增加地方自主财力正成为新一轮财税改革的重点。 近期公布的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》在部署财政工作时，要 求"增加地方自主财力"。 地方自主财力是一个比较新的说法。去年7月份党的二十届三中全会首次提出"增加地方自主财力，拓展 地方税源，适当扩大地方税收管理权限"。 对于究竟什么是"地方自主财力"，西南财经大学财政税务学院院长李建军教授对第一财经表示，"地方 财力"是地方政府能够使用的全部财政资金总和，而"地方自主财力"是地方财力中地方可自主调配的部 分，比如增值税等中央与地方共享税种中的地方分成部分，房产税等归属于地方税种，以及归属于地方 的非税收入，包含各类收费、土地出让收入等。 那么，为何要增加地方自主财力？国家在增加地方自主财力方面究竟有哪些动作？未来还会有哪些改革 举措？第一财经记者近日采访多方专家，以帮助大家清晰了解这一财税改革重点。 核心是"自主" 财政部11月份公开文件称，今年上半年统筹考虑央地收入划分、征管能力等因素，加快推进部分品目消 费税征收环节后移并下划地方改革。 "像中央对地方专项转移支付收入，它属于地方财力，但由于有指定用途，就不属于地方自主财力。中 ...

近期，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（下称"十五五"规划建议）全文对外公开。其中在部署财 政工作时，要求"增加地方自主财力"。 地方自主财力是一个比较新的说法。去年7月份党的二十届三中全会首次提出了"增加地方自主财力，拓展地方税源，适当扩大地方 税收管理权限"。 那么，究竟什么是地方自主财力？为何要增加地方自主财力？在过去一年多时间里，国家在增加地方自主财力方面又究竟有了哪些 动作？未来还会有哪些改革举措？ 在基层财政收支矛盾不断加大之下，增加地方自主财力正成为新一轮财税改革重点。 地方自主财力增加举措逐步落地 过去业内常见的说法是地方财力、地方可用财力或地方可支配财力，中央提出的"地方自主财力"是一个新说法。 西南财经大学财政税务学院院长李建军教授告诉第一财经，地方财力是地方政府能够运用的全部财政资金总和，而地方自主财力是 地方财力中地方可自主调配的部分，比如增值税等中央与地方共享税种中的地方分成部分，房产税等归属于地方税种，归属于地方 的非税收入，如各类收费、土地出让收入等。 "像中央对地方专项转移支付收入，它属于地方财力，但由于有指定用途，就不属于地方自主财力。中央对地方一 ...

2025.11. 20 作者 | 第一财经 陈益刊 在基层财政收支矛盾不断加大之下，增加地方自主财力正成为新一轮财税改革重点。 近期，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（下称"十五五"规划建 议）全文对外公开。其中在部署财政工作时，要求"增加地方自主财力"。 地方自主财力是一个比较新的说法。去年7月份党的二十届三中全会首次提出了"增加地方自主财力， 拓展地方税源，适当扩大地方税收管理权限"。 那么，究竟什么是地方自主财力？为何要增加地方自主财力？在过去一年多时间里，国家在增加地方 自主财力方面又究竟有了哪些动作？未来还会有哪些改革举措？ $$\frac{\mathrm{~(�)~}}{\mathrm{~(�)~}}\frac{\mathrm{~}}{\mathrm{~}}$$ 过去业内常见的说法是地方财力、地方可用财力或地方可支配财力，中央提出的"地方自主财力"是一 个新说法。 西南财经大学财政税务学院院长李建军教授告诉第一财经，地方财力是地方政府能够运用的全部财政 资金总和，而地方自主财力是地方财力中地方可自主调配的部分，比如增值税等中央与地方共享税种 中的地方分成部分，房产税等归 ...

在基层财政收支矛盾不断加大之下，增加地方自主财力正成为新一轮财税改革重点。 近期，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（下称"十五五"规划建议） 全文对外公开。其中在部署财政工作时，要求"增加地方自主财力"。 地方自主财力是一个比较新的说法。去年7月份党的二十届三中全会首次提出了"增加地方自主财力，拓 展地方税源，适当扩大地方税收管理权限"。 那么，究竟什么是地方自主财力？为何要增加地方自主财力？在过去一年多时间里，国家在增加地方自 主财力方面又究竟有了哪些动作？未来还会有哪些改革举措？ 地方自主财力增加举措逐步落地 过去业内常见的说法是地方财力、地方可用财力或地方可支配财力，中央提出的"地方自主财力"是一个 新说法。 西南财经大学财政税务学院院长李建军教授告诉第一财经，地方财力是地方政府能够运用的全部财政资 金总和，而地方自主财力是地方财力中地方可自主调配的部分，比如增值税等中央与地方共享税种中的 地方分成部分，房产税等归属于地方税种，归属于地方的非税收入，如各类收费、土地出让收入等。 "像中央对地方专项转移支付收入，它属于地方财力，但由于有指定用途，就不属于地方自主财力。中 央对地 ...

