从中美日国际比较看财税改革方向 20250923 摘要 中国财政预算体系由一般公共预算、政府性基金预算、国有资本经营预 算和社保基金预算四本账构成，其中一般公共预算是关键纽带，连接其 他三本账的资金流动，但社保基金仅接受公共财政补助。 2023 年中国四本账总收入约 40 万亿元，一般公共预算占比 53%，政 府性基金占比 17%，国有资本经营占比 2%，社保基金占比 27%。广 义财政通常指一般公共预算和政府性基金。 2023 年中国四大主要税种（增值税、企业所得税、国内消费税、个人 所得税）合计占比一般公共预算收入的 78%，其中增值税占比 38%。 中美财政体系差异显著：中国采用四本账独立核算，美国采用单一核算 系统。美国以直接税为主导，2024 财年总支出增长率约 13%，赤字规 模同比增长 10%。 2022 年美国财政支出中，健康医疗和收入保障占比最高，合计 50%； 教育和利息支出占比 25%；基建和公用事业占比仅为 5%；国防支出占 比 8%。 Q&A 从历史上中国的历次三中全会来看，财税改革的方向有哪些主要内容？ 中国历次三中全会通常以经济体制改革为主题，涵盖农业农村工作、价格改革、 工资改 ...

利比里亚《每日观察家报》官网9月18日报道：西非税收管理论坛（WATAF）高级别政策对话9月16日 在塞拉利昂弗里敦开幕。论坛主题为"通过有效税收体系为发展融资"，与会各国代表一致呼吁西非政府 将税收机关作为关键投资对象，以应对官方发展援助萎缩的挑战，通过动员国内资源实现可持续发展。 利比里亚税务局长詹姆斯·多伯·贾拉在会上强调，研究证实每向税收机构投入1美元可产生30倍的财政回 报，呼吁政府加大对自动化系统和人力资本的投资。冈比亚税务局长扬库巴·达博埃分享了成功经验： 该国政府将税收的4.5%返还税务机构，使其年收入从2018年前的50万美元提升至"数十亿"。论坛形成共 识：西非各国必须通过战略性投资税收机关，扩大税基、数字化运营，才能为基础设施和社会服务创造 财政空间，真正掌握自主发展的财政主权。 ...

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - The fiscal achievements during the 14th Five - Year Plan include enhanced financial strength, stable macro - regulation, improved people's livelihood, and effective risk prevention. Over 60% of financing platforms have exited, and in the 15th Five - Year Plan, debt reduction and development will go hand in hand to promote a positive cycle between economic development and debt management [5][8][11]. - Gansu issued the first provincial - level implementation plan for the construction and operation of PPP stock projects, aiming to solve related problems and promote the compliance and stable operation of projects [5][15]. 3. Summary According to Relevant Catalogs 3.1. News Reviews 3.1.1. Fiscal Achievements during the 14th Five - Year Plan - Fiscal macro - regulation has achieved new breakthroughs, with fiscal policies becoming more proactive, enhancing counter - cyclical and cross - cyclical adjustments, and emphasizing expectation management. The deficit rate has increased from 2.7% to 4%, and the total national general public budget expenditure is expected to exceed 136 trillion yuan, a 24% increase from the 13th Five - Year Plan [8]. - The expenditure structure has been further optimized, with a more prominent people - oriented focus. Fiscal investment in people's livelihood is nearly 100 trillion yuan, and in 2025, 100 billion yuan is allocated for child - rearing subsidies and 20 billion yuan for free pre - school education [10]. - Local debt risks have significantly converged, with over 60% of financing platforms exiting. The "6 + 4+2 debt - reduction combination" has achieved positive results, and the Ministry of Finance will advance the issuance of some new local government debt quotas in 2026 [11][12]. - Fiscal and tax reform and management have advanced in depth, forming a good pattern of more scientific budget management, more perfect tax systems, and more sound fiscal systems [13]. 3.1.2. Gansu's PPP Stock Project Plan - Gansu issued the "Implementation Plan for the Standardized Construction and Operation of Government - Social Capital Cooperation Stock Projects" on September 8, 2025. The plan has three - stage goals and proposes multiple measures to ensure the smooth construction of ongoing projects and the stable operation of operational projects [15]. 3.1.3. Early Repayment of Bonds by 29 Urban Investment Enterprises - 29 urban investment enterprises early - repaid the principal and interest of 29 bonds, with a total scale of 5.067 billion yuan, a decrease of 127 million yuan compared to the previous period. Most of the enterprises are in the eastern region, and the main rating is AA [17][18]. 3.1.4. Cancellation of Issuance of 4 Urban Investment Bonds - Four urban investment bonds with a planned issuance scale of 2.1 billion yuan were cancelled from September 10 - 12, 2025. As of September 12, 79 urban investment bonds have been postponed or cancelled this year, with a total scale of 50.264 billion yuan [19]. 3.2. Issuance of Local Government Bonds and Urban Investment Enterprise Bonds 3.2.1. Local Government Bonds - This week, 53 local government bonds were issued, with the issuance scale rising 223.02% to 301.672 billion yuan and the net financing rising 425.16% to 192.779 billion yuan. The weighted average issuance interest rate rose 13.59 BP to 2.17%, and the weighted average issuance spread narrowed 1.72 BP to 19.47 BP [20]. - Shenzhen issued 1 billion yuan of offshore RMB local government bonds in Macau on September 9, and Hainan issued 5 billion yuan of RMB local government bonds in Hong Kong on September 12 [20][21]. 3.2.2. Urban Investment Bonds - This week, 131 urban investment bonds were issued, with the issuance scale rising 26.02% to 94.766 billion yuan and the net financing rising 56.269 billion yuan to 21.563 billion yuan. The average issuance interest rate was 2.38%, a 0.56 BP increase, and the issuance spread was 80.48 BP, a 4.37 BP narrowing [25][27]. - Three overseas urban investment bonds were issued, with a total scale of 2.84 billion yuan, and the weighted average issuance interest rate was 4.11% [27]. 3.3. Trading of Local Government Bonds and Urban Investment Enterprise Bonds - The central bank conducted 1.2645 trillion yuan of reverse repurchase operations in the open market this week, with 1.0684 trillion yuan of reverse repurchases maturing, resulting in a net investment of 196.1 billion yuan [31]. - Short - term capital interest rates all increased. The trading volume of local government bond spot reached 434.793 billion yuan, a 15.64% increase, and most of the maturity yields increased, with an average increase of 4.67 BP [31]. - The trading volume of urban investment bonds was 253.397 billion yuan, a 0.57% increase, and all maturity yields increased, with an average increase of 5.63 BP. The spreads of 1 - year, 3 - year, and 5 - year AA+ urban investment bonds all widened [33]. - Ten urban investment entities had 14 abnormal transactions of 10 bonds, with the number of entities and abnormal transactions increasing compared to last week, while the number of bonds remained unchanged [33]. 3.4. Important Announcements of Urban Investment Enterprises - This week, 56 urban investment enterprises announced changes in senior management, legal representatives, directors, supervisors, etc., as well as changes in controlling shareholders, actual controllers, equity/asset transfers, cumulative new borrowings, name changes, business scope changes, and changes in the use of raised funds [36].

