编者按： 作风正则事业兴。十届自治区党委以作风建设开局破题，连续5年召开改进作风狠抓落实工作会议，充 分彰显了驰而不息正风肃纪的坚定决心，推动党风政风焕然一新，社风民风持续向好，心齐气顺、劲足 干事的社会氛围日益浓厚，为推进我区长治久安和高质量发展注入了强劲动力。新征程上，我们须始终 保持作风建设永远在路上的清醒和坚定，锲而不舍、久久为功，坚定不移改进作风狠抓落实。本报即日 起推出改进作风狠抓落实系列报道，集中展现我区作风建设成果，强化典型示范引领，确保习近平总书 记关于作风建设、西藏工作的重要指示和新时代党的治藏方略在西藏不折不扣落到实处。 2月3日，自治区两会刚刚胜利闭幕，晚上10时，拉萨市北京西路23号院子内，依然灯火通明。 "自治区人代会已经批准2026年预算，我们今天晚上就要完成100多家部门预算的下达。"自治区财政厅 绩效处处长东会告诉记者。2025年，自治区财政厅在人代会批准后仅用一天时间就完成预算下达。2026 年，自治区财政厅进一步加快工作进度，在人代会闭幕当天晚上就完成了预算下达，较法定时间提前20 天，为全年预算执行腾出了5％的时间。 这是近年来我区财政系统持续深化作风建设的生动缩影。 ...

法国《世界报》指出，法国2025年财政赤字平衡改善，主要归功于强劲的财政收入，特别是对大型企业 利润征收的特殊税，仅此一项就带来75亿欧元收入。 新华财经巴黎2月3日电（记者李文昕）法国经济、财政和工业、能源与数字主权部3日公布的数据显 示，截至2025年12月底，法国财政赤字为1247亿欧元，较2024年同期规模缩减316亿欧元，降幅达 20%，创2020年以来最高年度降幅。 数据显示，2025年法国财政收入比当年预算法案预计规模高出40亿欧元，财政支出比预计规模略低3亿 欧元。 （文章来源：新华财经） ...

Core Insights - Hebei's fiscal revenue and expenditure remained stable last year, with expectations for land transfer income to grow by 22% this year [1][8] Group 1: Fiscal Performance - Hebei's general public budget revenue for 2025 is projected at 439.86 billion yuan, a 2% increase, aligning with the national average growth rate of 2.2% [2] - Tax revenue in Hebei for 2025 is expected to reach 263.84 billion yuan, growing by 3.4%, while non-tax revenue remains stable at 176.02 billion yuan [3] - Government fund revenue is anticipated to be 184.07 billion yuan in 2025, a decrease of 2%, which is a significant improvement from the previous year's decline of 15.8% [3] Group 2: Investment in Key Areas - The budget report indicates that 2025's general public budget expenditure will be 1,024.36 billion yuan, a slight decrease of 0.8%, but a comparable growth of 7.2% when excluding one-time factors [4] - A significant portion of the budget, 836.96 billion yuan (81.7%), is allocated for public welfare, reflecting a commitment to social spending [4] - In 2026, the budget for general public expenditure is expected to be 987.98 billion yuan, with a focus on major national strategies, technology innovation, and the construction of a modern industrial system [10] Group 3: Economic Growth Projections - The GDP growth for Hebei in 2026 is projected to exceed 5%, following a 5.6% growth in 2025 [8] - The expected general public budget revenue for 2026 is 448.66 billion yuan, maintaining a growth rate of around 2% [8] - The anticipated revenue from the government fund for 2026 is 224.97 billion yuan, reflecting a 22% increase, contingent on stabilization in the real estate market [8]

