陈茂波强调，香港金融系统稳定、强健，但地缘政治不确定性将持续一段时间，因此要确保有足够的缓 冲以应对有关波动。他称，需要把握挑战带来的机遇，例如去年关税战等，大量资金流入香港，成 为"避风港"。 对于有听众关注大埔宏福苑能否原址重建，陈茂波表示，曾向居民作问卷调查，居民有不同的期望及想 法，有人希望原址居住，亦有人认为事件是悲剧，想远离有关地方。他称已为居民提供不同选择，强调 不会浪费土地，若不在原址兴建住宅，可以作为小区设施、公园等，会再与各界商讨。 香港新一份《财政预算案》提出将通过发债以发展北都或其他大型项目。香港财政司司长陈茂波表示， 债券发行的政策只用于基建投资，不会用作支付日常营运开支，又指政府债务与GDP的比率将由 14.4%，升至5年后约19.9%，仍属非常稳健的水平，有信心随着经济增长和投资回报，能够偿还相关债 务。 他表示，正加快发展北都，吸引企业、科技公司、制造业落户后，便能带来就业、税收、本地生产总值 增长，并认为投资北都不只聚焦未来数年，而是未来20年的香港重要增长引擎。 ...

此外，IMF呼吁政府控制额外预算，以减少日本政府债券市场突发波动的风险。日本国债在高市早苗于 去年10月上任后的前几个月承压，投资者担心她的扩张性政策可能会加剧财政问题。1月的抛售导致长 期日本国债收益率突破4%。选举后日本国债市场稍有平静，因为高市早苗多次向投资者保证，她的政 策将保持谨慎。 关于货币政策，IMF表示，日本央行应继续推进政策正常化，预计到2027年，利率将上升至1.5%的中性 水平。大多数经济学家预计，日本央行将在3月19日的下一次政策会议上保持基准利率为0.75%，许多 人认为下个月可能会加息。 IMF"欢迎"日本央行过去一年的行动，指出其在全球不确定性期间暂停加息后，于12月恢复紧缩政策， 因通胀前景逐渐恢复信心。 IMF预计，日本的主要价格指标将在2027年达到日本央行2%的目标，尽管食品和能源的效应将在2026 年暂时缓解时，价格压力会有所减轻。最近的数据显示，主要通胀指标在2025年前连续四年维持在2% 以上，预计下周公布的数据将显示，1月的通胀增长放缓至这一门槛。IMF还表示，日本央行的独立性 和可信度对于保持通胀预期的稳定至关重要。 IMF的建议正值高市早苗准备加快讨论是否暂停 ...

Group 1 - The report indicates that the fiscal policy for 2025 was more proactive, with a general public budget deficit increasing by 1 percentage point to 4%, and the broad fiscal deficit reaching a historical high of 12.1 trillion yuan [2][3] - In 2025, the broad fiscal revenue decreased by 2.2% year-on-year, with a shortfall of 640 billion yuan compared to the initial budget, primarily due to pressures from real estate adjustments and insufficient domestic demand [3][4] - The report forecasts that in 2026, broad fiscal expenditure growth will accelerate to 3.3%, driven by a recovery in fiscal revenue and a slight expansion in government bond issuance, with the broad deficit rate expected to decrease from 8.6% in 2025 to 8.2% [2][42] Group 2 - The report highlights that the decline in broad fiscal revenue was exacerbated by a drop in real estate and weak domestic demand, with total fiscal revenue falling by 2.9% to 27.4 trillion yuan in 2025, which is equivalent to 0.6% of GDP [3][4] - Tax revenue, which constitutes 81.6% of general public budget revenue, grew by only 0.8% in 2025, significantly below the budget target of 3.7%, leading to a shortfall of 509.7 billion yuan [4][6] - The report notes that the macro tax burden rate further declined, with general public budget revenue as a percentage of GDP dropping from 16.3% in 2024 to 15.7% in 2025, indicating a need for sustainable fiscal expenditure in the future [6][40] Group 3 - The report states that fiscal expenditure growth in 2025 rebounded, with total expenditure increasing by 3.7% to 40.0 trillion yuan, supported by local government special bonds and special treasury bonds [17][18] - The structure of fiscal expenditure is shifting towards "investment in people," with increased allocations for social security, employment, and healthcare, reflecting a focus on enhancing public welfare [19][20] - The report anticipates that the fiscal policy for 2026 will continue to emphasize "quality improvement and efficiency enhancement," with a focus on optimizing expenditure structure and ensuring that total expenditure does not decrease [42][46]

