本文字数：944，阅读时长大约2分钟 2026.01. 23 作者 | 第一财经 陈益刊 作为全国经济大省，广东的财政收入（即地方一般公共预算收入）继续遥遥领先。 近日广东省财政厅公开数据显示，2025年全省一般公共预算收入预计为1.39万亿元，同比增长3%。 总体来看，广东省财政收入增长平稳，符合预期：上述收入规模及增速跟2025年初当地官方的预期 基本一致；3%的收入增速，也与去年全国地方收入增速相近。 去年1.39万亿元的财政收入规模，也让广东省稳居全国之首，这已是广东连续第35年保持首位。 微信编辑 | 苏小 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com 经济决定财政。广东省财政收入规模的稳定增长，得益于当地产业基础好，创新能力强，经济实力稳 居全国之首。 根据广东省统计局数据，2025年前三季度，广东实现地区生产总值（GDP）超10万亿元，按不变价 格计算，同比增长4.1%。广东前三季度GDP位居全国31个省份之首 ...

Core Viewpoint - The financial performance of Ulanqab City shows steady progress, with the 2025 budget execution and 2026 budget draft presented for review, highlighting a focus on fiscal stability and growth [2][81]. Financial Overview - The total revenue for the general public budget reached 7.69 billion yuan, reflecting a year-on-year growth of 9.7% [9][88]. - Total expenditure for the general public budget was 42.43 billion yuan, with a year-on-year increase of 4.7% [11][90]. - The government fund budget revenue amounted to 2.65 billion yuan, up 37.3% year-on-year, while expenditures were 6.69 billion yuan, increasing by 27.9% [15][92]. - The social insurance fund budget recorded total revenue of 16.73 billion yuan and expenditures of 9.19 billion yuan, resulting in a surplus of 7.54 billion yuan [17][94]. Fiscal Strategies - The city achieved a breakthrough in the general public budget, surpassing the target of 7.5 billion yuan, with tax revenue accounting for 71.4% [20][96]. - A "four-strategy" mechanism was established to secure policies, funds, projects, and pilot programs, successfully attracting over 45 billion yuan in funding [22][97]. - Significant investments were made in strategic areas, with 2.5 billion yuan allocated to key projects, representing 30% of the general public budget expenditures [24][99]. Development Initiatives - Fiscal spending on technology reached 440 million yuan, marking a 21.4% increase year-on-year, exceeding the rigid growth requirement of 20% [26][101]. - The city organized 103 government-business matching events, resulting in financing intentions of 7.87 billion yuan and credit approvals of 11.9 billion yuan [104][103]. Social Welfare Investments - A total of 2.4 billion yuan was allocated for assistance to vulnerable groups, ensuring support for 460,000 individuals [29][105]. - The city invested 4.13 billion yuan in pension subsidies, benefiting 1.27 million people [108]. - Education expenditures reached 4.3 billion yuan, exceeding the "no reduction" requirement [108]. Risk Management and Reforms - The city successfully completed the annual tasks for resolving hidden debts and clearing overdue payments to enterprises [30][110]. - A total of 25.92 billion yuan was allocated for the "three guarantees" (basic living, education, and medical care), ensuring stable operations [110]. - The city implemented zero-based budgeting reforms and established comprehensive fiscal management measures [111][151]. Future Fiscal Goals - The target for the 2026 general public budget revenue is approximately 8.08 billion yuan, with a focus on achieving a year-on-year growth [130][129]. - Expenditure is expected to stabilize at over 42 billion yuan, with efforts to optimize the fiscal structure and enhance local financial capabilities [131][128]. - The city aims to secure over 48 billion yuan in funding through enhanced project preparation and a focus on tax revenue quality [132][135].

Core Insights - The Jinan municipal government has balanced stability and progress over the past five years, achieving steady growth in fiscal operations while optimizing structure and ensuring orderly expenditures [1] Group 1: Fiscal Performance - The city's general public budget revenue has increased from 90.608 billion yuan in 2020 to 109.335 billion yuan in 2025, with an average annual growth rate of 3.9%, surpassing the provincial average [2] - Tax revenue has consistently accounted for over 70% of the general public budget revenue, maintaining the top position in the province for three consecutive years, with manufacturing tax revenue exceeding 21% and surpassing the real estate sector for the first time in Q1 2025 [2] - A total of 300 billion yuan has been allocated to support major strategic areas, including ecological protection and high-quality development during the "14th Five-Year Plan" period [2] Group 2: Social Welfare and Public Services - Approximately 80% of the general public budget expenditures have been directed towards social welfare, enhancing the quality of life for citizens [3] - There has been a significant increase in per capita disposable income, with improvements in education and healthcare services, reflecting a shift towards better quality in these sectors [3] - The city has implemented 103 initiatives aimed at improving the welfare of vulnerable groups, demonstrating a commitment to social equity and support [3]

