Core Points - The European Commission announced that Germany's defense spending increase has led to an excessive deficit, but no procedures have been initiated against Germany for this issue [1] - The Commission highlighted several strategic vulnerabilities and structural challenges facing the EU, including low productivity, demographic pressures, and rising public spending demands related to defense, decarbonization, and digital economy transformation [1] - The Commission called for EU member states to maintain sound public finances and enhance competitiveness [1] Summary by Category Fiscal Outlook - The European Commission projected that the budget deficit in the Eurozone will slightly increase from 3.1% of GDP in 2024 to 3.2% in 2025, further rising to 3.3% in 2026 and 3.4% in 2027 [2] - Finland's budget deficit is expected to be 4.4% of GDP in 2024, rising to 4.5% in 2025 and decreasing to 4.0% in 2026, prompting the need for excessive deficit procedures against Finland [1] Member States' Performance - Germany's projected budget deficit is expected to reach 3.1% of GDP in 2025, 4.0% in 2026, and 3.8% in 2027 [1] - The European Commission emphasized that under the Stability and Growth Pact, member states' annual budget deficits should not exceed 3% of GDP, and public debt should not exceed 60% of GDP [1]

人民网昆明11月25日电 (记者李发兴)一般公共预算收入预计增长9.4%，一般公共预算支出预计增长 10.94%……11月24日，云南省财政厅在云南省"高质量完成'十四五'规划"系列新闻发布会·财政工作专场 上晒出了"十四五"时期财政账本。从数据来看，"十四五"时期，云南财政收入总量稳中有增，支出力度 持续增强。 74%左右的财政支出用于民生 云南省一般公共预算支出五年预计达到3.39万亿元，比"十三五"时期增加3342.19亿元，增长10.94%。过 去4年，省本级从政府性基金预算、国有资本经营预算调入一般公共预算的资金规模达到86.6亿元，集 中财力将更多"真金白银"投向发展大事和民生实事。 "十四五"时期，云南省民生领域支出预计达2.5万亿元，占一般公共预算支出的比重均保持在74%左右， 特别是与人民群众息息相关的教育、社会保障、就业、卫生健康支出，占到民生支出总量的一半以上， 学生资助、基本养老、基本医疗、社会救助、优抚等标准逐步提高。 财政资金投向上，云南集中财力加大对乡村振兴、绿色发展、对外开放、扩大内需等重要决策部署的支 持力度。"十四五"时期，全省农林水支出4572.54亿元、生态环境保护支出 ...

英国工党政府将在11月26日提出执政以来的第二份财政预算。市场预期，由于现阶段英国财政状况没有 得到明显改善，尽管英国政府可能不会增加个人所得税的税率，但税收门槛可能进一步冻结，从而增加 纳税人基数，以此来提高政府收入，改善财政状况。 （文章来源：新华财经） 新华财经伦敦11月21日电 最新数据显示，英国10月份公共财政状况没有得到改善，这进一步加大了市 场对英国政府可能加税的预期。 英国工党政府的执政目标之一是稳定财政，但截至目前，这方面没有明显进展。 英国国家统计局的数据显示，10月份，英国政府的公共借款为174亿英镑，比去年减少了18亿英镑，但 仍较市场预期的150亿借款超出不少。从4月份的本财年开始，到10月份，英国政府的公共借款达到1172 亿英镑，比上个财年同期超出8%。截至10月份，英国本财年用于支付日常支出的财政赤字已达839亿英 镑，超出去年同期74亿英镑，政府的净债务与GDP之比为94.5%，低于去年同期0.2个百分点。 ...

