短期靠强化税费征管、盘活资产资源弥补减收，长期靠改革。 近些年受税收收入增长乏力、地方土地出让收入明显下滑等影响，地方财政收支矛盾不断加大，财政可持续性有所减弱，如何应对备受关注。 近日，安徽省财政厅课题组在《中国财政》上发表《财政收入支撑高质量发展匹配关系研究》一文，详细剖析当地财政收入可持续增长承压现状及成 因，并给出了短期和长期对策举措。 今年以来安徽省财政收入增长平稳。安徽省财政厅数据显示，今年前8个月，省一般公共预算收入完成2856亿元，较上年同期增长2.7%。 由于税收收入增长乏力，为弥补税收减收，地方往往会通过加大盘活存量资产资源来增加非税收入。安徽也是如此。 安徽财政厅上述文章称，2024年，安徽省一般公共预算收入中非税收入占比35.6%，较2019年增加5.1个百分点，在税收增长乏力的背景下，非税项目扩 张虽能短期平滑收入曲线，但会降低财政收入的可预期性和稳定性。 收入承压、融资收窄 近年地方财政收入增长乏力，这主要体现在税收收入增长低迷和土地出让收入持续下滑。 比如，财政部数据显示，疫情之后全国税收收入增幅有明显波动，其中2024年全国税收收入同比下降3.4%，2025年前8个月全国税收收 ...

民生无小事，枝叶总关情。淮安市金湖县财政局始终将教育民生置于财政保障的优先位置，从学生资 助、校园建设、教师待遇三个关键维度精准发力，以真金白银的投入织密教育民生保障网，让财政温度 直抵教育一线。 精准资助"护成长"，不让一个学生掉队 围绕学生学习生活需求，金湖财政专项投入资金改善校园硬件设施，让校园成为学生成长的"安心港 湾"。2025年安排109万元专项资金用于校园日常运行保障，投入56万元对学校厕所进行改造升级，优化 卫生环境、提升使用体验；在教学设施提升方面，不仅助力金湖中学采购教学设备，更投入546万元支 持该校建设多功能报告厅及配套功能室，进一步丰富教学场景、提升办学品质。 待遇兜底"稳队伍"，激发教师育人活力 教师是教育发展的核心力量，金湖财政将教师待遇保障作为重点工作，切实稳定教师队伍、提振工作热 情。严格落实"义务教育教师平均工资收入水平不低于当地公务员"的法定要求，将教师绩效工资、"五 险一金"等核心待遇全额纳入财政预算，确保工资按时足额发放。目前，金湖县县城在编教师月薪可达 4500元以上，公积金缴纳标准提高，同时落实13月工资等福利政策，构建起稳定、完善的教师收入保障 体系，让教师安心 ...

Fiscal Performance - In August 2025, the national general public budget revenue reached 12,359 billion CNY, a year-on-year increase of 2.0%[3] - The national general public budget expenditure in August was 18,587 billion CNY, showing a year-on-year growth of 0.8%[8] - From January to August 2025, the completion rate of the general public budget revenue was 47.8%, consistent with the same period in 2024[1] - The completion rate of general public budget expenditure was 57.3%, which is higher than the same period in 2024[1] Tax Revenue Insights - Tax revenue in August 2025 was 10,152 billion CNY, with a year-on-year increase of 3.4%[3] - Cumulative tax revenue from January to August 2025 achieved a positive growth of 0.02%, marking the first positive growth since December 2023[4] - Individual income tax grew by 8.9% from January to August 2025, reflecting improved tax collection efforts[4] Non-Tax Revenue Trends - Non-tax revenue in August 2025 was 2,207 billion CNY, declining by 3.8% year-on-year, continuing a negative growth trend since May 2025[3] - The decline in non-tax revenue is attributed to high base effects from 2024 and improved management of non-tax revenue[5] Government Fund Budget Analysis - The government fund budget revenue in August 2025 recorded a year-on-year decrease of 5.7%, primarily due to a drop in land transfer income[10] - Government fund budget expenditure in August 2025 increased by 19.8% year-on-year, indicating strong spending in infrastructure and public projects[10] Policy Recommendations - The report suggests focusing on the implementation of new policy financial tools to support fiscal stability and economic recovery[1] - It highlights the importance of maintaining a balance between fiscal revenue and expenditure to ensure sustainable economic growth[1]

