专家预计2026年的地方财政收入实际增长会好于预算安排。 随着各地陆续披露今年预算报告和政府工作报告，31个省份2026年财政收入增速目标明晰，总体来看地方普遍预计今年一般公共预算收入能够实现增长。 根据各地官方数据，2026年31个省份地方一般公共预算收入预计增速在0.5%~10%之间。粤开证券首席经济学家罗志恒以2025年各地一般公共预算收入作 为权重测算，今年31个省份一般公共预算收入目标加权平均增长2.7%，与2025年基本持平。 辽宁大学地方财政研究院院长王振宇告诉第一财经，地方财政收入增长有赖于经济的良性循环，更与各类价格变动息息相关，在经济稳定增长和强有力的 宏观政策作用下，预计2026年的地方财政收入实际增长会好于预算安排。 收入预期务实稳妥 近期各省份陆续披露了当地2025年预算执行情况和2026年预算草案报告，其中预算报告一大看点，正是各地对2026年财政收入及增速的预期，这一方面反 映了地方政府对当年经济财政形势的预判；另一方面，在财政"以收定支"原则之下，财政收入情形又与民生保障及政府推动经济增长密切相关，因此备受 关注。 经济决定财政。根据今年31个省份政府工作报告，地方政府普遍预计 ...

Core Viewpoint - The article emphasizes the importance of innovating financing mechanisms for rural revitalization to support agricultural modernization and rural development in China [1] Group 1: Financing Mechanisms - The innovation in rural revitalization financing mechanisms is crucial for guiding financial and social capital into agriculture and rural areas, providing support for industrial development, infrastructure, and public services [1] - The mechanism aims to create a multi-source investment structure through effective collaboration among government, finance, and social capital, with a focus on innovative financial products and services [1] - The scale of central government subsidies for rural revitalization is set to increase from 156.5 billion yuan in 2021 to 177 billion yuan in 2025, marking a 60% growth over the five years compared to the previous five-year plan [1] Group 2: Challenges in Financing - Challenges include a tendency to focus on investment rather than management, leading to inefficiencies in fund usage and policy effectiveness [2] - Issues such as difficulties in acquiring rural construction land and a lack of a smooth transfer mechanism hinder the financing capabilities of operational entities [2] - The absence of a robust mechanism for evaluating and converting the value of ecological resources restricts the integration of green assets into the financing system [2] Group 3: Institutional Improvements - There is a need to enhance the public budget allocation for agriculture and rural areas, ensuring that financial inputs align with rural revitalization goals [2] - The promotion of zero-based budgeting is suggested to break the rigid expenditure patterns and improve fund coordination for key areas like food security and infrastructure [2] - A performance management system should be established to ensure accountability and effectiveness in fund usage [2] Group 4: Marketization of Rural Assets - The improvement of rural property rights and transaction systems is essential for deepening the marketization of rural assets, with land being a core component [3] - The extension of land management rights for farmers provides a stable basis for financial products like land management right mortgage loans [3] - Establishing standardized rural property transfer platforms can facilitate transparent market pricing and efficient resource circulation [3] Group 5: Risk Management - A robust risk prevention and control system is necessary to ensure financial safety in rural financing [3] - Proactive measures for identifying and managing systemic financial risks should be prioritized to create a sustainable environment for diverse capital entering rural areas [3] - The focus should be on developing a systematic, refined, and intelligent risk management mechanism [3]

原题：江苏1.5万亿财政支出花在哪？ 在1月29日举行的全省财政工作会议上，江苏省财政厅亮出了"十四五"和过去一年发展的"成绩单"。 保障改善民生，够温暖。 聚力"投资于人"，发放稳岗返还资金53亿元、就业补助资金31亿元，全力稳住就业基本盘；全省中小学 教室空调实现全覆盖、在全国率先出台孤困学生教育资助政策，全年教育支出达到2894亿元；社会保障 和就业支出2238亿元；住房保障支出949亿元……有了财政资金的精准托底，才有了百姓不断提升的获 得感与幸福感。 管理提质增效，很科学。 近年来"过紧日子"成为各地共识，一方面要盘活存量、挖潜增收，另一方面也要"该省省、该花花"。 2025年江苏全面实施零基预算，构建"应保必保、该省尽省、有保有压、讲求绩效"的预算分配机制，推 动省级专项资金进一步优化整合，集中财力办大事。同时更加重视绩效管理，项目的评估结果与预算安 排直接挂钩，确保该花的钱都花对了地方。 2026年，江苏财政还将突出惠民生和促消费、投资于物和投资于人两个紧密结合，更加重视降本节支、 平稳运行、科学管理、风险防范，增强运行之"稳"，巩固向好之"势"。在支持扩大内需、发展新质生产 力、支持教育科技人 ...

