Core Viewpoint - The "15th Five-Year Plan" emphasizes the role of proactive fiscal policy and enhancing fiscal sustainability, marking a shift from the previous plan's focus on establishing a modern fiscal and tax system [1] Group 1: Central-Local Fiscal Relations - The plan suggests strengthening central authority and increasing the central government's fiscal expenditure ratio while enhancing local fiscal autonomy, especially as reliance on land finance decreases [2][3] - Central government transfer payments to local governments have exceeded 10 trillion yuan for three consecutive years, indicating a commitment to increasing local fiscal capacity [2] - The central fiscal expenditure ratio is currently below 15%, which is lower than that of major countries, highlighting the need for reform to better align responsibilities and resources between central and local governments [3] Group 2: Debt Management - The establishment of a long-term mechanism for government debt management is crucial, with a focus on addressing existing hidden debts and preventing new ones [4] - Transparency in local government debt information is essential, and debt management should consider sustainability and market conditions to minimize financing costs [4] - The government aims to optimize debt structure and scale, ensuring that debt management aligns with high-quality development goals [4] Group 3: Tax System Reform - The plan calls for deepening tax system reforms to ensure that tax obligations align with the capacity of microeconomic entities, addressing discrepancies in tax burdens [6][7] - The macro tax burden has been decreasing since 2017, with projections indicating that tax revenue will account for less than 13% of GDP by 2024, which may not be sustainable given the fiscal pressures [6] - Tax incentives should be rationalized to avoid market distortions and ensure fair competition, while direct tax systems need to be improved to promote social equity [7] Group 4: Zero-Based Budgeting Reform - The introduction of zero-based budgeting is seen as a critical reform to break the rigid expenditure patterns and improve the efficiency of fiscal resources [8][9] - Challenges in zero-based budgeting include reconciling legal spending requirements with the need for more efficient budget allocations [8][9] - Successful implementation of zero-based budgeting has been observed in various regions, enhancing fiscal management and resource allocation [9] Group 5: Proactive Fiscal Policy - The proactive fiscal policy aims to expand effective demand, support technological self-reliance, and promote rural modernization and high-quality employment [11] - The policy will also address demographic changes and focus on risk prevention in key areas to create a conducive environment for fiscal policy implementation [11] - The "15th Five-Year Plan" is positioned as a foundational period for achieving socialist modernization by 2035, necessitating strategic actions to overcome challenges and leverage opportunities [10][11]

Group 1 - The core viewpoint of the article emphasizes the need for proactive fiscal policies to enhance fiscal sustainability during the "15th Five-Year Plan" period, contrasting with the previous "14th Five-Year Plan" which focused on establishing a modern fiscal and tax system [2][19] - The "15th Five-Year Plan" suggests strengthening central authority and increasing the proportion of central fiscal expenditure while enhancing local financial autonomy, especially in the context of declining reliance on land finance [3][4] - The central government's transfer payment budget has exceeded 10 trillion yuan for three consecutive years, indicating a significant effort to increase local financial autonomy [4][6] Group 2 - The article discusses the need for a long-term mechanism for government debt management that aligns with high-quality development, highlighting the establishment of a debt management department by the Ministry of Finance [6][7] - Transparency in local government debt information is crucial for effective debt management, and there is a need to enhance the proactive management of local government debt [7] - The article points out that the macro tax burden should be reasonable and aligned with fiscal expenditure, as the tax revenue to GDP ratio has been declining since 2017, which is not conducive to high-quality development [8][13] Group 3 - The "15th Five-Year Plan" aims to deepen tax system reforms to ensure that tax obligations correspond with the tax capacity of micro entities, addressing discrepancies in tax burdens [8][13] - Zero-based budgeting reform is highlighted as a significant initiative to break the rigid expenditure patterns and improve the efficiency of fiscal resources [14][15] - The article notes that the "15th Five-Year Plan" period is critical for laying the foundation for achieving socialist modernization by 2035, requiring strategic actions to overcome challenges and enhance economic resilience [17][19]