Core Viewpoint - The Ministry of Finance will implement a more proactive fiscal policy in 2026, focusing on increasing total expenditure, optimizing structure, improving efficiency, and enhancing momentum to ensure a good start for the 14th Five-Year Plan [1] Group 1: Fiscal Policy Implementation - The total fiscal expenditure will be expanded, maintaining necessary levels of fiscal deficit and debt, ensuring that overall expenditure "only increases" and key areas are "strengthened" [2] - In 2025, the national general public budget revenue is expected to show a recovery growth trend, with a balanced revenue and expenditure situation anticipated [2] - The first three quarters of 2025 saw a gradual increase in public budget revenue, with a notable 2.5% growth in Q3 and 3.2% in October [2] Group 2: Key Expenditure Areas - The fiscal department will continue to optimize expenditure structure, ensuring strong support for social security, employment, technology, education, and health sectors, which accounted for over 10 trillion yuan, over 40% of total public budget expenditure in the first 11 months of 2025 [3] Group 3: Structural Optimization - The focus will be on optimizing expenditure structure to ensure funds are allocated to critical areas, breaking the "base + growth" spending pattern and applying zero-based budgeting principles [4] - Increased funding for employment support, healthcare, and child-rearing subsidies aims to enhance residents' consumption capacity and willingness [5] Group 4: Efficiency Improvement - The government will arrange for long-term special bonds to support key projects and optimize policy implementation, aiming to improve the effectiveness of every expenditure [6] - In 2025, 1.3 trillion yuan of long-term special bonds were issued, with 300 billion yuan allocated for consumer subsidies, promoting economic transformation [6][7] Group 5: Strengthening Economic Momentum - The Ministry of Finance will deepen fiscal and tax reforms to enhance local financial capabilities and improve the efficiency of transfer payments [8] - Continuous efforts will be made to standardize fiscal subsidies and improve government procurement processes to foster a fair competitive environment [9]

Core Viewpoint - The Chinese government is committed to implementing a more proactive fiscal policy in 2026, focusing on increasing total expenditure, optimizing structure, improving efficiency, and enhancing economic momentum to ensure a strong start for the 14th Five-Year Plan [1] Fiscal Revenue and Expenditure - Fiscal revenue in 2025 is expected to show a "front low, middle high, and back stable" trend, with a 1.1% decline in Q1, followed by a 0.6% increase in Q2, and a 2.5% increase in Q3, with October showing a 3.2% growth [2] - The overall balance of revenue and expenditure is projected to be achievable, with stable growth in public budget revenue and strong expenditure supporting economic development [2] - Key expenditures in social security, employment, technology, education, and health have been well-supported, with over 10 trillion yuan allocated to these areas, accounting for over 40% of total public budget expenditure [3] Support for Technological Innovation - The fiscal policy is a crucial tool for supporting technological innovation, with measures including increased funding, tax incentives, and government procurement to promote high-level self-reliance in technology [4] - In 2025, 3.44 million enterprises received over 140 billion yuan in bank loans, with comprehensive financing costs reduced to below 5% [4] - Key areas of focus include enhancing government investment funds, supporting quality upgrades in key industries, and accelerating the application of major technological achievements [5] Policy Implementation - A comprehensive package of policies aimed at promoting domestic demand has been deployed, with a focus on early implementation to maximize impact [6] - Key policies include loan interest subsidies for small and micro enterprises, special guarantees for private investment, and support for consumer loans [7] - The budget for 2026 has made sufficient arrangements for the fiscal expenditures required for these policies, encouraging local institutions to actively engage in business [8]

1月20日，财政部副部长廖岷20日在国新办新闻发布会上表示，2025年更加积极的财政政策，做到了兼 顾努力支持当下经济增长，办好民生实事，又有效推动中国经济的结构转型，为经济社会中长期可持续 发展打下了坚实基础。2025年，财政赤字率按4%左右，比上年提高了一个百分点，新增政府债务规模 是11.86万亿元，比上年增加了2.9万亿元，这些都超过此前几年的平均水平。 ...

Core Viewpoint - Guangzhou's fiscal strategy focuses on optimizing fund allocation to ensure effective spending, emphasizing a balance between economic growth and social welfare [4][5]. Fiscal Strategy and Implementation - The city has improved its budget classification and spending efficiency, breaking the rigid patterns of fiscal expenditure to enhance overall budget effectiveness [4][5]. - A "1+6" reform development approach has been established, focusing on enhancing fiscal policy support and sustainability while addressing six key areas for economic and social development [6]. Financial Investment and Outcomes - In the past year, Guangzhou's fiscal input exceeded 126 billion yuan, with significant allocations for industrial upgrades (11.55 billion yuan), domestic consumption (10.77 billion yuan), and technological innovation (10.17 billion yuan) [7]. - A total of 724 billion yuan was allocated for social welfare, including 27.62 billion yuan for social security, 28.06 billion yuan for education, and 16.72 billion yuan for healthcare [8]. Long-term Financial Planning - For the "Hundred Million Project," a total of 155.9 billion yuan is planned for 2023-2025, with an annual increase of 12.7% compared to 2022 [9]. - The city aims to enhance consumer spending and investment, with retail sales and foreign trade exceeding 1 trillion yuan for five consecutive years [10][11]. Future Budget Allocations - In 2026, the budget for social welfare is projected to increase by 7.2%, with specific allocations for social security (22.26 billion yuan), education (24.8 billion yuan), and healthcare (15.34 billion yuan) [12]. - The fiscal approach will focus on optimizing spending structures to support industrial development and innovation [13][15]. Innovation in Fiscal Support - The city is shifting its fiscal support from direct funding to a "precision drip" approach, enhancing the effectiveness of innovation funds and promoting private investment [15][16].

