2026.02.09 本文字数：2393，阅读时长大约4分钟 与2024年相比，山西、陕西、内蒙古三地2025年收入规模排名有所下降。这与三地2025年财政收入有所 下滑直接相关。 各地的财政收入规模与当地经济总量、产业结构等直接相关，一般来说经济总量越大，税收贡献大的产 业越多，地方盘活存量资源资产力度越大等，相应地财政收入规模越高。比如，2025年广东、江苏、山 东、浙江经济总量稳居全国前四，四地财政收入规模也位居全国前列。 作者 |第一财经 陈益刊 随着地方近期陆续披露当地政府"账本"，2025年31省份地方一般公共预算收入（下称"财政收入"）规模 随之揭晓。 | 省份 | 2025地方一般公共预算收入(亿元) | 同比增长(%) | | --- | --- | --- | | 广东 | 13939 | 3 | | 江苏 | 10246 | 2. 1 | | 浙江 | 8865 | 1.8 | | 上海 | 8501 | 1.5 | | 山东 | 7864 | 2 | | 北京 | 6681 | 4.8 | | 116 | 5854 | 3.9 | | 河南 | 4502 | 2.5 | | 河北 | ...

本文字数：2393，阅读时长大约4分钟 作者 | 第一财经 陈益刊 随着地方近期陆续披露当地政府"账本"，2025年31省份地方一般公共预算收入（下称"财政收 入"）规模随之揭晓。 | 省份 | 2025地方一般公共预算收入(亿元) | 同比增长(%) | | --- | --- | --- | | 广东 | 13939 | 3 | | 江苏 | 10246 | 2. 1 | | 加江 | 8865 | 1.8 | | 上海 | 8501 | 1.5 | | 山东 | 7864 | 2 | | 北京 | 6681 | 4.8 | | 国川 | 5854 | 3.9 | | 河南 | 4502 | 2. 5 | | 河北 | 4399 | 2 | | 湖北 | 4211 | 6. 9 | | 安徽 | 4157 | 2.9 | | 福建 | 3723 | 3 | | 湖南 | 3508 | 1.7 | | 陕西 | 3289 | -3.1 | | mg | 3219 | -9.1 | | 江西 | 3079 | 0. 4 | | 内蒙古 | 3005 | -4. 6 | | 辽宁 | 2918 | 0. 4 | ...

地方财政运行总体平稳。 随着地方近期陆续披露当地政府"账本"，2025年31省份地方一般公共预算收入（下称"财政收入"）规模随之揭晓。 | 省份 | 2025地方一般公共预算收入(亿元) | 同比增1 | | --- | --- | --- | | 广东 | 13939 | 3 | | 江苏 | 10246 | 2. | | 浙江 | 8865 | 1. | | 上海 | 8501 | 1. | | 山东 | 7864 | 2 | | 北京 | 6681 | 4. | | 四川 | 5854 | 3. | | 河南 | 4502 | 2. | | 河北 | 4399 | 2 | | 湖北 | 4211 | 6. | | 安徽 | 4157 | 2. | | 福建 | 3723 | 3 | | 湖南 | 3508 | 1. | | 陕西 | 3289 | -3. | | 山西 | 3219 | -9. | | 江西 | 3079 | 0. | | 内蒙古 | 3005 | -4. | | 辽宁 | 2918 | 0. | | 重庆 | 2736 | 5. | | 新疆 | 2662 | 10. | | 云南 | ...

Core Viewpoint - The article emphasizes the increasing focus on the collection of personal income tax on overseas income, predicting that this trend will strengthen in 2026 [14]. Revenue Analysis - In 2025, the national tax revenue reached 176,363 billion yuan, showing a growth of 0.8% compared to the previous year. The main tax categories maintained positive growth, with personal income tax increasing by 11.5% [6][9]. - The structure of general public budget revenue is improving, with tax revenue accounting for 81.6% of the total, up by 2.0 percentage points from 2024, indicating enhanced stability and sustainability of fiscal revenue [6][7]. Expenditure Analysis - Expenditures related to "people" are increasing, with education spending at 43,417 billion yuan (up 3.2%), social security and employment spending at 44,416 billion yuan (up 6.7%), and health spending at 21,446 billion yuan (up 5.7%) [3][7]. - The overall fiscal policy for 2025 is characterized by a commitment to "sustained effort and increased support," with a focus on maintaining necessary spending levels despite revenue pressures [4]. Personal Income Tax Insights - The significant growth in personal income tax is attributed to improved tax administration and an increase in dividend income. The growth rate of 11.5% is notably higher than that of other major tax categories [9][10]. - The tax authority has intensified its efforts in regulating high-income individuals, with substantial amounts of unpaid personal income tax being collected from various cases [12][13]. Overseas Income Taxation - The article highlights the importance of overseas income taxation, with the tax authority having the capability to track residents' overseas financial accounts since the implementation of the Common Reporting Standard (CRS) in 2017 [13]. - The trend of strengthening the collection of personal income tax on overseas income is expected to continue into 2026, as the tax authority aims to improve data collection and compliance [14].