Group 1 - The core viewpoint emphasizes the continuous enhancement of China's fiscal strength and efficiency during the "14th Five-Year Plan" period, which supports national governance and meets the people's expectations [1] - The fiscal policy has become more proactive and adaptable to economic conditions, contributing to an average economic growth rate of 5.5% over the past four years and maintaining a 30% contribution to global economic growth [4] - The focus on public welfare in fiscal policy is evident, with significant allocations for education (20.5 trillion yuan), social security and employment (19.6 trillion yuan), health (10.6 trillion yuan), and housing (4 trillion yuan), totaling nearly 100 trillion yuan in public welfare spending [6] Group 2 - Effective risk prevention measures are in place to promote high-quality development and safety, including a legal debt management system and substantial transfer payments to local governments, amounting to nearly 50 trillion yuan over five years [8] - Fiscal reforms are advancing to better serve national governance, focusing on optimizing resource allocation, enhancing efficiency, and improving the tax structure [11] - International financial cooperation is deepening, with the Ministry of Finance managing multiple bilateral and multilateral financial dialogue mechanisms and expanding high-level openness, reducing the overall tariff level to 7.3% [13]

Core Viewpoint - The People's Bank of China in Qinzhou City emphasizes its commitment to serving the public through effective treasury management, policy implementation, and national debt benefits, contributing significantly to local economic and social development [1][2]. Group 1: Treasury Management and Policy Implementation - The bank adheres to the principle of "responsibility for treasury management," establishing a robust internal control system to ensure accurate budget revenue collection and compliant fiscal expenditure [1]. - In response to natural disasters, the bank implements an emergency response mechanism with a "24/7 standby" system to ensure the smooth flow of treasury funds during critical times [1]. - The bank collaborates with fiscal and tax departments to complete tax reforms and establish a "T+0" mechanism for budget revenue and expenditure, enabling immediate settlement and same-day fund availability [1]. Group 2: Tax Reduction and Social Welfare - Since the implementation of tax reduction policies, the bank has adopted a "1+4" model to facilitate tax refunds, ensuring that the benefits of tax policies reach businesses effectively [1]. - From 2025 onwards, the bank has allocated 13.403 billion yuan for social welfare expenditures, marking a year-on-year increase of 14.6%, focusing on infrastructure, housing security, and healthcare education [1]. Group 3: Promotion of National Debt - The bank promotes national debt in rural areas by guiding commercial banks to set up national debt underwriting service points in 49 townships [2]. - During promotional activities, the bank collaborates with financial institutions to set up service booths, making national debt an attractive investment option for rural residents [2]. - To ensure timely payment of national debt, the bank has established a reminder system, categorizing personal national debt information and notifying holders 30 days in advance [2].