Core Viewpoint - The article discusses the significant shifts in fiscal policy and revenue structures in China, highlighting three key transitions: debt expression, tax direction, and expenditure structure, which may influence investor perceptions for 2026 [2][4][11]. Group 1: Fiscal Transitions - The debt expression transition indicates a shift from counter-cyclical to cross-cyclical adjustments, with the narrow deficit rate increasing by 1 percentage point to 4% and new government debt reaching 11.86 trillion yuan, a 2.9 trillion yuan increase from the previous year [4][18]. - By the end of 2025, the focus will shift to maintaining necessary fiscal deficits and total debt levels, moving away from previous increases [5][18]. - The capital market's focus is expected to shift towards fiscal revenue, particularly tax revenue, in 2026 [6][18]. Group 2: Tax Direction Transition - In 2025, both revenue accounts are projected to fall short of budget targets, with a year-on-year decline of 2.9%, compared to a 2% decline in 2024, primarily due to significant drops in land sales and non-tax revenues [7][21]. - Tax revenue quality is expected to improve, with tax revenue showing a year-on-year increase of 0.8%, contrasting with a 3.4% decline in 2024, leading to a rise in tax revenue's share of public fiscal income to 81.6%, the highest since 2000 [7][21][22]. - Nearly 90% of regions are expected to see revenue growth in 2025, with local public budget revenue projected at 12.21 trillion yuan, a 2.4% increase from 2024 [8][22]. Group 3: Expenditure Structure Transition - The growth rate of broad fiscal expenditure is expected to align more closely with nominal GDP growth, projected at 3.7% for 2025, compared to 2.7% in 2024 [11][31]. - A significant shift in expenditure structure is noted, moving from material investments to human investments, with social welfare and health expenditures increasing by 4.5% and 4.8% respectively, while infrastructure spending is expected to decline by 7.8% [11][12][31]. - The proportion of new special bonds used for non-project investments has risen sharply to 30% in 2025, compared to less than 5% in previous years, indicating a shift in funding priorities [12][32].

近日，财政部江苏监管局党组成员、纪检组长、机关党委书记易宏勋为全国人大代表、江苏省宿迁市泗洪县邮政分公司归仁支局局长殷勇送来财政部部长 蓝佛安亲笔签名的感谢信，对其为财政工作作出的贡献表示诚挚感谢，同时表示2026年是"十五五"开局之年，代表的意见建议传递着人民呼声、凝聚着人 民期盼，希望殷勇继续关心和支持财政工作，助推国家重大战略和民生保障落地落实。 在归仁支局人大代表工作室，易宏勋与殷勇就履职情况进行了交谈，对殷勇发挥人大代表优势，助力基层社会治理的成绩表示肯定。同时希望殷勇继续发 挥桥梁作用，深入调研财政政策落地情况，及时反映基层百姓实际需求。 殷勇表示将始终牢记职责使命，持续关注财政政策执行效果，当好群众的"代言人"，为财政工作科学决策贡献力量，更好地服务经济社会发展大局。 您对! 在归仁支局人大代表工作室，易宏勋与殷勇就履职情况进行了交谈，对殷勇发挥人大代表优势，助力基层社会治理的成绩表示肯定。同时希望殷勇继续发 挥桥梁作用，深入调研财政政策落地情况，及时反映基层百姓实际需求。 殷勇表示将始终牢记职责使命，持续关注财政政策执行效果，当好群众的"代言人"，为财政工作科学决策贡献力量，更好地服务经济社会 ...