2026.02. 04 本文字数：1964，阅读时长大约3分钟 作者 | 第一财经 陈益刊 河北经济平稳增长，财政收支总体平稳。 近期，河北省政府公开了《关于河北省2025年预算执行情况和2026年预算草案的报告》（下称河北预算报告），亮出了去年 河北省政府 "账本"，并对 今年财政收支作出安排。其中2025年河北雄安新区一般公共预算本级收入同比增长约45%，十分亮眼。 河北经济总量、财政收入位居全国中上游水平，当地去年财政收支有何特点？今年财政收支预期有何变化？财政支出重点在哪？ 雄安新区财政收入增长亮眼 河北去年财政收入形势符合当地预期，总体看略微好于全国地方平均水平。 河北预算报告数据显示，2025年河北税收收入为2638.4亿元，增长3.4%；非税1760.2亿元，与2024年持平。2025年河北税收收入占一般公共预算比例约 60%，略高于2024年。这一税收占比越高，财政收入质量越高，与全国平均水平（约82%）和河北历史这一数据相比，河北财政收入质量仍有提升空 间。 除了一般公共预算收入之外，以卖地收入为主的政府性基金收入也是地方政府重要财源，河北也是如此。不过受近些年房地产市场持续调整，地方卖地 ...

Core Insights - The latest fiscal report from Henan Province reveals a clear picture of a trillion-level fiscal expenditure for the year, with a balanced revenue and expenditure situation despite ongoing fiscal challenges [2][4]. Fiscal Revenue and Expenditure - In 2025, Henan's general public budget revenue is projected to reach 450.17 billion yuan, reflecting a growth of 2.5%, slightly below the previous year's forecast of 4% [3][4]. - The province's general public budget revenue has shown slight fluctuations in recent years, with a small decline in 2024 followed by growth in 2025, although it remains slightly below the 2023 level of 451.8 billion yuan [4]. - Government fund revenue, primarily from land sales, is expected to decline to 158.33 billion yuan in 2025, a decrease of 14.8%, with land transfer income dropping by 27.7% to 106.92 billion yuan due to a sluggish real estate market [4][5]. Debt Management and Fiscal Policy - To maintain fiscal spending and mitigate debt risks, Henan plans to issue 517.82 billion yuan in government bonds in 2025, with a total government debt balance of 2.48843 trillion yuan, remaining below the limit set by the Ministry of Finance [5]. - The province's fiscal expenditure is focused on ensuring public welfare and major project construction, with general public budget expenditure expected to reach 1.15161 trillion yuan in 2025, a growth of 0.5% [5][6]. Challenges and Future Projections - The fiscal report highlights ongoing challenges, including declining tax revenues from the real estate sector and insufficient support from emerging industries, leading to significant fiscal pressure [6]. - For 2026, Henan's general public budget revenue is projected to grow by 4% to 468.07 billion yuan, while government fund revenue is expected to increase by 57% to 248.46 billion yuan [7]. - The focus for fiscal spending in 2026 will continue to prioritize public welfare, with specific allocations for increasing minimum standards for pensions and social assistance [8].

Core Viewpoint - The article discusses the financial situation of Henan Province, highlighting a balanced budget for 2025 but emphasizing ongoing fiscal challenges and the need for proactive fiscal policies to stimulate economic growth and optimize expenditure structures [3][5]. Fiscal Revenue and Expenditure - In 2025, Henan's general public budget revenue reached 450.17 billion yuan, a growth of 2.5%, slightly below the initial expectation of 4% [4][5]. - The province's GDP for 2025 is projected at 6.66 trillion yuan, with a year-on-year growth of 5.6% [5]. - Government fund revenue, primarily from land sales, is expected to decline to 158.33 billion yuan, a decrease of 14.8%, with land transfer income dropping by 27.7% to 106.92 billion yuan due to a sluggish real estate market [5][6]. Debt Management - To maintain fiscal spending and mitigate debt risks, Henan plans to issue 517.82 billion yuan in government bonds in 2025, with total government debt expected to reach 2.48843 trillion yuan, remaining below the limit set by the Ministry of Finance [6][7]. Fiscal Policy Focus - The 2025 budget allocates 1.15161 trillion yuan for general public budget expenditure, a growth of 0.5%, with 849.94 billion yuan (73.8% of total expenditure) dedicated to social welfare [7][8]. - Education spending is set at 207.99 billion yuan, reflecting a commitment to improving educational resources [7]. Future Projections - For 2026, Henan's general public budget revenue is projected to grow by 4% to 468.07 billion yuan, while government fund revenue is expected to increase significantly by 57% to 248.46 billion yuan [9][10]. - The anticipated expenditure for 2026 includes 1.1672 trillion yuan for the general public budget and 357.35 billion yuan for government fund budget [10]. Social Welfare and Debt Management Initiatives - The 2026 budget emphasizes social welfare, with 94.03 billion yuan allocated to increase minimum pension and social assistance standards [11]. - The report stresses the importance of managing hidden debts and transforming local government financing platforms to prevent the establishment of new financing entities [11].

