（来源：乌兰察布财政） 这一年,我们以"忠诚"为笔,绘就政治坚定 的底色。始终将党的政治建设摆在首位,持续深化 理论武装,严格落实"第一议题"制度,推动党的 are star and and and and and and sent to the server the series to the series to the series to the series to the series to the series to the series the sent to the sent to t 的刺珪ん八脳ハヅ、 九1丁九Ｘ。 玖门王次贝1所 六 党中央、自治区和市委、市政府各项决策部署，扎 实开展深入贯彻中央八项规定精神学习教育,将 "两个维护"融入财政工作全过程,确保财政事业 始终沿着正确航向破浪前行。党建引领更加有力， 基层党组织堡垒更加坚固,第一党支部荣获自治区 坚强堡垒"模范"支部殊荣。 这一年,我们以"实干"为犁,深耕财源建设 的沃土。面对经济下行压力,我们迎难而上,精耕 细作,一般公共预算收入增幅位居全区前列,税收 质量保持稳定优良。向上争取资金成果丰硕,新增 债券、超长期特别国债等政策性资 ...

Core Insights - The Ministry of Finance has released a report on the implementation of China's fiscal policy for the first half of 2025, emphasizing the need to enhance fiscal governance effectiveness and levels [1] Fiscal Management - The Ministry aims to strengthen fiscal scientific management and deepen the implementation of various tax reform measures [1] - Key areas of focus include fiscal resource and budget coordination, zero-based budgeting, fiscal transfer payment systems, consumption tax reform, and standardizing tax incentive policies [1] Oversight and Accountability - Increased financial supervision efforts will be made, ensuring thorough audit rectification and accountability at local and departmental levels [1] - The Ministry will enforce stricter budget constraints and enhance the execution of fiscal laws and regulations [1] Fiscal Discipline - The Ministry is committed to adhering to the principle of "tightening the belt," ensuring that fiscal funds are allocated more towards development needs and public welfare [1]

Group 1: Government Shutdown Implications - The current government shutdown appears to be more prolonged due to a lack of communication between the parties involved, differing from historical instances where resolutions were typically reached quickly [2][3] - The president's potential aim to reduce the size of government could have a more significant impact on GDP than usual, as past shutdowns often resulted in backpay that mitigated economic effects [3][5] - The upcoming military payday on October 15th is a critical date, as both parties may want to avoid being blamed for not paying troops, which could prompt negotiations [4] Group 2: Economic and Credit Rating Concerns - The risk of a recession stemming from the shutdown is considered minor, as shutdowns are generally short-lived and spending delays are usually compensated later [5][6] - Credit rating agencies have already downgraded U.S. debt, citing shutdowns and political dysfunction, which raises concerns about U.S. fiscal governance [6][7] - Persistent dysfunction in Washington may lead rating agencies to question whether the U.S. can effectively utilize its resources to maintain credit ratings [7][8] Group 3: Fiscal Sustainability - The U.S. is currently on an unsustainable fiscal path, with uncertainty about what will trigger a necessary change, but a significant adjustment is anticipated when it occurs [8][9]

Economic Performance - During the "14th Five-Year Plan" period, China's fiscal governance achieved significant results, including stable growth through active fiscal policies, with a cumulative tax reduction of approximately 10.5 trillion yuan, averaging over 2 trillion yuan annually[5] - The general public budget revenue as a percentage of GDP fell to 16.3% in 2024, down 1.4 percentage points from 2020 and 5.4 percentage points from the peak in 2015[5] - The general public budget expenditure reached 28.5 trillion yuan in 2024, a 15.8% increase from 2020[5] Fiscal Policy Adjustments - The average budget deficit rate from 2021 to 2025 was 3.3%, which is 0.4 percentage points higher than the average during the "13th Five-Year Plan" period[6] - The broad deficit rate during the "14th Five-Year Plan" averaged 6.5%, exceeding the previous period's average by 1.7 percentage points[6] Structural Changes - Fiscal policies shifted focus from supply-side to demand-side, enhancing consumer spending and supporting a transition from an investment-driven to a consumption-driven economy[7] - The average growth rate of public budget expenditures related to people's livelihoods was 4.3% from 2021 to 2024, surpassing the overall public budget expenditure growth of 3.7%[8] Risk Management - By the end of 2024, the national government debt balance reached 82.1 trillion yuan, with an average annual growth of 15.2% since 2020[9] - The local government debt-to-GDP ratio was approximately 35.2% at the end of 2024, with an estimated total debt ratio of about 43.0% when including hidden debts[9] Policy Execution - The central government's deficit accounted for 85.9% of the total budget deficit in 2025, an increase of 11.9 percentage points from 2020[16] - Central government transfers to local governments increased by 18.0% in 2022 compared to 2021, ensuring effective policy implementation[16]