Core Viewpoint - The recent proposal by the Central Committee emphasizes the role of proactive fiscal policy in enhancing fiscal sustainability, indicating that fiscal measures will continue to support economic growth, employment, structural optimization, and improving people's livelihoods over the next five years [1][2]. Fiscal Policy Direction - China will maintain a proactive fiscal policy approach, which has been effective since the 2008 financial crisis, while also addressing the need for enhanced fiscal sustainability [2][3]. - The fiscal deficit rate has increased from 2.7% to 3.8% during the "14th Five-Year Plan" period, with expectations to rise to 4% by 2025 [2]. Revenue and Expenditure Challenges - The growth of fiscal revenue faces constraints, with traditional key tax sectors slowing down, while emerging industries and the digital economy grow rapidly but contribute less to tax revenue [2]. - There is a persistent demand for fiscal expenditure in key areas such as consumption promotion, investment expansion, and employment stabilization, leading to increased pressure on fiscal balance [2]. Tax Policy Optimization - The proposal calls for the optimization of tax incentives and maintaining a reasonable macro tax burden, with tax revenue as a primary source of fiscal income [4][5]. - The tax revenue as a percentage of GDP is projected to be below 13% in 2024, a decrease of about 2 percentage points from 2021, indicating a need to reverse the low tax revenue situation [4]. Central and Local Fiscal Responsibilities - The proposal suggests enhancing central fiscal responsibilities while increasing local fiscal capabilities, addressing the imbalance in fiscal responsibilities between central and local governments [5][6]. - There is a need to optimize the sharing of tax revenues, particularly in shared taxes like corporate and personal income taxes, to alleviate local fiscal pressures [6].

来源：上海证券报·中国证券网 上证报中国证券网讯（记者 李苑）《中共中央关于制定国民经济和社会发展第十五个五年规划的建 议》（《建议》）提出，发挥积极财政政策作用，增强财政可持续性。加强财政科学管理，加强财政资 源和预算统筹，强化国家重大战略任务和基本民生财力保障。深化零基预算改革，统一预算分配权，优 化财政支出结构，加强预算绩效管理。完善地方税、直接税体系，健全经营所得、资本所得、财产所得 税收政策，规范税收优惠政策，保持合理的宏观税负水平。适当加强中央事权、提高中央财政支出比 重。增加地方自主财力。加强财会监督。加快构建同高质量发展相适应的政府债务管理长效机制。 粤开证券首席经济学家罗志恒对上海证券报记者表示，增强财政可持续性，首要的是要保持合理的宏观 税负水平。"十五五"时期应在落实好既有的减税降费政策和保持宏观税负基本稳定的基础上，对减税降 费政策进行结构性调整与优化，更加追求政策的精准性和效率效果。 罗志恒称，其一，应清理不必要的税收优惠，提高关键领域和重要环节（例如科技创新、小微企业、鼓 励生育等）的税收优惠政策的精准性；其二，选择对普通居民影响不大、但有利于推动绿色发展、缩小 贫富差距的税种进行 ...