Domestic Market Overview - The domestic market experienced a rise in both volume and price, with the Shanghai Composite Index closing at 3647.55 points, up 0.34%, and the Shenzhen Component Index closing at 11291.43 points, up 1.46% [1][9] - Among the 30 first-level industries, 24 saw gains, with the computer, communication, and electronics sectors leading the increases, while banking, oil and petrochemicals, and coal sectors faced significant declines [1][9] - The total trading volume for the A-share market was 184.99 billion yuan, showing a decrease compared to the previous day [1][9] Overseas Market Overview - The three major U.S. stock indices experienced slight declines, with the Dow Jones down 0.45%, the S&P 500 down 0.25%, and the Nasdaq down 0.3% [2] - Major technology stocks mostly fell, with significant drops in companies like IBM, which fell over 2% [2] News Highlights - The Ministry of Finance and the State Administration of Taxation are seeking public opinions on the implementation regulations of the VAT law, aiming to enhance the operational effectiveness of the VAT system [11][12] - A revised management method for supporting early childhood education development funds has been issued, focusing on improving fund utilization efficiency [14] - Beijing is promoting the orderly opening of public data, enhancing management systems while ensuring data security and privacy [16] - Shaanxi province has outlined measures to improve the entrepreneurial support system, including expanding loan support and providing social insurance subsidies for eligible startups [17]

Group 1 - The Ministry of Finance and the Ministry of Education have revised the "Management Measures for Supporting the Development of Preschool Education Funds" to enhance the management and efficiency of funds used for preschool education [1][2] - The support funds are primarily aimed at improving the quality of preschool education and implementing the policy of exempting childcare fees for eligible public kindergartens [1][2] - The funding will be jointly borne by central and local finances, with specific sharing ratios based on the classification of regions [2][3] Group 2 - The Ministry of Education is responsible for reviewing regional performance targets and ensuring the accuracy and timeliness of the data provided for fund allocation [2] - The central government has allocated sufficient funds for the exemption of childcare fees, which will be distributed soon [3] - There will be strict supervision and management of the funds, with measures in place to address any fraudulent activities or misappropriation of funds [3]

Core Viewpoint - The Chinese Ministry of Finance and the Ministry of Education have revised the "Management Measures for Supporting the Development of Preschool Education Funds" to standardize and strengthen the management of related funds, focusing on improving the quality of preschool education and implementing a policy to waive childcare fees for the final year of preschool education starting from the fall semester of 2025 [1] Summary by Relevant Sections - **Funding Utilization**: The funds for supporting preschool education will primarily be used to enhance the quality of preschool education and implement the policy of waiving childcare fees for children in public kindergartens during their final year [1] - **Policy Implementation**: From the fall semester of 2025, childcare fees will be waived for children in public kindergartens, and similar fee reductions will apply to children in private kindergartens based on local public kindergarten standards. The funding for this policy will be jointly borne by central and local finances, benefiting approximately 12 million children in the upcoming fall semester [1] - **Support for Local Areas**: The funds will also support local areas in addressing the shortage of inclusive resources, improving the funding mechanism for inclusive preschool education, enhancing teaching quality, and reinforcing the support system for economically disadvantaged children [1] - **Financial Management Guidelines**: Local authorities are reminded to allocate the childcare fee subsidy funds in a timely and sufficient manner to ensure the normal operation of kindergartens. The funds are strictly prohibited from being used for balancing budgets, repaying debts, paying interest, or external investments, and cannot be used to cover operational or management expenses [1]

