在主要税收收入方面，财政部数据显示，国内增值税52271亿元，同比增长3.6%；国内消费税12934亿元， 同比增长2.2%；企业所得税32527亿元，同比增长0.8%；个人所得税11799亿元，同比增长9.7%。其中，前 七个月的企业所得税数据还是同比下降。 关于一般公共预算支出，财政部数据显示，前三季度，全国一般公共预算支出208064亿元，同比增长 3.1%。分中央和地方看，中央一般公共预算本级支出31008亿元，同比增长7.3%；地方一般公共预算支出 177056亿元，同比增长2.4%。 据财政部消息，前三季度，全国一般公共预算收入163876亿元，同比增长0.5%。其中，全国税收收入 132664亿元，同比增长0.7%；非税收入31212亿元，同比下降0.4%。分中央和地方看，中央一般公共预算 收入70837亿元，同比下降1.2%；地方一般公共预算本级收入93039亿元，同比增长1.8%。 南都N视频记者注意到，自去年以来，非税收入都呈同比增长态势，而今年前三季度的非税收入实现了同 比下降。 南都讯 记者杨文君 发自北京 10月17日，财政部公布前三季度财政收支数据。值得关注的是，非税收入今 年首次 ...

We'll get to that, but right now let's get over to Aiman Jabvers. He has got some breaking news out of the United States Treasury. >> Brian, that's right.Some BFA numbers here from the US monthly Treasury statement. US government reporting $198 billion surplus for the month of September. That's against a $50 billion estimate uh for that from Reuters.So, a big beat there in terms of the monthly surplus. Senior Trevy Treasury official uh tells us this is the largest surplus for any September on record ever. T ...

Persistent exchange rate pressures continued to weigh on Argentina's financial markets on Wednesday, straining the Treasury as proceeds from a special liquidation deal with agricultural exporters dwin... ...

9月18日，山西省财政厅通过财政部政府债券发行系统成功发行今年第八批政府债券204.51亿元，期限包含10年、15年、20年、30年期， 全场平均发行利率2.3%，平均投标倍数24.83倍。至此，山西省今年已累计发行政府债券1525.27亿元，其中新增债券发行861.9亿元，发 行进度完成财政部下达我省新增债券额度的96%。 今年以来，山西省财政厅认真贯彻财政部和省委省政府有关要求，落实更加积极的财政政策，坚持化债和发展两条腿走路，推动山西省 经济发展和债务管理良性循环。 本批债券全部为新增专项债券，其中122.76亿元用于补充政府性基金财力和存量政府投资项目，切实增强财政统筹能力，腾挪空间提升 发展动能；81.75亿元用于保障全省260个公益性项目建设落地，高质量完成十四五规划目标任务。 下一步，山西省财政厅在提升地方债发行质效的同时，进一步强化预算约束，严格规范资金合规使用，督促项目单位加快支出进度，实 现地方政府债券"发得优、用得好、见效快"，为山西省经济行稳致远提供坚实的财力支撑。 来源｜山西财政微信公众号 | 发行日期 | 债券代码 | 债券简称 | 债券类型 | 友行规模 | 发行期限 | 農面村 ...

Core Viewpoint - The Chinese government is accelerating the reform and transformation of local financing platforms, with over 60% of these platforms expected to exit by June 2025, indicating a significant reduction in implicit debt [2][5]. Debt Management and Policy Measures - As of August 2023, a total of 4 trillion yuan of the newly increased 6 trillion yuan special debt limit has been issued, with an average interest cost reduction of over 2.5 percentage points, saving over 450 billion yuan in interest expenses [4]. - The issuance of new local government special bonds reached 2.78 trillion yuan in 2023, with 800 billion yuan specifically allocated to support debt resolution [4]. - The total government debt in China is projected to reach 92.6 trillion yuan by the end of 2024, with a government debt ratio of 68.7%, significantly lower than the G20 average of 118.2% [4]. Future Debt Resolution Strategies - The government plans to continue implementing a series of debt resolution measures, focusing on reducing existing implicit debt, enhancing debt management, and improving the efficiency of bond usage [6]. - The strategy includes strict management of local government debt limits, promoting the integration of implicit and legal debts, and increasing transparency in debt management [6][7]. - Local governments are encouraged to actively engage in debt resolution by optimizing resources and utilizing digital platforms to create a sustainable cycle of development and debt resolution [7].

Core Viewpoint - The rapidly expanding federal government debt in the United States has become a significant concern for the economy, with the total surpassing $37 trillion as of August 11, raising questions about the pace and implications of this growth [1][13]. Summary by Sections Long-term Debt Trends - The U.S. federal government debt, officially termed "total outstanding public debt," includes both public and internal government debt, with the public debt portion representing approximately 80% of the total [2]. - Since the 1990s, the U.S. federal government debt has shown a continuous increase, with acceleration in growth rates, particularly during economic crises such as the subprime mortgage crisis and the COVID-19 pandemic [4]. Future Projections - If the current trend continues, the U.S. federal government debt could reach $57 trillion in the next decade, with the interval for adding $1 trillion potentially shortening significantly [5]. - The debt growth rate has unexpectedly slowed in 2025, primarily due to political and economic factors rather than effective fiscal management [6]. Factors Influencing Debt Growth - The debt ceiling has constrained bond issuance, leading to temporary measures that reduced the debt increase rate in early 2025 [7]. - The government has implemented spending restraint and personnel reductions to manage costs, but these measures have had minimal impact on overall spending [8][11]. - Increased tariff revenues have partially offset the debt gap, with significant growth in tariff income observed in 2025 [9][12]. Implications of Rising Debt - The increasing debt burden will lead to higher interest payments, potentially nearing $2 trillion annually if the debt exceeds $57 trillion [13]. - Public spending will be significantly constrained, with necessary cuts likely affecting social programs, infrastructure, and education [15]. - The U.S. credit rating faces ongoing risks of downgrades, which could lead to increased market volatility and affect economic stability [16]. - The Federal Reserve may face pressure to lower interest rates to manage debt servicing costs, potentially leading to a return of quantitative easing policies [15]. Global Impact - The rising U.S. debt has a dual effect on the global economy, causing short-term negative spillovers while potentially prompting reforms in global economic governance in the long term [18][19].