Core Insights - Jiangsu Province's 2025 general public budget revenue reached 10,246 billion yuan, with tax revenue accounting for 77.4% at 7,929 billion yuan, while total expenditure was 15,190 billion yuan, with 78.9% or 11,979 billion yuan allocated to livelihood spending [1] Group 1: Budget Reform - Jiangsu's zero-based budgeting reform aims to restructure the budget system starting from zero, focusing on comprehensive income coordination and expenditure source control, achieving "reduction and increase, precise drip irrigation" of fiscal funds [2] - The number of provincial special funds decreased by 25% to 47 in 2025, with plans to further reduce to under 30 in 2026, reflecting a shift from "soft requirements" to "hard constraints" in budget performance management [2] - A cost performance analysis guide was issued, leading to a savings of 800 million yuan with a 16.4% savings rate [2] Group 2: Social Welfare Investment - In the social welfare sector, Jiangsu focused on "investing in people," reducing unemployment insurance fees by over 14 billion yuan and providing 5.172 billion yuan in job retention funds to support foreign trade and small businesses [3] - Education spending reached 2,894 billion yuan, a 4.9% increase, while social security and employment spending also grew by 4.9% to 2,238 billion yuan, indicating a strong commitment to enhancing public welfare [3] Group 3: Asset Utilization - Jiangsu activated dormant assets through a platform for sharing state-owned assets, completing over 37,000 asset adjustments since 2025, saving 55.03 million yuan in fiscal funds [4] - The province restructured its budget unit account management system, consolidating nearly a quarter of accounts, which led to the collection of 16.507 billion yuan in various unit account funds [4] Group 4: Financial Innovation - Jiangsu introduced 20 "Fiscal + Financial" measures, leveraging 600 billion yuan in financial resources to support high-quality development in the real economy [5] - The province facilitated over 140 billion yuan in interest-subsidized loans, significantly reducing financing costs for businesses, and established a service platform for efficient fund distribution [5] Group 5: Future Directions - Jiangsu's fiscal system continues to promote a "big finance" concept, aiming to align fiscal work with broader economic and social development goals, ensuring that fiscal funds contribute to high-quality growth and improved public welfare [6]

彻底摒弃"基数+增长"的预算模式，每年以"零"为起点重新审定预算，打破部门对既有资金的依赖。以 大财政理念为基础，坚持"先有政策、再有项目、后有预算"，所有支出项目必须符合省委省政府决策部 署，解决了财政资金分配的固化问题，使预算编制更加灵活、科学，能够根据实际需求和政策目标动态 调整资金分配，为重大战略和重点任务提供精准保障。 打破部门壁垒，强化跨部门资金的整合使用。强化部门支出统筹能力，新增支出优先通过调整现有结构 统筹安排。按照量入为出的原则，加强各部门和单位非财政拨款支出管理。通过精简、取消低效、无效 项目，清理到期项目，集中财力保障重大战略和重点任务，财政资金的整体效益大幅提升。 转自：中国改革报 （来源：中国改革报） ...

Group 1 - The core viewpoint of the article is that Sichuan Province is comprehensively promoting zero-based budgeting across various dimensions such as project management, standard construction, guarantee models, and compilation review [1] - The province categorizes projects into two types: long-term projects for ongoing departmental duties and phase projects for specific tasks and development goals [1] - A budget compilation method has been issued, dividing expenditure standards into basic expenditure standards and project expenditure standards [1] - The administrative unit guarantee model has been improved to focus on "overall management of income and expenditure, full guarantee, and focusing on key areas" [1] Group 2 - Basic expenditure is compiled using a fixed personnel and quota method [2]

打破部门壁垒，强化跨部门资金的整合使用。强化部门支出统筹能力，新增支出优先通过调整现有结构 统筹安排。按照量入为出的原则，加强各部门和单位非财政拨款支出管理。通过精简、取消低效、无效 项目，清理到期项目，集中财力保障重大战略和重点任务，财政资金的整体效益大幅提升。 彻底摒弃"基数+增长"的预算模式，每年以"零"为起点重新审定预算，打破部门对既有资金的依赖。以 大财政理念为基础，坚持"先有政策、再有项目、后有预算"，所有支出项目必须符合省委省政府决策部 署，解决了财政资金分配的固化问题，使预算编制更加灵活、科学，能够根据实际需求和政策目标动态 调整资金分配，为重大战略和重点任务提供精准保障。 （来源：中国改革报） 转自：中国改革报 ...