Core Viewpoint - The Qinghai Provincial People's Congress is focusing on enhancing the quality of development in the cultural and tourism industry, emphasizing the importance of representative suggestions in driving local development and addressing public needs [4]. Group 1: Mechanism Improvement - The Provincial People's Congress is committed to strengthening the representative suggestion process by establishing a robust mechanism that ensures high-quality suggestions are prioritized and effectively managed [4][7]. - A new set of guidelines has been developed to enhance the connection between specialized committees and representatives, aiming to improve the flow of public opinion and the management of suggestions [4]. Group 2: Training and Capacity Building - The Provincial People's Congress has implemented a comprehensive training program for representatives, achieving nearly full coverage of grassroots training through both online and offline methods [5]. - Over 1,200 representatives have been trained, with specialized sessions focusing on high-quality suggestion development [5]. Group 3: Quality Control - A strict quality control mechanism has been established, ensuring that suggestions meet political, formatting, and content standards before they are processed [7]. - During the recent session, 335 suggestions were submitted, with 263 officially assigned for processing, reflecting a shift in focus towards modern industrial systems and improving the business environment [7]. Group 4: Supervision and Coordination - The Provincial People's Congress has enhanced its supervision of suggestion implementation, transitioning from addressing isolated issues to tackling broader systemic problems [8]. - A high-level oversight approach has been adopted, with provincial leaders actively involved in monitoring the progress of key suggestions [8]. Group 5: Effective Implementation - Various departments have recognized the importance of addressing representative suggestions as a key responsibility, leading to improved mechanisms for tracking and reporting on the status of suggestions [10]. - By the end of the last year, 263 suggestions had been completed, with a high satisfaction rate among representatives regarding the outcomes [11]. Group 6: Evaluation and Feedback - A three-tier evaluation system has been established to assess the effectiveness of suggestion handling, ensuring continuous improvement based on representative feedback [12]. - The selection of outstanding cases has been initiated to highlight high-quality suggestions and their successful implementation, enhancing the sense of responsibility among departments [12]. Group 7: Future Directions - The Provincial People's Congress aims to leverage the spirit of the 20th National Congress to further engage representatives in the modernization efforts of Qinghai, focusing on consolidating and expanding existing achievements [13].

2月9日，深圳市七届人大七次会议开幕，《关于深圳市2025年预算执行情况和2026年预算草案的报告》 提请大会审查。聚焦深圳"钱袋子"，今年预算报告有何看点？财政支出如何惠民生、促发展？ 收入结构居于全国最优水平之列 深圳属于计划单列市，财政管理体制不同于一般城市，来源于深圳辖区的一般公共预算收入分中央级收 入和地方级收入。 《关于深圳市2025年预算执行情况和2026年预算草案的报告》显示，2025年，来源于深圳辖区的一般公 共预算收入达11302亿元，已连续五年超过1万亿元。其中，地方级收入4163.8亿元、增长6.4%。地方级 收入中，税收收入3510.6亿元、增长7.5%，非税收入653.1亿元、增长0.6%；税收占比84.3%，收入结构 居于全国最优水平之列。 值得关注的还有地方政府债务的情况。据介绍，经积极争取，财政部下达深圳市2025年地方政府债务限 额1063亿元，首破千亿元，已全部发行。其中，一般债券68亿元，专项债券995亿元。 据了解，近年来，深圳发行的地方政府债券以专项债券为主，专项债券在支持强基础、补短板、惠民 生、扩投资方面发挥了积极作用。此外，国家开展专项债券项目"自审自发"试点 ...

投资于人，保障民生。坚持投资于物和投资于人紧密结合，是今年各地预算安排的重要特点。浙江省明 确，继续将一般公共预算支出的三分之二以上用于民生，支持增进民生福祉。福建省强调，增进民生福 祉，创造高品质生活。财政强化保基本、兜底线，切实加强民生保障，在促进居民就业增速、提升民生 福祉的同时，还增强了居民消费的意愿与能力，带动市场升温。 各地2026年经济工作"路线图"明确 释放重要信号 透过地方账本看增长新动能 翻开各地"账本"可以看出，地方收入增长的支撑，来自经济运行回升，向好向新向优发展。要保持力 度，优化结构，投资于人，保障民生，深化改革，增强动力，发挥存量政策和增量政策集成效应。 近期，北京、河北、浙江等大部分省份陆续召开地方两会。每年的全国、地方两会，除了政府工作报 告，作为政府"账本"的预算报告也备受瞩目。透过"账本"，可以观察政府有何重点工作，财政政策力度 多大、措施又有哪些。 "账本"既有上一年的收支情况，也有新一年的收支计划。从2025年地方财政收支情况看，运行平稳、亮 点颇多，近九成地区收入实现增长。财政部统计显示，2025年，31个省、自治区、直辖市中，除个别地 区受煤炭等大宗商品价格下行影 ...