Core Viewpoint - The article emphasizes the importance of a scientific fiscal and tax system as a guarantee for optimizing resource allocation, maintaining market unity, promoting social equity, and achieving long-term national stability [1] Group 1: Budget System Reform - The zero-based budgeting reform is a significant aspect of deepening the budget system reform, breaking the rigid pattern of "base + growth" and optimizing fiscal expenditure structure [2] - The government has arranged special long-term bonds totaling 300 billion yuan to support consumption upgrades, an increase of 150 billion yuan from the previous year, and 200 billion yuan for equipment updates, an increase of 50 billion yuan [2] - The budget reflects national strategies and policies, serving as a crucial support for modernizing the national governance system and governance capabilities [2][3] Group 2: Tax System Reform - The personal income tax reform is a major achievement in tax system reform, with 119 million taxpayers benefiting from special deductions, resulting in a 156.5% increase in tax reduction amounts from 116 billion yuan in 2020 to nearly 300 billion yuan this year [4][5] - The green tax system has been continuously improved during the "14th Five-Year Plan" period, generating tax revenue of 2.5 trillion yuan from environmental protection and resource taxes from 2021 to June this year [5][6] - The legal framework for the tax system has been enhanced, with 14 out of 18 existing tax types now having dedicated laws, improving tax collection efficiency and adapting to new economic developments [6] Group 3: Central-Local Fiscal Relationship - The reform plan for dividing fiscal responsibilities in the field of intellectual property will be implemented on January 1, 2024, clarifying responsibilities across seven areas [7] - The reform of the transfer payment system is deepening, establishing mechanisms to promote high-quality development and enhance budget performance constraints [7] - The reform of the fiscal system below the provincial level is making substantial progress, aiming for a more reasonable allocation of responsibilities and a more balanced distribution of financial resources [7]

Core Viewpoint - The article emphasizes the importance of a scientific fiscal and tax system as a guarantee for optimizing resource allocation, maintaining market unity, promoting social equity, and achieving long-term national stability [1] Group 1: Budget System Reform - The zero-based budgeting reform is a significant aspect of deepening the budget system reform, breaking the traditional "base + growth" budgeting model to optimize fiscal expenditure structure [2] - The government has allocated 300 billion yuan in special bonds to support consumption upgrades, an increase of 150 billion yuan from the previous year, and 200 billion yuan for equipment updates, an increase of 50 billion yuan [2] - The budget reflects national strategies and policies, serving as a crucial support for advancing the modernization of the national governance system [2][3] Group 2: Tax System Reform - The personal income tax reform is a notable achievement in tax system reform, with 119 million individuals benefiting from special deductions in 2024, a 55% increase since 2020, leading to a reduction in tax payments from 116 billion yuan to nearly 300 billion yuan [4][5] - The green tax system has been continuously improved during the "14th Five-Year Plan" period, generating 2.5 trillion yuan in tax revenue from environmental protection and resource taxes from 2021 to June this year [5] - The tax legal system has been enhanced, with 14 out of 18 current tax types having established legal frameworks, covering most tax revenues [5] Group 3: Central-Local Fiscal Relationship - The reform plan for the division of fiscal responsibilities in the intellectual property sector will be implemented on January 1, 2024, clarifying responsibilities across seven areas [7] - The reform of transfer payment systems is ongoing, establishing mechanisms to promote high-quality development and enhance budget performance constraints [7] - The reform of the fiscal system below the provincial level has made substantial progress, aiming for a more reasonable allocation of responsibilities and a more balanced distribution of financial resources [7]

Core Viewpoint - The article emphasizes the interdependent relationship between investment and consumption, arguing that effective fiscal policy should focus on both aspects to stimulate economic growth and meet human needs [4][7][10]. Group 1: Investment and Consumption Dynamics - Investment and consumption are two sides of the same coin, and both are essential for expanding total demand [5][7]. - Government spending should prioritize the expansion of total demand, with a balanced focus on both investment and consumption [5][7]. - The current economic environment shows weak private investment growth, while government spending is more focused on investment rather than consumption [5][7]. Group 2: The Role of Government Spending - Government spending has become increasingly recognized as an endogenous factor in the economy, playing a crucial role in macroeconomic regulation [8]. - The effectiveness of government spending is hindered by issues such as mismatched flows, idle funds, and uncertainty in spending responsibilities [8]. - The article highlights the need for a structural reform in fiscal policy to enhance the effectiveness of government spending [3][15]. Group 3: Human-Centric Logic - The article advocates for a shift from a material-based logic to a human-centric logic in economic development and fiscal policy [10][12]. - Government investment and consumption should be designed around human needs, particularly focusing on the demands of different regional groups [10][12]. - The need for social mobility and equity is emphasized, particularly in addressing the urban-rural divide and facilitating the transition of rural populations to urban settings [11][13]. Group 4: Central-Local Fiscal Relations - The article discusses the significant reliance on local government finances for macroeconomic regulation, highlighting the imbalances in central-local fiscal relations [14][15]. - Local government spending accounts for a substantial portion of total government expenditure, which affects the overall effectiveness of fiscal policy [15]. - The need for reform in central-local fiscal relations is deemed urgent to enhance the coordination between investment and consumption [15].