证券研究报告 | 固定收益专题 gszqdatemark 2025 08 26 年 月 日 固定收益专题 央地财政关系的历史、现状和前景分析 事权、财权、财力要素划分及其组合是央地财政关系的核心。事权是管理事务的 权力，决定各级政府的行动边界，事权分配中支出权是核心；财权是各级政府为 履行公共服务职能而拥有的财政资金的筹集权与支配权，政府间财权决定各级政 府间的收益分配，财权以税权为主；财力是指各级政府可以组织和分配的财政收 入，由于转移支付的存在，上级政府的财力往往小于自身财权对应的财力，而下 级政府的财力往往会大于自身财权对应的财力。 回顾历史，改革开放以来央地财政关系持续演变，财政体制主线从"财政包干" 到分税制，再到事权和支出责任改革。1）1979-1993 年：分灶吃饭体制。1980 年财政体制上开始实行"分灶吃饭"改革，地方政府在完成中央下达的上交任务 后，自行安排剩余的财政资金，也被称为财政包干制，此后逐步完善形成了六种 包干形式。2）1994 年：分税制改革。"分灶吃饭"提升了地方政府积极性，但 也导致"两个比重"严重下滑。1994 年，我国开始实施分税制改革，核心内容 是税收分类和分配，形成 ...

Group 1 - The relationship between investment and consumption is interdependent, and both are essential for expanding total demand in the economy [2][3] - Government spending should focus on both investment and consumption to stimulate economic growth, with current policies showing a structural bias towards investment [2][3] - The accumulation of material capital through investment is fundamental for economic growth, while consumption contributes to human capital, which is increasingly important in an innovation-driven economy [2][4] Group 2 - The debate over whether to prioritize investment or consumption is less productive than understanding their relationship within the overall economic cycle [3] - Government spending has become an integral part of daily economic cycles, and its effectiveness is hindered by issues such as mismatched flows and uncertainty in spending responsibilities [3][6] - A shift towards a human-centered logic in economic development is necessary, focusing on meeting people's needs through both investment and consumption [4][5] Group 3 - Urban-rural dualism restricts the mobility of farmers, impacting their access to equal public services and opportunities, which highlights the need for government investment and consumption to address these social identity issues [5][6] - Promoting social equity requires addressing inequalities in starting points and opportunities, with government policies aimed at facilitating migration and urbanization [7] - The central-local fiscal relationship is crucial for effective government investment and consumption, with local government spending being a significant component of overall fiscal policy [8][9] Group 4 - Current data shows that central government spending has increased by 9%, while local government spending has only grown by 3.9%, indicating insufficient expansion at the local level [9] - To implement more effective fiscal policies, reforms in the central-local fiscal relationship are essential, particularly in increasing the share of central government spending [9]