Core Viewpoint - The Ministry of Finance reported that in 2025, China's fiscal revenue is expected to operate steadily, with nearly 90% of regions experiencing revenue growth, while key expenditures are well-supported [1][2]. Revenue Summary - In 2025, the total general public budget revenue is projected to be 21,604.5 billion yuan, a decrease of 1.7% compared to 2024 [2]. - Tax revenue is estimated at 17,636.3 billion yuan, an increase of 0.8%, while non-tax revenue is expected to decline by 11.3% to 39,682 billion yuan [2]. - Central government revenue is forecasted at 93,963 billion yuan, down 6.5%, while local government revenue is expected to rise by 2.4% to 122,082 billion yuan [2]. Expenditure Summary - The total general public budget expenditure is anticipated to be 28,739.5 billion yuan, reflecting a growth of 1% from 2024 [2]. - Central government expenditure is projected to increase by 5.7% to 43,034 billion yuan, while local government expenditure is expected to grow by 0.2% to 244,361 billion yuan [2]. Key Tax Items - Securities transaction stamp duty is expected to reach 2,035 billion yuan, a significant increase of 57.8% [3]. - Domestic value-added tax is projected at 68,947 billion yuan, growing by 3.4%, while corporate income tax is expected to be 41,304 billion yuan, up by 1% [3]. - Personal income tax is forecasted to increase by 11.5% to 16,187 billion yuan [3]. Key Expenditure Areas - Significant funding is allocated to social security and employment, education, and health sectors, with education spending at 43,417 billion yuan (up 3.2%) and health spending at 21,446 billion yuan (up 5.7%) [3]. - Expenditure on environmental protection is expected to grow by 6.1% to 5,816 billion yuan [3]. Government Fund Budget - The government fund budget revenue is projected to be 577 billion yuan, a decrease of 7%, while expenditure is expected to rise by 11.3% to 1,129 billion yuan [4]. - The increase in expenditure is primarily due to accelerated use of bond funds, with total spending on various bonds expected to reach 61,900 billion yuan, an increase of 37.6% [4]. Regional Revenue Growth - Nearly 90% of regions are expected to see revenue growth, with 27 out of 31 provinces, autonomous regions, and municipalities reporting increases [5]. - The local general public budget revenue is projected to grow by 2.4%, indicating a steady recovery [5]. Childcare Subsidies - Approximately 100 billion yuan is allocated for childcare subsidies, with 90.4 billion yuan from the central government, marking a significant social welfare initiative [6]. - This subsidy program has received widespread approval and aims to support families with young children [6].

来源：赵伟宏观探索 事件：1月30日，财政部公布2025年财政收支情况。 2025年，全国一般公共预算收入216045亿元，比上年下降1.7%；全国一般公共预算支出287395亿元， 比上年增长1%。 核心观点：财政收支分化加剧，后续政策重心或转向"财政金融协同" 12月广义财政收支呈现收入端深度调整、支出端维持韧性的收支显著分化特征。 12月广义财政收入同比-18.5%，较11月下滑13.3个百分点，创下年内最低 水平；广义财政支出同比-0.7%，较11月降幅收窄1个百分点。从预算完成度看，收入完成度不及往年同期，但支出端在年末稳增长诉求下保持了相对强 度，显示出年底在收入承压背景下财政仍在加快支出、托底经济。 收入端大幅回落主要受一般财政收入下滑拖累，土地出让收入则呈现小幅改善。12月一般财政收入同比骤降至-25%，或部分受到2024年同期的高基数效 应影响。其中，非税收入同比-47.9%成为最大拖累，或与下半年起非税收入征管规范有关。12月政府性基金收入降幅收窄至-11.7%，其中土地出让收入同 比-22.9%，显示土地市场成交持续回落现象有所缓解。 支出端结构优化，基建类支出提速，增量政策资金亦正加速 ...