Core Points - Local governments are facing financial strain, leading to delays in the disbursement of talent and housing subsidies [1][2] - The situation is not isolated to Haiyang; other regions like Jiangyong County in Hunan and Ningdu County in Jiangxi are experiencing similar issues with subsidy payments [3][2] Financial Situation - Haiyang's general public budget revenue increased from 2.82 billion to 3.254 billion from 2019 to 2024, indicating slow growth [4] - The government fund revenue in Haiyang is projected to be approximately 2.269 billion in 2024, a year-on-year decrease of about 24% [4] - The local budget report highlights challenges such as a complex external environment, insufficient growth in real estate, and a weak industrial base contributing to financial difficulties [4] Budget Execution - In the first half of the year, Haiyang's general public budget revenue was approximately 2.038 billion, a year-on-year increase of about 5.6%, surpassing the initial annual growth estimate of 3.5% [5][6] - The government fund revenue was about 260 million, indicating a significant gap from the projected annual revenue of 3.74 billion [6] - Haiyang plans to enhance tax collection, optimize expenditure structure, and focus on major investment projects to stimulate growth and increase fiscal revenue [6]

FRAN 70 全国一般公共预算支出五年预计超过 136万亿元 比"十三五"时期增加26万亿元 增长24% 同时，结构不断优化，更多"真金白银" 投向了发展大事和民生实事 新华社权威速览 六方面显成效! 四五"财政改革发展 66 "成绩单" TE 国务院新闻办公室9月12日举行"高质量 完成'十四五'规划"系列主题新闻发布会。 财政部部长蓝佛安介绍"十四五"时期财政改 革发展成效,并答记者问。 国家财政实力大大增强 "十四五"时期 全国一般公共预算收入预计达到 106万亿元 比"十三五"时期增加17万亿元 -100/ 财政宏观调容更加积极有为 "十四五" 时期 财政政策进一步增强与经济情景的适配 性,从积极到更加积极,成为支撑经济 平稳健康发展的重要力量 ● 力度上更加给力 O 다른 다리 리아 ● 发力上更加精准 ● 时机上更加灵活 国家财政的民生导向更加鲜明 "十四五" 时期 全国一般公共预算安排中，民生投入 近100万亿元 其中,安排教育支出20.5万亿元,社 会保障和就业支出19.6万亿元,卫生 健康支出10.6万亿元，住房保障支出 4万亿元 ... .. 民生领域财政投入占全国一般公 共预算支出70 ...

Group 1 - The core viewpoint of the article highlights the significant enhancement of China's fiscal strength during the "14th Five-Year Plan" period, with a clear focus on improving people's livelihoods [2] - The national general public budget revenue is expected to reach 106 trillion yuan, an increase of 17 trillion yuan compared to the "13th Five-Year Plan," representing a growth of approximately 19% [2] - The total general public budget expenditure is projected to exceed 136 trillion yuan over five years, an increase of 26 trillion yuan from the "13th Five-Year Plan," indicating a growth of 24% [2] Group 2 - The article emphasizes a more proactive fiscal macro-control approach, with the arrangement of an additional local government special bond quota of 19.4 trillion yuan [2] - It mentions that the new tax reductions, fee cuts, and tax refunds will exceed 10 trillion yuan, reinforcing the fiscal policy's role in counter-cyclical adjustment [2] - The fiscal policy aims to support the development of new productive forces, promoting both qualitative improvements and reasonable quantitative growth in the economy [2]

Core Insights - The fiscal strength of the country has significantly increased since the "14th Five-Year Plan," with a notable enhancement in the structure of fiscal expenditures and proactive macroeconomic regulation [1][2] - The total public budget revenue is expected to reach 106 trillion yuan, an increase of 17 trillion yuan or approximately 19% compared to the "13th Five-Year Plan" [1] - The total public budget expenditure is projected to exceed 136 trillion yuan, marking an increase of 26 trillion yuan or 24% compared to the previous five-year period [1] Fiscal Policy and Economic Growth - Fiscal policy has shifted from active to more proactive, becoming a crucial support for stable economic growth, with an average growth rate of 5.5% over the past four years [2] - The deficit ratio has increased from 2.7% to 3.8%, with a further rise to 4% this year, and new local government special bond quotas amounting to 19.4 trillion yuan have been arranged [2] - Over 10 trillion yuan in tax reductions and deferred payments have been implemented, expanding fiscal policy space [2] Focus on Domestic Demand - The Ministry of Finance aims to innovate fiscal and tax policy tools to stimulate consumption and expand effective investment, tapping into the potential of domestic demand [3] Social Welfare Investments - More than 70% of the national public budget expenditure is allocated to social welfare, with significant investments in education (20.5 trillion yuan), social security and employment (19.6 trillion yuan), health (10.6 trillion yuan), and housing security (4 trillion yuan) [4] - The central government has arranged nearly 50 trillion yuan in transfer payments to local governments over five years to strengthen financial support [5] Debt Management - The Ministry of Finance has effectively managed existing debt and curbed new debt, leading to a gradual reduction in hidden debt risks [7] - As of the end of August this year, 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 [8] - The total government debt is projected to be 92.6 trillion yuan by the end of 2024, with a debt-to-GDP ratio of 68.7%, indicating that the overall government debt level is within a reasonable range [8]