Summary of Key Points from the Conference Call Industry Overview - The discussion revolves around the Chinese fiscal system, which consists of four main accounts: General Public Budget (60% share), Government Funds (20% share), State Capital Operating Income, and Social Security Fund. [1][3] Core Insights and Arguments - The General Public Budget is primarily tax-based, with VAT, consumption tax, corporate income tax, and personal income tax contributing approximately 70% of total tax revenue. The reliance on indirect taxes has historically supported production development but may require reform in the current economic context. [1][4][5] - Government Funds mainly derive from land transfer income, which is utilized for real estate and infrastructure spending. [1][9][10] - The Social Security Fund faces a funding gap, relying on fiscal subsidies to cover deficits, which may widen due to an aging population, increasing fiscal pressure. [1][13] - The broad deficit rate in China is nearing historical highs, similar to Japan's situation over the past 30 years, indicating that rapid reductions in the deficit are unlikely without structural economic adjustments and inflation recovery. [1][16][18] - The fiscal policy's effectiveness has gained prominence due to the diminishing impact of monetary policy, particularly in light of changes in the real estate market and household leverage. [2] Important but Overlooked Content - The first account's expenditures are primarily directed towards social security, employment, education, and healthcare, with infrastructure spending decreasing. The deficit remains a concern, with revenues around 21 to 22 trillion yuan and expenditures approximately 27 trillion yuan. [8] - The second account, Government Funds, is heavily reliant on land sales, which constitute about 80% of its income, indicating a significant dependency on real estate for local government financing. [9][10] - The third account, State Capital Operating Income, has seen an increase in profit remittance from state-owned enterprises, with the remittance ratio reaching 50% in 2023. [11] - The fourth account, which includes social insurance, reported a deficit of about 2 trillion yuan in 2023, highlighting the challenges posed by demographic changes. [12][13] - The overall leverage ratio in China is relatively low compared to the US and Japan, suggesting potential for increased leverage, but structural reforms are necessary to ensure effective fund utilization and mitigate future deleveraging pressures. [19] Future Outlook - The fiscal policy is expected to have a significant impact on macroeconomic data in the first half of 2025, with a projected issuance of 14 trillion yuan in government bonds, an increase of 4 trillion yuan year-on-year. However, a reduction in issuance is anticipated in the second half, which may lead to a decline in related economic indicators. [21] - The third quarter will focus on the implementation of policy financial tools, with an expected scale of 300 to 500 billion yuan, and the fourth quarter may see new fiscal measures to stabilize market expectations and improve the economic fundamentals. [21]

Group 1 - The core point of the article is the announcement by the Ministry of Finance and the State Taxation Administration regarding the resumption of value-added tax (VAT) on interest income from newly issued government bonds, local government bonds, and financial bonds starting from August 8, 2025 [3][4][5] - Interest income from bonds issued before August 8, 2025, will continue to be exempt from VAT until maturity, while new bonds issued after this date will be subject to VAT at two rates: 6% for institutions like banks and insurance companies, and 3% for public funds and other asset management products [5][6] - Foreign institutions holding these bonds will remain exempt from VAT until the end of 2025, while individual investors can avoid VAT on interest income if their monthly sales do not exceed 100,000 yuan [6][10] Group 2 - The impact on the bond market is expected to be minimal, as the demand for bonds remains strong, and the VAT burden on public and asset management products is relatively low [8][9] - The overall trend indicates a shift in investment from the bond market to the stock market, particularly if the stock market gains more confidence among investors [9][10] - The resumption of VAT on bond interest income is part of broader fiscal reforms aimed at increasing tax revenue, as the country seeks to balance its budget amid declining tax revenues [10][11][12]

人们通常比较多地关注经济总量和增长速度，对经济维持运行所要承受的成本关注度不高。从客观上讲，企业运营的成本容易 计算，无非是生产和经营所需的各类生产要素的成本。对于国家而言，成本的概念也大致类似。随着经济体量的增加，国家财 政支出规模也随之上升，如我国已经成为全球第二大经济体，每年的赤字规模也有增大趋势，故应该考虑如何让经济运行降本 增效，财政支出的正向乘数效应最大化，以保持经济的良性运行，本文就此话题展开讨论。 摘要 成为全球第二大经济体之后 ——我国经济运行成本上升偏快 我国经济上世纪80年代开始步入高速增长期，从1980年到2010年这30年属于高速增长期，GDP平均增速超过10%， 2010年 GDP总量超过日本，成为全球第二大经济体 。但2011年以后，经济增速开始缓慢下行，就此告别了两位数增长的时代。 中国经济高速增长阶段，主要发生在2011年以前，尤其在上世纪90年代和本世纪00年代，是改革开放红利和人口红利的集 中释放阶段，但2011年开始中国的劳动年龄人口出现负增长，劳动力成本逐年上升，同时，随着房价的上涨，土地价格也 水涨船高，故生产要素价格的上涨必然带来经济运行成本的上升。 我国土地价格 ...