Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In April, the broad fiscal revenue turned slightly positive, and the intensity of fiscal expenditure continued to increase. Looking ahead, both domestic and external demands are under pressure due to the fluctuating tariff policies, so incremental fiscal policies are still worth expecting [1][4]. Summary by Relevant Catalogs Revenue Side - In April, the year - to - date tax revenue growth rate turned positive for the first time, the non - tax revenue growth rate declined, and the general budget revenue growth rate slightly increased. From January to April, the central general public budget revenue decreased by 3.8% year - on - year, while the local general public budget revenue increased by 2.2% year - on - year [1][10]. - In terms of taxes, personal income tax and enterprise income tax had relatively high growth rates. New - quality productivity supported tax growth. The government - funded revenue growth rate turned positive for the first time in nearly a year, which may be related to the improvement in land transactions at the beginning of the year and the lag in land transfer revenues, but its sustainability remains to be seen [2][12]. Expenditure Side - In April, the expenditure of the general public budget maintained a relatively high growth rate, and the expenditure growth rate of government - funded funds further increased, indicating that fiscal expenditure was front - loaded. Structurally, the expenditure on social sciences, culture, and education increased significantly [3][16]. - Measured by the broad deficit, fiscal efforts were intensified and were earlier than in previous years. As of April, the cumulative broad fiscal deficit was 2.65 trillion yuan, and the current cumulative broad deficit rate was 1.9%, higher than the same period from 2021 - 2024 and similar to that in 2020 [4][22].

Group 1 - The Treasury Department's 3-month Treasury cash management bill auction yield is 1.82%, down from the previous yield of 2.28% [1] - The Treasury Department's 2-month Treasury cash management bill auction yield is 1.81%, down from the previous yield of 2.05% [1]

热点 聚焦 蓝佛安：财政是国家治理的基础和重要支柱 01 5月1日出版的最新一期《求是》杂志，刊发财政部党组书记、部长蓝佛安的署名文 章《更加积极财政政策的科学设计与成功实践》，传递出积极财政政策设计的丰富 内容和实施重点。蓝佛安表示，财政是国家治理的基础和重要支柱。新时代以来， 面对错综复杂的国内外发展环境，习近平总书记高度重视财政工作，为财政工作定 调指向，亲自决策、亲自部署一系列重大财政政策，有力促进了经济稳定运行，维 护了社会大局稳定。新时代我国财政政策的设计与实践，是习近平经济思想在财政 领域的生动体现。在财政政策实践中，我们深刻体会到，坚持以习近平经济思想为 指引，坚决贯彻落实好党中央决策部署，我国经济发展就没有迈不过去的坎、闯不 过去的关，必须加力实施更加积极的财政政策，推动中国经济巨轮破浪前行。 《清华金融评论》观察 蓝佛安部长强调"财政是国家治理的基础和重要支柱"，这一表态体现了以下核心内涵 和政策方向：一是财政的全局性作用。财政不仅是经济调控工具，更是国家治理体系 的关键。此外财政是应对复杂挑战的"压舱石"。二是当前政策发力重点。财政政策可 提振民生与消费。财政可助力风险防范与改革深化。三 ...

Core Viewpoint - The Hubei Xianning government is focusing on enhancing its fiscal capacity to support the development of the Wuhan metropolitan area as a key growth engine for green development [1][3]. Fiscal Performance - In 2024, Xianning's general public budget revenue reached 11.568 billion yuan, with a year-on-year growth of 12.1%, outperforming the provincial average by 6.7 percentage points [3]. - The city maintained a strong focus on social welfare, with over 78% of expenditures allocated to people's livelihood [3]. Revenue Generation Strategies - The fiscal department aims for a 7% growth in general public budget revenue, employing various strategies to expand revenue sources [4]. - Initiatives include establishing incentive mechanisms, promoting tax policies to support key industries, and enhancing investment attraction [4]. - The department is also focusing on revitalizing idle assets, including 46,000 acres of undeveloped land and old factories [4]. Policy Support for Development - The fiscal department is leveraging long-term special bonds and local government bonds to support five major initiatives [5]. - A total of 3.633 billion yuan is allocated for industrial chain investment, while 2.285 billion yuan is designated for technological innovation and industry integration [5]. - Government investment of 5.783 billion yuan is directed towards key projects, aiming to stimulate social capital participation [5]. Social Welfare and Expenditure Structure - The fiscal department is optimizing its expenditure structure to enhance public satisfaction, implementing policies for direct fund allocation [7]. - The department plans to reduce general expenditures by 10% and redirect those funds to education, healthcare, and elderly care [7]. Reform and Mechanism Enhancement - Xianning is advancing fiscal reforms to create a comprehensive fiscal system, targeting over 1 trillion yuan in total assets by 2025 [8]. - The establishment of a 3 billion yuan regional mother fund aims to attract projects in various sectors, including culture and tourism [8]. - The city is also reforming its fiscal system at the district level and incentivizing green industry development in rural areas [8].

Group 1 - The fiscal system in China shows significant revenue and expenditure differentiation, with public budget tax revenue growth slowing to 1.35% year-on-year in 2024, while non-tax revenue relies on local asset revitalization, raising sustainability concerns [1][2] - Government fund budgets are impacted by a 12.18% year-on-year decline in land transfer fees, with over 80% of local revenue dependent on land sales [1][2] - The balance of local government debt is highlighted, with special debt accounting for 65% of total local government debt, and interest payments on 30-year treasury bonds reaching 352.9 billion yuan, representing 4.5% of public budget expenditure [1][2] Group 2 - Regional fiscal differentiation is intensifying, with the East relying on high-tech industries to alleviate pressure, while the North shows mixed results due to real estate impacts, and the Southwest faces challenges from declining land finance [2][3] - National tax revenue is projected to decline by 3.4% in 2024, exacerbating conflicts with rigid growth in social spending, and the retreat of land finance reveals hidden risks in special debt coverage [2][3] - The central-local fiscal relationship is continuously optimizing, with central transfer payments reaching 1 trillion yuan, accounting for 84% of local primary revenue, and reforms focusing on matching local responsibilities with fiscal powers [1][2][3]