Fiscal Performance - In 2025, the general fiscal revenue was CNY 21.6 trillion, down 1.7% year-on-year, while general fiscal expenditure was CNY 28.7 trillion, up 1.0% year-on-year[6] - The cumulative general fiscal revenue for 2025 was down 2.9% compared to the budgeted growth of 0.2%, while expenditure was up 3.7%, below the budgeted 9.3%[8] - The completion rate of the first account expenditure in 2025 was the lowest since 2003 at 96.8%, with infrastructure spending significantly reduced[8] December 2025 Insights - In December 2025, general fiscal revenue fell by 19% year-on-year, primarily due to a significant drop in central non-tax revenue, which decreased by 51%[8] - General fiscal expenditure in December 2025 saw a marginal decline of 0.4% year-on-year, but showed signs of acceleration, particularly in infrastructure and service consumption[8] - The central government’s non-tax revenue in December 2025 was notably impacted by a high base effect from 2024, where actual revenue was 327% of the budgeted amount[8] Future Outlook - For Q1 2026, fiscal policies are expected to remain proactive, focusing on growth and debt management, with major economic provinces leading the efforts[8] - The issuance of government bonds in January 2026 is projected to reach CNY 1.1 trillion, an increase of CNY 0.2 trillion year-on-year, with early initiation of new special bonds contributing to this growth[8] - The fiscal strategy aims to support economic stability and growth through increased infrastructure and service sector investments[8]

Core Viewpoint - Jiangxi Province's fiscal revenue and expenditure data reveal a mixed economic outlook, with a slight increase in general public budget revenue but a significant decline in government fund revenue, indicating ongoing challenges in the local economy [2][3][5]. Fiscal Revenue - In 2025, Jiangxi's general public budget revenue is projected to be CNY 307.92 billion, reflecting a growth of 0.4%, ranking 16th nationally and improving by one position from 2024 [2]. - The province's economic output is expected to reach CNY 3.602 trillion in 2025, with a year-on-year growth of 5.2%, surpassing the national average by 0.2 percentage points [2]. Government Fund Revenue - The government fund budget revenue for 2025 is anticipated to be CNY 159.27 billion, representing a decline of 12.2%, which is worse than the initial forecast of -8.7% [5]. - This marks the fifth consecutive year of decline in government fund revenue, nearly halving from its peak of CNY 310.15 billion in 2020 [5]. Fiscal Expenditure - Despite weak revenue growth, Jiangxi's general public budget expenditure is set at CNY 742.69 billion for 2025, with a year-on-year increase of 1.9%, and approximately 80% of this expenditure is allocated to social welfare [6]. - The province has implemented measures to reduce ineffective spending, cutting over CNY 20 billion in low-efficiency expenditures and reducing "three public" expenses by 21% [6]. Future Projections - For 2026, the general public budget revenue is projected to be CNY 309.5 billion, a growth of 0.5%, while the government fund budget revenue is expected to rise by 2% to CNY 162.45 billion [7]. - The general public budget expenditure for 2026 is estimated at CNY 784.86 billion, reflecting a growth of 3.7%, with a continued focus on improving social welfare [7]. Key Focus Areas - The budget report outlines six key priorities for the fiscal year, including stringent financial management, deepening tax reforms, and enhancing local government debt management [8].

2025年预算执行情况 精准宣贯自贸港财税政策 支持扩大有效投资 支持大力提振消费 支持重点产业发展 加强财政金融协调联动 推动提升科技创新能力 更大力度稳定和扩大就业 推动社会保障水平稳步提升 支持健康海南建设 推动教育资源扩优提质 支持乡村全面振兴 支持生态文明建设 强化债务风险防控 筑牢基层"三保"底线 加大财会监督力度 省两会期间，《关于海南省2025年预算执行情况和2026年预算草案的报告》(以下简称《预算报 告》)提请省七届人大五次会议审查。省财政厅有关负责人对《预算报告》进行了解读。 《预算报告》共分为三部分：一是2025年预算执行情况；二是2026年预算草案；三是认真做好2026 年财政预算执行和管理改革工作。 2025年，看海南财政的钱都花在哪里? 省财政厅相关负责人表示，2025年是海南自贸港封关运作、扩大开放之年，面对日益严峻的外部环 境和艰巨繁重的改革发展任务，全省财政部门担当尽责、敢为善为，有力有效实施积极的财政政策，稳 步推进自贸港财税体制改革，全力保障基层财政平稳运行，为海南高质量发展和自贸港如期封关运作提 供财政保障。 2025年，海南财政以攻坚之势，支持自贸港如期封关运作；以 ...