北京国家会计学院副院长、教授李旭红从财税改革的战略定位、遵循原则和核心任务三个视角对"十五 五"税制改革问题进行系统阐述。她认为，财政作为国家治理的基础，其可持续性直接保障宏观经济治 理效能发挥。要强化政策统筹，促进产业、贸易、金融政策与财政政策形成合力，增强宏观政策取向的 一致性；优化财政收支管理，通过提升支出效率缓解税收压力是聚焦核心改革领域；聚焦核心改革领 域，完善地方税与直接税体系，规范税收优惠政策，平衡中央与地方收入分配，并促进税收与各种财政 工具的有效协调，确保宏观税负合理，财政管理科学，以满足经济社会高质量发展的需要。 （文章来源：新华财经） 辽宁大学经济学院教授、辽宁大学政府债务研究中心主任、辽宁大学税收研究院院长赵桂芝基于税负管 理视角从战略意义、现实挑战和政策路径三个层面阐述财政可持续发展问题。她建议：一是保持合理宏 观税负水平；二是规范税收优惠政策，建立效果评估和及时退出机制；三是拓展新税源，重点关注数字 经济、跨境收益等新兴领域；四是优化财政体制，增强地方自主财力，完善转移支付制度；五是推进顶 层设计，进行多维联动，提升税收征管效能。赵桂芝特别强调，所有改革都要服务于"做大经济蛋糕"这 ...

Group 1 - The core viewpoint of the article is that the adjustment of the value-added tax policy on interest income from newly issued government bonds is a key measure for optimizing the tax system in response to market developments, balancing fiscal sustainability and market mechanism improvement [1][2][3] - The restoration of value-added tax on interest income from new government bonds is expected to expand fiscal revenue sources, addressing the fiscal balance pressure as tax revenue decreased by 1.2% while public budget expenditure increased by 3.4% in the first half of 2025 [1] - The adjustment aligns with the maturity of the bond market, which has reached a scale of 122 trillion yuan, and aims to create a fairer competitive environment by leveling the tax burden across different types of bonds, thus enhancing the overall vitality of the bond market [2] Group 2 - The policy change is anticipated to promote the optimization and rebalancing of capital allocation across markets, as the decrease in post-tax bond yields will highlight the comparative advantages of equity assets, potentially leading to a shift of risk preference funds from the bond market to sectors like banking and technology [3] - This adjustment is seen as a practical measure to address fiscal challenges while also serving as a long-term strategy to optimize the bond market ecosystem and promote efficient capital allocation [3]