Core Points - The article discusses a new policy by the Ministry of Finance aimed at addressing the issue of unpaid government debts to enterprises through the issuance of special bonds, marking a significant step in resolving the "triangle debt" and "circular debt" problems. Group 1: Policy Overview - The policy introduces a new use for special bonds, allowing local governments to allocate part of the funds specifically for repaying various types of debts owed to enterprises, including project payments and procurement costs [2][3] - It emphasizes "coordinated arrangement" and "quota management," ensuring that the use of special bonds for debt repayment is within the approved annual quota by the State Council, with provincial governments responsible for allocation [3][4] - The focus is on debts arising from government projects, particularly those related to municipal engineering, transportation facilities, and public buildings, targeting significant amounts owed to private and small enterprises [4][5] Group 2: Objectives and Mechanisms - The ultimate goal is to achieve both "debt repayment" and "prevention of new debts," addressing historical issues while encouraging local governments to strengthen budget management to prevent the accumulation of new hidden debts [5][6] - A robust supervision and accountability mechanism will be implemented to ensure proper execution of the policy, with strict penalties for misreporting debt amounts or misusing special bond funds [7] Group 3: Financial Data and Budget Execution - As of September 21, over 1.2 trillion yuan in special bonds have been issued for local debt and repayment efforts, including 800 billion yuan specifically for enhancing local government financial capacity [1][2] - From January to July, the national general public budget revenue was 1.35839 trillion yuan, showing a slight year-on-year increase of 0.1%, while the general public budget expenditure reached 1.60737 trillion yuan, up 3.4% year-on-year [10][11]

Core Viewpoint - The report presented to the National People's Congress highlights the challenges in fiscal revenue, with a slight decline in tax income and a focus on stabilizing employment and foreign trade while managing risks in key areas [1][2] Fiscal Revenue - In the first seven months of the year, national tax revenue reached 110,933 billion yuan, a year-on-year decrease of 0.3% [1] - The value-added tax and consumption tax on imported goods fell by 6.1%, while tariffs decreased by 6.5%, primarily due to a decline in general trade imports [1] - Non-tax revenue amounted to 24,906 billion yuan, showing a year-on-year growth of 2%, but the growth rate is continuously declining [1] Social Insurance Fund - The national social insurance fund budget revenue was 72,626 billion yuan, reflecting a year-on-year increase of 8.4% [1] - The budget expenditure for the social insurance fund was 63,196 billion yuan, with a year-on-year growth of 4.2% [1] - As of the end of July, the cumulative balance of the fund was 154,373 billion yuan, representing a growth of 12.8% [1] Employment and Foreign Trade Support - The report emphasizes increasing support for employment policies, including public employment services, vocational training, and job stability measures [2] - It aims to assist enterprises in stabilizing orders, shifting to domestic sales, and expanding markets while addressing practical issues [2] - The report also mentions the importance of bilateral economic cooperation and signing more free trade agreements to deepen international economic collaboration [2] Risk Management - The report outlines a strategy for gradually replacing hidden debts while prohibiting the creation of new hidden debts and strictly investigating illegal borrowing activities [2] - It stresses the need for government departments to adhere to frugality and implement regulations against waste, controlling expenditures on procurement, travel, and office space [2] - The report advocates for aligning development plans and policies with economic and financial capabilities to ensure prudent use of limited fiscal resources [2]