Core Points - The Japanese Ministry of Finance is coordinating to include approximately 30 trillion yen in the 2026 budget application for "debt service," which is expected to exceed the record high of 28.2179 trillion yen in the 2025 original budget [1] - To address the rising trend of long-term government bond yields, the Ministry plans to significantly raise the assumed interest rate for calculating interest payments from 2.1% in the previous year to approximately 2.6% [1] - The yield on new 10-year Japanese government bonds has been continuously rising this year, reaching 1.615% on August 22, marking a 17-year high [1]

Fiscal Management - The provincial general public budget revenue for 2024 totaled 674.8 billion, with expenditures of 670.81 billion, resulting in a carryover of 3.99 billion to the next year [7] - The provincial government fund revenue reached 310.17 billion, with expenditures of 307.9 billion, leading to a carryover of 2.27 billion [7] - The social insurance fund budget showed a revenue of 440.27 billion and expenditures of 405.23 billion, ending with a surplus of 35.03 billion [7] Audit Findings - Irregularities in fiscal revenue organization were noted, with 1 city and 17 counties implementing policies linked to local fiscal contributions, resulting in a disguised return of 737 million [11] - Ineffective management of existing funds led to 1.991 billion remaining unallocated, while 1.297 billion in land transfer fees and project surplus funds were not collected [11] - The responsibility for resolving hidden debts was inadequately enforced, with 1 city and 3 counties failing to address 2.582 billion in hidden debt [11] Debt Risk in State-owned Enterprises - A special audit revealed that 1 city and 6 counties did not effectively promote the classification transformation of 12 enterprises, failing to detach government financing functions [24] - Misrepresentation of assets occurred, with 3 counties improperly injecting public assets into enterprises, inflating assets by 1.173 billion, and 2 cities and 3 counties transferring municipal infrastructure assets, resulting in 16.785 billion in inflated assets [24][25] - Instances of abuse of power and corruption were identified, including a county investment enterprise that failed to follow decision-making procedures, leading to asset losses [25] Investment and Economic Development - The government aims to enhance economic recovery through active fiscal policies, including the issuance of special bonds totaling 150 billion for major projects [4] - The province secured 562.5 million in special long-term bonds to stimulate consumption, projected to increase retail sales by approximately 70 billion [4] - The province's disaster recovery efforts post-flooding received 122.19 billion in national bond funding, with local contributions of 6.63 billion [5] Audit Rectification Efforts - A comprehensive rectification framework was established, addressing issues such as improper management of special bonds and budget performance, with a completion rate of 95.33% for rectification of 1,371 identified issues [6]

Core Viewpoint - The article highlights the increasing pressure on China's economy due to the pandemic and geopolitical conflicts, leading to significant fiscal challenges, particularly at the county level, while emphasizing the government's efforts to ensure basic livelihood support through increased transfer payments from the central government [1][2]. Group 1: Fiscal Challenges and Responses - China's economy faces downward pressure this year, exacerbated by repeated pandemic outbreaks and international geopolitical conflicts [1]. - The central government has significantly increased transfer payments to local governments, reaching a record high of nearly 9.8 trillion yuan in 2022, with an increase of approximately 1.5 trillion yuan, marking an 18% growth from the previous year [1][2]. - The fiscal report indicates that the central government's transfer payments are crucial for maintaining basic livelihood support and ensuring the implementation of tax reductions and exemptions [2]. Group 2: Transfer Payment Mechanism - The central government allocated 1.2 trillion yuan in transfer payments specifically to support local governments in implementing tax cuts and ensuring basic livelihood needs [2]. - The transfer payment system is evolving, with a focus on enhancing the efficiency of fund utilization, particularly through a direct funding mechanism that allows for rapid disbursement to local levels [3][4]. - As of mid-year, approximately 3.992 trillion yuan of the 4 trillion yuan allocated for direct funding has been disbursed, achieving a 97.9% distribution rate [4]. Group 3: Impact on Local Governments - Local governments are also enhancing their financial support by coordinating central subsidies with their own resources, particularly focusing on financially weaker municipalities [2]. - The direct funding mechanism has proven effective in alleviating financial pressures at the grassroots level, ensuring that basic livelihood needs are prioritized in budget allocations [5]. - Direct financial support has reached approximately 3,500 billion yuan, benefiting around 680,000 businesses and a total of 2.56 million instances of support [4][5].

每经AI快讯，8月7日，美国财政部拍卖四周期国债，得标利率4.3%(7月31日为4.290%)，投标倍数 2.82(前次为2.63)。拍卖八周期国债，得标利率4.235%(前次为4.290%)，投标倍数3.16(前次为2.52)。 ...