为破解预算与绩效"两张皮"问题，通过"同步谋划、同步实施、同步问效"全链条管控，筑牢财政资金安 全高效使用的"防火墙"。 "预算-绩效"同步谋划，收好源头关。将绩效目标作为预算编制"硬门槛"，所有财政项目需同步提交"投 入-产出-效益"量化指标（如民生项目群众满意度≥90%），无合规目标的项目一律不纳入预算，从源头 锚定资金使用方向。 "结果-应用"同步问效，扎紧约束环。绩效结果与预算调整、问责同步落地。绩效优秀项目下年度优先 保障资金，不合格项目压减或取消预算，并约谈责任单位负责人。同步公开绩效结果（涉密除外），接 受社会监督，形成"谋划-实施-问效"闭环，切实织密预算绩效管理"防火墙"。（通讯员：刘林燕） "执行-监控"同步实施，织牢过程网。依托预算管理一体化系统，同步跟踪资金拨付与绩效进度，核查 资金流向，严防挪用、闲置。对进度滞后或资金闲置超2个月的，立即暂停拨款并督促整改。对乡村振 兴、民生保障等重点项目，联合主管部门实地核查，确保资金使用与绩效推进同频。 ...

Core Viewpoint - The article emphasizes the importance of addressing local government debt risks in Anhui Province, highlighting the need for a balanced approach to manage existing debts while preventing new ones, particularly in the context of the ongoing economic challenges and fiscal constraints [1][7]. Summary by Sections Local Government Debt Risk - Anhui's local government debt risk is generally controllable but has accumulated hidden dangers, primarily due to rapid debt growth [2][3]. - As of the end of 2024, the total debt balance in Anhui is projected to be 1.8527 trillion yuan, nearly double the 2020 figure of 960 billion yuan, yet remains within the central government's approved debt limit [2][3]. Economic Impact and Debt Structure - The decline in land transfer revenue has significantly reduced the government's financial capacity, with government fund income expected to drop by approximately 44% from its peak in 2021 [3]. - The debt structure is problematic, with platform company debts exceeding half of the total, and over 70% of legal debts being special bonds, which increases the risk of systemic issues [3][4]. Regional Debt Disparities - There is a notable regional disparity in debt risks, particularly in northern Anhui, where the proportion of high-risk counties exceeds the average by 17.3 percentage points [6]. Policy Recommendations - The article suggests establishing an incentive mechanism for proactive debt repayment and integrating various financial resources to support debt management [7][8]. - It advocates for stricter monitoring of new debt issuance and emphasizes the need for a balanced approach to project funding and regional repayment capabilities [8][9]. Long-term Mechanisms - The establishment of a long-term mechanism for managing government debt is recommended, including stricter controls on government investment and enhanced debt assessment criteria linked to economic growth [9].

为加强敦化市财政投资建设项目管理，规范财政投资评审行为，合理确定和有效控制建设工程造价，提 高财政投资项目资金使用效益，敦化市财政局经招标代理机构采购，成功采购第三方咨询机构，近日， 在敦化市财政局召开入围第三方咨询机构见面会。 会上围绕财政评审工作的政策要求、核心意义进行阐述，强调财政评审作为保障财政资金安全高效使用 的关键环节，需要供需双方协同发力、严守规范。随后，财政投资评审人员开展专项技术交底，针对评 审程序规范、报告编制标准、时限管理要求及常见风险点进行详细解读，结合实际分析当前评审工作面 临的任务压力与提质方向，为供应商精准对接需求提供清晰指引。 此次见面会的成功举办，搭建了政企沟通的"直通车"，构建了"政策共学、问题共解"的协作机制。下一 步，敦化市财政局将进一步加大评审力度，护航财政项目资金安全，让财政资金"用得放心"；将拓宽评 审覆盖范围，实现"应审尽审"，把预算编制、竣工决算等全流程纳入评审，杜绝"重分配、轻监管"；将 提升审核精度，围绕工程量核算、成本合规性、政策依据等关键环节，重点关注虚增成本、重复列支等 问题，让"隐性风险"无所遁形；将强化结果运用，压实"整改责任"，评审结果与资金拨 ...