本文字数：2393，阅读时长大约4分钟 作者 | 第一财经 陈益刊 随着地方近期陆续披露当地政府"账本"，2025年31省份地方一般公共预算收入（下称"财政收 入"）规模随之揭晓。 | 省份 | 2025地方一般公共预算收入(亿元) | 同比增长(%) | | --- | --- | --- | | 广东 | 13939 | 3 | | 江苏 | 10246 | 2. 1 | | 加江 | 8865 | 1.8 | | 上海 | 8501 | 1.5 | | 山东 | 7864 | 2 | | 北京 | 6681 | 4.8 | | 国川 | 5854 | 3.9 | | 河南 | 4502 | 2. 5 | | 河北 | 4399 | 2 | | 湖北 | 4211 | 6. 9 | | 安徽 | 4157 | 2.9 | | 福建 | 3723 | 3 | | 湖南 | 3508 | 1.7 | | 陕西 | 3289 | -3.1 | | mg | 3219 | -9.1 | | 江西 | 3079 | 0. 4 | | 内蒙古 | 3005 | -4. 6 | | 辽宁 | 2918 | 0. 4 | ...

Group 1: Fiscal Revenue Overview - In 2025, the national general public budget revenue is projected to be 21.6045 trillion yuan, a decrease of 1.7% from the previous year [1] - Tax revenue is expected to reach 17.6363 trillion yuan, showing a growth of 0.8%, while non-tax revenue is anticipated to decline by 11.3% to 3.9682 trillion yuan [1] - Land transfer revenue is forecasted to be 4.1518 trillion yuan, down 14.7% compared to the previous year [1] Group 2: Regional Fiscal Data - Some provinces have reported unique trends in their fiscal data for 2025, with Jilin province's non-tax revenue increasing by 25.4% to 63.85 billion yuan and Shaanxi province's non-tax revenue rising by 11.6% to 87.09 billion yuan [1] Group 3: Expenditure Trends - Expenditures related to "people" are increasing, with education spending at 434.17 billion yuan (up 3.2%), social security and employment spending at 444.16 billion yuan (up 6.7%), and health spending at 214.46 billion yuan (up 5.7%) [2] - The overall fiscal policy for 2025 aims to maintain necessary spending levels despite revenue pressures, with a focus on macroeconomic support [2] Group 4: Tax Revenue Composition - In 2025, tax revenue is expected to constitute 81.6% of the general public budget revenue, an increase of 2.0 percentage points from 2024, indicating improved revenue quality [3] - Major tax categories such as domestic VAT, corporate income tax, and personal income tax are showing positive growth rates, with personal income tax growing by 11.5% [3][6] Group 5: Personal Income Tax Insights - The high growth rate of personal income tax at 11.5% is attributed to improved tax administration and an increase in dividend income [6] - The tax authority has intensified scrutiny on high-income individuals, leading to significant recoveries in unpaid personal income tax [6][8] Group 6: International Income Taxation - The tax authority has been focusing on overseas income taxation, with significant amounts being recovered from individuals who failed to report their foreign income [8][9] - The implementation of the Common Reporting Standard (CRS) since 2017 has enhanced the tax authority's ability to track overseas financial accounts [8][9] Group 7: Future Tax Administration Trends - It is anticipated that the trend of strengthening the administration of overseas income taxation will continue into 2026, with more rigorous data collection and compliance measures expected [10]

河南省财政厅表示，将继续聚焦债券资金的精准发力与存量风险的稳妥化解，优先支持收益自平衡的优 质项目，积极运用置换债券等合规工具有序化解存量隐性债务，优化期限结构，降低利息负担。 资讯编辑：罗莹 021-26093550 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 2月5日，河南省财政厅消息，该省在北京成功发行今年首批政府债券804.72亿元，用于基础设施项目建 设、置换存量隐性债务、保障性安居工程等。 此次发行的新增一般债券35亿元，主要用于基础设施项目建设；再融资专项债券485.61亿元，用于置换 存量隐性债务和偿还到期债券部分本金；新增专项债券284.11亿元，用于补充政府性基金财力，存量政 府投资项目，保障性安居工程、市政 ...

2025年财政收支"账本"出炉，从地方财政收入看，31个省、自治区、直辖市中，27个地区全年财政收入比2024年实现增长，占比近九成。 一些地方非税收入增幅较大，说明"盘活存量"大有可为—— 地方财政增收，是地方经济稳中有进的直观体现，也是宏观调控效能持续释放、发展质量稳步提升的生动佐证。 非税收入的合理增长，体现了"盘活存量"的成效。各地通过梳理闲置国有资产、规范资源有偿使用，让"沉睡资产"变成"增收活水"。比如，柳州市通 过分三期公开拍卖市直行政事业单位国有资产租赁权，盘活办公用房、商业店铺等存量资产，年租金超2600万元，为市本级财政增加稳定非税收入。 翻阅2025年各地财政的增收账，有几个亮点值得关注。 非税收入的合理增长，也让大家看到了"做强增量"的巨大空间。各地提升国有资本经营收益，让更多"国企红利"充实财政钱袋子。比如，得益于水资 源集团等部分省属企业集中上缴国有资本经营收益，辽宁省2025年上半年省本级国有资本经营预算收入 2.1 亿元，增长 161.3%，其中利润收入增长 90.1%。 经济大省财政收入实现"总量稳增、质量向好"，反映出"火车头"牵引有力，我国经济增长韧性在增强，动能在积聚— ...