Core Viewpoint - The report on Beijing's budget execution for 2025 and the draft budget for 2026 highlights a stable growth in public budget revenue, with a focus on implementing proactive fiscal policies to support the city's development during the 14th Five-Year Plan and set a strong foundation for the 15th Five-Year Plan [1][4]. Group 1: 2025 Budget Execution - The total public budget revenue for 2025 reached 668.06 billion yuan, marking a growth of 4.8%, with a tax revenue share of 86.5% [2][3]. - The city's public budget expenditure for 2025 was 840.19 billion yuan, also reflecting a 4.8% increase, with a focus on optimizing expenditure structure and enhancing government financial capacity [2][3]. - The fiscal policies included measures such as reducing non-essential expenditures by 1.82 billion yuan and conducting performance evaluations on 84 existing expenditure policies [2][3]. Group 2: Review of the 14th Five-Year Plan - Over the past five years, the fiscal policies have reduced tax burdens for businesses by over 490 billion yuan, fostering a positive cycle of economic growth and fiscal revenue [3]. - The average annual growth rate of public budget revenue was 4%, with tax revenue consistently accounting for around 85% of total revenue [3]. - Public budget and government fund expenditures totaled nearly 1.2 trillion yuan over five years, with over 300 billion yuan allocated to social welfare, maintaining a focus on high-quality development [3]. Group 3: Outlook for 2026 - The expected public budget revenue for 2026 is projected to be 695 billion yuan, with an anticipated growth of around 4% [4][5]. - The expenditure plan for 2026 is set at 860.02 billion yuan, emphasizing strategic investments in key areas such as urban governance and social welfare [5]. - The fiscal department aims to enhance the efficiency of fund usage through zero-based budgeting and performance management, aligning fiscal resources with demographic changes [5].

Core Viewpoint - The 2025 fiscal policy aims to support current economic growth while facilitating long-term structural transformation, ensuring sustainable development for the Chinese economy [3]. Group 1: Fiscal Policy Measures - The fiscal deficit rate for 2025 is set at around 4%, an increase of 1 percentage point from the previous year, with new government debt totaling 11.86 trillion yuan, up by 2.9 trillion yuan [4]. - Special government bonds worth 500 billion yuan will be issued to bolster the core tier one capital of major state-owned commercial banks, enhancing the financial sector's capacity to support the real economy [4]. - A total of 500 billion yuan will be allocated for local government debt limits to strengthen fiscal capacity and expand effective investment [4]. Group 2: Consumer Stimulus Initiatives - The issuance of ultra-long special bonds amounting to 1.3 trillion yuan will support consumption upgrades, with 300 billion yuan specifically allocated for the "trade-in" program, leading to sales exceeding approximately 2.6 trillion yuan [4]. - Policies to stimulate consumption include personal consumption loans and subsidies for service industry loans, as well as adjustments to duty-free shop and tax refund policies for tourists [4]. Group 3: Social Welfare Enhancements - Employment support measures include a central government allocation of 66.74 billion yuan for employment subsidies [5]. - The fiscal subsidy standards for resident health insurance and public health services have been raised to 700 yuan and 99 yuan per person per year, respectively, with a total of about 490 billion yuan allocated for these subsidies [5]. - Basic pension levels for retirees will see a 2% increase, with the minimum standard for urban and rural residents raised by 20 yuan per month [5]. - A new childcare subsidy system will be established, with 100 billion yuan allocated for families with children under three years old [5]. Group 4: Risk Management and Development Balance - The fiscal department will continue to manage hidden debt, with 2 trillion yuan allocated for replacing existing hidden debts and 800 billion yuan for new special bonds to support local government financial capacity [6]. - The average interest cost of replaced debts has decreased by over 2.5 percentage points, reducing the burden on local governments and enhancing development momentum [6]. - The fiscal policy for 2026 will focus on increasing total spending, optimizing structure, improving efficiency, and strengthening economic momentum [6][7].

Core Viewpoint - In 2025, China will implement a more proactive macro policy to support economic growth and social development, balancing immediate needs with long-term structural transformation [2][11]. Group 1: Fiscal Policy and Debt Management - The fiscal deficit is set at around 4%, marking a historical high for China [3][12]. - New government debt will reach 11.86 trillion yuan, an increase of 2.9 trillion yuan from the previous year, significantly exceeding average levels from prior years [3][12]. - Special bonds issued in 2025 will total 4.59 trillion yuan, the highest in five years, with a focus on infrastructure and social projects [3][12]. Group 2: Support for Key Sectors - Key areas such as social security, employment, technology, education, and health will receive substantial funding, with over 10 trillion yuan allocated in the first 11 months, accounting for over 40% of general public budget expenditures [4][13]. - A total of 2 trillion yuan will be allocated to replace existing hidden debts, and 800 billion yuan in new special bonds will be issued to support local government finances [4][13]. Group 3: Consumer Support Initiatives - In 2025, 300 billion yuan will be allocated for consumer subsidies, aimed at boosting sales by over 2.6 trillion yuan [4][12]. - The issuance of long-term special bonds will support consumption and economic transformation [4][12]. Group 4: Future Fiscal Strategies - In 2026, the fiscal deficit and total debt will be maintained at necessary levels, ensuring that spending in key areas continues to grow [5][14]. - The government will adopt a zero-based budgeting approach to reduce ineffective spending and increase investment in consumer support and social welfare [5][14]. Group 5: Financial Sector Reforms - Policies will be optimized to enhance support for technology innovation and manufacturing, with a focus on long-term investments in hard technology [7][15]. - The central bank will lower interest rates on various structural monetary policy tools by 0.25 percentage points to reduce financing costs [6][15].