Core Viewpoint - The revised "Management Measures for Supporting the Development of Preschool Education Funds" aims to standardize and enhance the management of funds supporting preschool education, thereby improving the efficiency of fund utilization [1]. Summary by Sections Overview of the Fund - The fund referred to is the transfer payment from the central government aimed at supporting the development of preschool education [5]. - The management of the fund is jointly overseen by the Ministry of Finance and the Ministry of Education, with a focus on key areas such as improving quality and expanding access to preschool education [6][7]. Fund Allocation and Usage - The current focus of the fund includes: 1. Supporting the enhancement and quality improvement of preschool education, including the construction and expansion of public kindergartens and support for private kindergartens [6]. 2. Implementing policies to waive childcare fees for eligible children in public kindergartens [6]. - The fund distribution is based on a factor-based allocation method, which considers various factors such as the level of public preschool education and local financial efforts [8]. Performance Management - Local financial and educational departments are required to establish a comprehensive performance management mechanism, setting clear performance goals and conducting evaluations to enhance fund allocation efficiency [12][13]. - The fund is subject to regular supervision and must be executed within the fiscal year, with unspent funds managed according to relevant regulations [12][14]. Reporting and Accountability - Provincial financial and educational departments must submit annual reports detailing the previous year's fund usage and performance outcomes by the end of February each year [9][10]. - There are strict accountability measures in place for any violations of the management measures, ensuring responsible use of funds [13].

Group 1 - The article discusses the revision of the "Management Measures for Supporting the Development of Preschool Education Funds" by the Ministry of Finance and the Ministry of Education to enhance the management and efficiency of funds allocated for preschool education [1] - The support funds for preschool education are primarily used for improving the quality of preschool education and implementing the policy of waiving childcare fees [1] - The distribution of these funds is based on a factor-based allocation method, which will be adjusted according to the new circumstances of preschool education reform and development [1] Group 2 - Local financial and educational departments are required to establish a comprehensive budget performance management mechanism to enhance the efficiency and effectiveness of fund usage [1] - The management of preschool education support funds will be included in the regular supervision of budget execution, with daily oversight by financial departments [1]

Core Viewpoint - The central government will provide over 10 billion yuan to cover the tuition fees for kindergarten senior class children starting this autumn, aiming to gradually implement free preschool education across the country [1][2]. Group 1: Financial Allocation and Impact - The new policy is expected to benefit approximately 12 million children in senior kindergarten classes, with an estimated increase in national fiscal expenditure of about 20 billion yuan for this autumn semester, which will correspondingly reduce family expenditures by the same amount [1][2]. - The central government's financial support for preschool education will significantly increase, with the transfer payment for preschool education development set at 25 billion yuan for 2024, and an additional 10 billion yuan for free tuition fees in 2025 [2]. Group 2: Distribution of Funds - The distribution of the central government's financial support will vary by province, with the central government covering 80% of costs for the first tier of provinces, 60% for the second tier, and 50% for the third to fifth tiers [3][4]. - The first tier includes 12 provinces, primarily in the western and central regions, which will receive a larger share of the financial support, reflecting a policy inclination towards less developed areas [4]. Group 3: Regulatory Measures - The new management measures emphasize strict regulations on the use of funds, prohibiting their use for budget balancing, debt repayment, or other non-educational expenditures [5][6]. - The Ministry of Finance will enhance supervision of fund usage, including random checks on local applications and policy implementation, to ensure compliance and proper allocation of resources [6].

Core Points - The Ministry of Finance and the Ministry of Education have revised and issued the "Management Measures for Supporting the Development of Preschool Education Funds," which will take effect immediately [1][2][3] - The measures include the implementation of a policy to exempt eligible public kindergarten children from childcare education fees, with similar reductions for children attending approved private kindergartens [1][6] - Funding for the exemption policy will be jointly borne by central and local finances, with specific sharing ratios based on different tiers [1][9] Funding Management - The support funds for preschool education are defined as transfer payment funds from the central government aimed at enhancing preschool education [5] - The funds will primarily be used to improve the quality and accessibility of preschool education, including the construction and expansion of public kindergartens and support for private kindergartens [6][11] - The distribution of funds will follow a formula that considers both basic and input factors, with a significant emphasis on the basic factors [8][9] Performance and Oversight - The Ministry of Finance and the Ministry of Education will jointly manage the funds, ensuring that local governments adhere to performance targets and data accuracy [7][8] - Local governments are required to submit annual reports detailing the use of funds and performance outcomes, ensuring transparency and accountability [10][12] - The measures emphasize the importance of budget performance management and the establishment of a responsible mechanism for fund usage [12][13]