Core Insights - Zhejiang's general public budget revenue for 2025 is projected at 886.51 billion yuan, reflecting a year-on-year growth of 1.8%, with tax revenue contributing 717.28 billion yuan, a 2.5% increase, accounting for 80.9% of the total budget revenue [1] - The province is committed to supporting technological innovation, with significant investments in major projects and platforms, including 3.351 billion yuan for provincial laboratories and 1.750 billion yuan for over 400 major technology projects [1] - A proactive fiscal policy is emphasized to stabilize and improve the economy, with a total funding guarantee exceeding 600 billion yuan for 2025, including 104.28 billion yuan from provincial funds [1] Economic Policies - Zhejiang is implementing the "Two New" policy to boost domestic demand, allocating 1.546 billion yuan for a consumption upgrade program, while also enhancing its open platforms to include offshore trade tax incentives [2] - The province is focused on optimizing the business environment for the private sector, with 99.3% of projects funded by the "4+1" special fund being private, and 80% of government procurement contracts awarded to small and micro enterprises [2] Social Welfare - In 2025, social welfare spending in Zhejiang is set at 952.996 billion yuan, making up 76.4% of the general public budget expenditure, continuing a trend of over two-thirds of budget spending directed towards social welfare for 22 consecutive years [2] - Specific allocations include 8.5 billion yuan for basic pension insurance and 2.637 billion yuan for childcare subsidies, alongside improvements in education and healthcare funding [3] Future Outlook - As 2026 marks the beginning of the "14th Five-Year Plan," Zhejiang's fiscal strategy will align with the "4+1" requirements and the provincial government's overall work deployment, aiming for decisive progress and a vibrant economic landscape [3]

Core Insights - In 2025, Chizhou's general public budget revenue reached 10.076 billion yuan, marking a year-on-year growth of 4.7%, and for the first time surpassing the 10 billion yuan threshold, with the highest growth rate in the province [1] Revenue Structure - The total tax revenue in Chizhou amounted to 6.324 billion yuan in 2025, reflecting a year-on-year increase of 4.6%, with a growth rate improvement of 2.3 percentage points compared to 2024 [1] - The manufacturing sector's tax revenue increased significantly, totaling 2.606 billion yuan, a year-on-year growth of 9.4%, accounting for 41.2% of the total industry tax revenue, which is an increase of 1.8 percentage points from 2024 [1] County and District Performance - The cumulative general public budget revenue from the three counties and one district in the city reached 6.343 billion yuan, showing a year-on-year growth of 3.5% [1] - The revenue from the Jiangnan Emerging Industry Concentration Zone and Chizhou Economic Development Zone was 1.017 billion yuan and 859 million yuan, respectively, with growth rates of 15.9% and 6.9% [1] Expenditure Overview - In 2025, Chizhou's general public budget expenditure was 24.526 billion yuan, representing a growth of 1.5%, with the expenditure growth rate ranking among the top in the province [1] - Expenditures related to people's livelihoods, including medical care, education, and social security, totaled 20.34 billion yuan, accounting for 82.9% of the general public budget expenditure [1]

Domestic Macro - Domestic policies are optimizing supply, and the synergy between growth stabilization and "anti-involution" policies is evident[1] - Consumer demand remains strong, with a 6.1% increase in travel activity, but movie box office revenues are down 9.8% compared to last year[1] - External demand shows marginal decline, with the Baltic Dry Index (BDI) dropping 21.7% to 1811.4[1] - Production intensity is stronger than previous years, with a production increase of 1.55 percentage points to 79.15%[1] Price Performance - Consumer Price Index (CPI) shows a 1.79% increase, with pork prices stabilizing and apple prices rising seasonally[2] - Producer Price Index (PPI) indicates a rebound in crude oil prices, with a 2.52% increase in WTI[2] Overseas Macro - U.S. non-farm payroll data fell short of expectations, leading to a slowdown in future interest rate cuts[1] - Employment growth is slowing but has not triggered signals of a hard landing, with a 4.4% unemployment rate[2] - Short-term interest rate cut expectations have significantly diminished[2] Fiscal and Monetary Policy - Local government bonds are being issued to promote domestic demand, with a total issuance of 4950 billion[3] - National debt yields are rising, with SHIBOR007 increasing by 51 basis points to 1.9560%[3]