Core Insights - Henan Province's public budget revenue reached 450.17 billion yuan in 2025, marking a 2.5% increase, although slightly below the initial forecast of 4% [2][3] - The province ranks eighth nationally in public budget revenue and first among central provinces, with a projected GDP of 6.66 trillion yuan in 2025, reflecting a 5.6% year-on-year growth [3] - Government fund revenue is expected to decline significantly, with a forecast of 158.33 billion yuan in 2025, a 14.8% decrease, primarily due to a sluggish real estate market [3] Financial Performance - The total public budget expenditure for Henan in 2025 is projected at 1.15161 trillion yuan, a modest increase of 0.5%, with 849.94 billion yuan allocated for public welfare, accounting for 73.8% of total expenditure [5] - The government plans to issue 517.82 billion yuan in bonds in 2025, with total government debt expected to reach 2.48843 trillion yuan, remaining below the limit set by the Ministry of Finance [4] Future Projections - For 2026, the expected public budget revenue is projected at 468.07 billion yuan, indicating a 4% growth, while government fund revenue is anticipated to rise by 57% to 248.46 billion yuan [6] - The budget for public welfare and education will continue to be a priority, with significant allocations planned for improving social security and educational funding [6]

智通财经APP获悉，就在日本首相高市早苗宣布该国即将实现28年来首次基本财政盈余后不到一个月， 最新官方预估数据显示，其近期推出的经济刺激计划已使政府偏离了这一轨道。 日本内阁府本周四发布的最新中长期经济展望报告显示，在4月起的新财年，不计公共债务付息成本的 基本财政收支预计将录得约8000亿日元(约合51亿美元)赤字，占国内生产总值(GDP)的0.1%。尽管这是 日本自2001年设立该财政目标以来的最小赤字规模，但政府在去年8月的基准情景测算中，还曾预计该 财年将实现3.6万亿日元的财政盈余。 值得注意的是，内阁府此次采用的基本财政收支统计口径，比高市早苗去年12月提及的口径更宽泛。这 位首相当时援引的基本为年度初始预算对应的收支指标，而内阁府的宽口径数据不仅包含初始预算，还 涵盖财年内的其他支出，同时纳入中央和地方政府及其他公共基金的开支。 长期以来，实现这一更宽口径下的基本财政收支平衡一直是日本核心的财政目标。不过高市早苗近期却 淡化了这一目标，转而将降低公共债务占GDP的比例列为工作重点。事实上，即便是这一宽口径指标， 其短期测算结果在去年也已从预期盈余转为赤字。 尽管从较窄口径来看，高市早苗此前宣称 ...

2025年，中国发行超长期特别国债1.3万亿元，支持"两重""两新"(国家重大战略实施和重点领域安 全能力建设、大规模设备更新和消费品以旧换新)，其中安排消费品以旧换新资金3000亿元。廖岷介 绍，2026年，将继续安排超长期特别国债，用于"两重"建设和"两新"工作。 中新社北京1月20日电 (记者 赵建华)今年中国继续实施更加积极的财政政策。中国财政部副部长廖 岷20日在北京介绍，2026年财政赤字、债务总规模和支出总量将保持必要水平，确保总体支出力度"只 增不减"、重点领域保障"只强不弱"。同时，持续优化支出结构，确保资金用在紧要处。压减低效无效 支出，把更多的财政资金用在提振消费、"投资于人"、民生保障等方面，多渠道增加居民收入。 当天在国务院新闻办公室举行的发布会上，廖岷介绍，更加积极的财政政策取向，为宏观经济顶压 前行、稳中有进提供了重要支撑。2025年，中国赤字率按4%左右安排、比上年提高1个百分点；新增政 府债务规模11.86万亿元(人民币，下同)，比上年增加2.9万亿元，远超前几年的平均水平。发行特别国 债5000亿元，用于补充国有大型商业银行核心一级资本；安排5000亿元地方政府债务结存限额 ...