden debts through state-owned enterprises financing construction projects, with commitments for repayment from fiscal funds [4]. Financing Platforms and Hidden Debt - Eleven regions and 15 financing platforms have raised 1.5 billion yuan in hidden debt through non-standard financial products and loans, affecting over 1,600 individuals and 45 public welfare organizations [5]. - For instance, a financing platform in Fujian has borrowed 15.02 billion yuan from local charitable organizations, some of which is allocated for government investment projects, contributing to hidden debt [5]. Misallocation of Funds - The report indicates that funds have been misallocated towards local "three guarantees" expenditures (basic livelihood, salaries, and operational costs) and repaying local debts [6][7]. - The Ministry of Finance has emphasized the importance of ensuring adequate funding for these guarantees, especially at the county level, amidst pressures from declining fiscal revenues and rising debt burdens [7]. Recommendations for Debt Management - The audit suggests enhancing government debt management, including better coordination of long-term special bonds and stricter oversight of local special bonds to mitigate risks associated with hidden debts [8]. - The audit authority has initiated corrective measures and will continue to monitor the situation, with a report on the comprehensive rectification expected by the end of the year [8].

Core Points - The central government emphasizes the importance of ensuring the "three guarantees" (basic livelihood, wages, and operations) as fundamental fiscal responsibilities, which directly relate to the people's interests [1][2] - The recent Central Political Bureau meeting highlighted the need for proactive macroeconomic policies to safeguard the "three guarantees" amidst external uncertainties and internal challenges [2][4] Fiscal Measures - The central government has allocated 10.34 trillion yuan for local transfer payments this year, representing an 8.4% increase, with a focus on enhancing general transfer payments to boost local fiscal capacity [3] - Local governments are encouraged to optimize spending structures, prioritize "three guarantees" expenditures, and adopt a "tight budget" approach to free up more financial resources for these guarantees [3] Long-term Strategy - Establishing a robust and long-term system for managing the "three guarantees" is crucial, including a clear responsibility framework that involves county-level management supported by city and provincial levels [3] - Continuous reform of the fiscal and tax systems is necessary to expand local tax sources and enhance local fiscal autonomy, which will help stabilize the "three guarantees" [3] Monitoring and Employment - There is a need for dynamic monitoring of the "three guarantees" situation to promptly address risks and ensure effective budget execution [4] - Employment is a critical aspect of maintaining the "three guarantees," with policies aimed at job stability and quality being prioritized [4]