Core Viewpoint - The International Monetary Fund (IMF) has issued a clear warning regarding the medium-term fiscal sustainability of Romania, indicating that without further fiscal consolidation measures, public debt could rise to nearly 70% of GDP by 2030, with ongoing risks of sovereign credit rating downgrades [1][2]. Group 1: Economic Forecast - The IMF projects Romania's real GDP growth rate to be 1.0% in 2025, with a slight recovery to 1.4% in 2026 [1]. - The current economic outlook is characterized by dual risks of "downward growth and upward inflation" [1]. Group 2: Fiscal Policy Concerns - The IMF emphasizes concerns over the effective execution of Romania's fiscal consolidation plan for 2025-2026, which poses challenges to restoring market confidence [1]. - It is deemed "crucial" to implement medium-term fiscal consolidation and additional adjustment measures to rebuild fiscal sustainability and stabilize market expectations [1]. Group 3: Fiscal Deficit Projections - If the current reform plan is fully executed, Romania's fiscal deficit is expected to narrow to about 6% of GDP by 2026 [1]. - Without additional corrective measures, the budget deficit may only reduce to 5% of GDP by 2030, while public debt could rise to nearly 70% [1]. Group 4: Additional Fiscal Measures - To achieve more robust fiscal targets, the IMF suggests that Romania needs to implement additional fiscal consolidation measures equivalent to 0.67% of GDP annually starting in 2027 to bring the fiscal deficit below 3%, which is considered the safe threshold under EU fiscal rules [2]. - The IMF's statement does not disclose specific policy recommendations or directly evaluate the current stance of the Romanian government, but emphasizes that strengthening fiscal discipline and enhancing policy credibility are key to avoiding a deterioration in the debt trajectory and mitigating rating downgrade risks [2].

Group 1 - The core argument of the articles is that global aging is creating a "high debt - low interest rate" equilibrium, which is fragile and influenced by various factors beyond just demographic changes [1][4][7] - Aging populations lead to increased fiscal burdens due to rising pension payments, healthcare costs, and social security obligations, resulting in a long-term trend of government debt accumulation [2][3] - Despite the rising fiscal pressures, aging also expands the demand for debt assets, allowing governments to issue debt at low interest rates, as entities like pension funds and insurance companies seek safe, long-term investments [2][3] Group 2 - The sensitivity of interest rates to debt levels (Debt Sensitivity to Interest Rates, DSIR) may be underestimated, with potential implications for fiscal sustainability if debt levels rise significantly [7][8] - The demand for U.S. Treasury bonds as a safe asset is not guaranteed to remain stable, as geopolitical tensions and the emergence of alternative reserve currencies could alter capital flows [8] - Short-term fiscal crises can arise from unexpected events, even if the overall debt structure appears stable, highlighting the need for caution regarding the perceived sustainability of the current equilibrium [8] Group 3 - The long-term solution to the challenges posed by aging populations lies in structural fiscal reforms and productivity enhancements, rather than relying solely on the current debt dynamics [11][12] - Improving labor productivity is essential for alleviating the pressures of aging, and initiating structural fiscal adjustments can help stabilize market confidence and prevent debt expectations from spiraling out of control [12] - Future monetary policy may need to adapt to the constraints imposed by high debt levels, requiring a balance between inflation, employment, and fiscal considerations [12]

Group 1 - The speech by General Secretary Xi Jinping emphasizes the importance of inheriting and promoting the great spirit of the Anti-Japanese War, which resonates with the people's sentiments and points towards the direction of progress [2][5] - The city’s industrial and information technology sector aims to implement the spirit of the speech by focusing on key industries and enhancing competitive advantages, with targets set for 2025 to achieve a scale of over 1 trillion in software and information services and 500 billion in smart grid industries [1][2] - The city’s development and reform commission plans to translate the spirit of the speech into concrete actions, focusing on high-quality development and key reforms, while enhancing the city’s development capabilities [2][5] Group 2 - The customs authority aims to enhance regulatory efficiency and service levels, promoting cross-border trade facilitation to drive high-quality foreign trade development in Nanjing [2][3] - The local customs will focus on supporting the development of key industries such as cross-border e-commerce and biomedicine, while enhancing the airport's hub functions [4][5] - Companies like Nanjing Steel and Nanjing Chemical are committed to translating the spirit of the speech into practical actions, focusing on technological self-reliance and innovation in their respective fields [5][6]