Core Points - The Ministry of Finance has announced the implementation of the 11th and 12th phases of central treasury cash management time deposits for 2025 [1] Group 1: Deposit Details - The 11th phase deposit has a term of 1 month with a planned deposit amount of 120 billion yuan, starting from November 24, 2025, and maturing on December 22, 2025 [1] - The 12th phase deposit has a term of 21 days with a planned deposit amount of 80 billion yuan, starting from November 24, 2025, and maturing on December 15, 2025 [1] Group 2: Auction Process - The auction for the 11th phase deposit is scheduled from 9:00 AM to 9:30 AM on November 24, while the auction for the 12th phase deposit is set from 9:50 AM to 10:20 AM on the same day [1] - The auctions will be conducted through the central treasury cash management commercial bank time deposit bidding system, targeting banks participating in the central treasury cash management time deposit business [1]

Group 1 - The Ministry of Finance reported that from January to October, social security and employment expenditures reached 37,742 billion yuan, representing a year-on-year increase of 9.3% [1]

Core Insights - The International Monetary Fund (IMF) expresses serious concerns regarding Ghana's fiscal governance, highlighting issues of budget credibility and increasing expenditure arrears that undermine fiscal discipline and foster corruption [1][2] Group 1: Fiscal Management Issues - Ghana's weak public financial management system continues to damage the credibility, transparency, and accountability of public spending [1] - Despite reforms like the Public Financial Management Act and the Government Integrated Financial Management Information System (GIFMIS), budget credibility remains low, leading to inefficiencies and governance risks [1] - As of 2023, expenditure arrears have accumulated to 6.3% of GDP, with ministries and agencies frequently issuing bad checks, resulting in project delays and unpaid contractors [1] Group 2: Corruption and Governance Failures - The report links the accumulation of arrears to corruption vulnerabilities within Ghana's fiscal system, where limited cash resources lead officials to prioritize certain invoices, a process susceptible to bribery [2] - The IMF describes this discretionary power as a governance failure that undermines transparency and distorts budget execution, eroding public confidence in fiscal management [2] - Although the government is attempting to address these issues through a debt clearance and prevention strategy launched in mid-2023, the implementation has been slow and fraught with gaps [2] Group 3: Recommendations and Urgency - The IMF urges the Ghanaian government to promptly clarify and implement the debt clearance strategy, take urgent actions to eliminate existing arrears, and prevent further accumulation [2] - The report calls for broader institutional reforms to restore the government's fiscal credibility [2]

Core Viewpoint - The report emphasizes a more proactive fiscal policy since 2025, focusing on stabilizing employment, enterprises, markets, and expectations, while enhancing coordination with other policies to promote economic recovery [2][3]. Fiscal Policy Execution - The fiscal operation in the first half of 2025 was stable, with good budget execution and a gradual recovery in tax revenue [3]. - The central government allocated 300 billion yuan for long-term special bonds to support consumption, alongside 7.279 billion yuan for service industry development, aimed at stimulating rural consumption [4]. Investment and Consumption - The fiscal policy has synergized efforts to boost consumption and expand investment, with 42.7% of the annual issuance of special bonds completed in the first half, 17.7 percentage points faster than the previous year [4]. - The new special bond limit of 4.4 trillion yuan was fully allocated to local governments by April, with 49.1% of the annual limit completed in the first half, 11 percentage points faster than last year [4]. Foreign Trade and Investment - The Ministry of Finance effectively utilized tariff adjustments, implementing temporary tax rates lower than the most-favored-nation rates on 935 items since January 1, 2025, to enhance the interaction between domestic and international markets [5]. Fiscal Management Pilot - Starting in 2025, the Ministry of Finance initiated fiscal management pilots in 12 provinces, focusing on improving resource allocation and budget management, with 11 key tasks outlined for progress over two years [6][7]. Future Fiscal Policy Directions - The report outlines six key areas for future fiscal policy, including: 1. Utilizing more proactive fiscal policies to stimulate consumption and support key sectors [8]. 2. Supporting employment stability and foreign trade through enhanced public services and training [8]. 3. Accelerating the development of new growth drivers through innovation and industry upgrades [8]. 4. Improving social welfare services, particularly for the elderly and children [9]. 5. Preventing and mitigating risks in key areas, including managing hidden debts [9]. 6. Enhancing fiscal governance effectiveness through various reforms [9].