Core Insights - The fiscal revenue and expenditure data for the first ten months of the year shows a slight increase in public budget revenue and expenditure, indicating a continuation of improvement in fiscal conditions [1][2]. Revenue Analysis - From January to October, the total public budget revenue reached 186,490 billion yuan, a year-on-year increase of 0.8%. Tax revenue accounted for 153,364 billion yuan, growing by 1.7%, while non-tax revenue fell by 3.1% to 33,126 billion yuan [2][3]. - The central government's public budget revenue was 81,856 billion yuan, down 0.8%, while local government revenue increased by 2.1% to 104,634 billion yuan [2]. - Tax revenue growth has shown a recovery trend for eight consecutive months, with an October year-on-year growth rate of 8.6%. The overall tax revenue growth target for the year is set at 3.7% [2][3]. Expenditure Analysis - Total public budget expenditure for the same period was 225,825 billion yuan, reflecting a 2% increase year-on-year. Central government expenditure rose by 6.3% to 34,727 billion yuan, while local government expenditure increased by 1.2% to 191,098 billion yuan [5]. - Expenditure in social security and employment grew by 9.3%, education by 4.7%, and science and technology by 5.7%, indicating a focus on social welfare and development [5][6]. Sector-Specific Insights - The growth in tax revenue was particularly strong in personal income tax, which increased by 11.5%, and stamp duty, which surged by 29.5%, with securities transaction stamp duty rising by 88.1% [3]. - The analysis suggests that the recovery in tax revenue is linked to improved economic conditions, including a more active capital market and the implementation of new tax reporting regulations for internet platform enterprises [3][4]. Future Outlook - Analysts predict that the fiscal revenue growth target for the year is likely to be achieved, supported by a moderate recovery in prices and effective fiscal policies [4]. - There is a need for increased fiscal spending in the last two months of the year, especially in infrastructure and public welfare sectors, to counteract the slower spending observed in October [5][6].

Fiscal Revenue and Expenditure - In October, public fiscal revenue was CNY 22,614.0 billion, a year-on-year increase of 3.2%, with tax revenue at CNY 20,700.0 billion, up 8.6%[6] - Non-tax revenue fell to CNY 1,914.0 billion, down 33.0% year-on-year, a significant decline of 21.5 percentage points compared to the previous month[6] - Public fiscal expenditure in October was CNY 17,761.0 billion, down 9.8% year-on-year, marking a negative growth shift from September[16] Tax Contributions - Domestic value-added tax increased by 7.2% in October, contributing 3.0 percentage points to the overall tax revenue growth[8] - Corporate income tax rose by 7.3%, contributing 0.7 percentage points to the tax revenue growth, while personal income tax surged by 27.3%, contributing 2.9 percentage points[8] - Consumption tax revenue grew by 4.4%, with an increase of 0.5 percentage points to the overall tax revenue growth[8] Government Fund Performance - From January to October, government fund budget revenue totaled CNY 34,473.0 billion, a year-on-year decrease of 2.8%[19] - Land use rights transfer revenue was CNY 24,982.0 billion, down 7.4% year-on-year, indicating a worsening decline trend[19] - Government fund expenditure for the same period reached CNY 80,892.0 billion, a year-on-year increase of 15.4%[22] Economic Outlook - The fiscal expenditure and financing pace in 2025 supported a GDP growth of 5.2% in the first three quarters[25] - Incremental policies are anticipated at the end of this year and early next year to bolster economic growth, with a focus on the upcoming central economic work conference and the "Two Sessions" for fiscal and policy financial tools[25] - Risks include increasing overseas recession risks and heightened geopolitical uncertainties[26]

Core Insights - The article highlights a recovery in fiscal revenue, with a steady increase in public budget income and a slowdown in expenditure growth, while maintaining high growth in social welfare-related spending [2][4]. Fiscal Revenue Recovery - In the first ten months of 2025, the national general public budget revenue reached 18.65 trillion yuan, growing by 0.8%, an increase of 0.3 percentage points compared to the first nine months [2]. - Tax revenue amounted to 15.34 trillion yuan, with a growth rate of 1.7%, up by 1 percentage point from the previous nine months [2]. - Non-tax revenue decreased by 3.1% to 3.31 trillion yuan [2]. Tax Revenue Growth - Major tax categories showed significant growth: domestic VAT increased by 4%, domestic consumption tax by 2.4%, corporate income tax by 1.9%, and personal income tax by 11.5%, with respective increases of 0.4, 0.2, 1.1, and 1.8 percentage points compared to the previous nine months [4]. - The securities transaction stamp duty saw a remarkable increase of 88.1%, totaling 162.9 billion yuan, driven by a recovery in market confidence and A-share trading volume [4]. Sector Performance - The equipment manufacturing and modern service industries demonstrated strong tax revenue performance, with notable increases in specific sectors: computer and communication equipment manufacturing by 12.7%, electrical machinery and equipment manufacturing by 7.9%, scientific research and technical services by 14.8%, and cultural, sports, and entertainment industries by 5.7% [5]. Fiscal Expenditure Trends - Total public budget expenditure for the first ten months was 22.58 trillion yuan, reflecting a year-on-year growth of 2%, although the growth rate decreased by 1.1 percentage points compared to the previous nine months [7]. - Key areas such as social security and employment, education, health, science and technology, energy conservation and environmental protection, and cultural tourism saw substantial increases in spending, with growth rates of 9.3%, 4.7%, 2.4%, 5.7%, 7%, and 2.5% respectively [7]. Infrastructure Spending Outlook - Infrastructure-related spending in agriculture, forestry, and water management declined by 9%, although the rate of decline narrowed by 2.1 percentage points compared to the previous nine months [8]. - Analysts expect a rebound in fiscal infrastructure spending, supported by new policy financial tools and additional allocations for project construction [8].

Core Insights - The Ministry of Finance reported the fiscal revenue and expenditure situation for January to October 2025, indicating a slight increase in overall public budget revenue and a modest growth in expenditure [1] General Public Budget Revenue - Total public budget revenue reached 18.649 trillion yuan, a year-on-year increase of 0.8% [1] - Tax revenue accounted for 15.336 trillion yuan, growing by 1.7% year-on-year, while non-tax revenue was 3.3126 trillion yuan, declining by 3.1% [1] - Central government revenue was 8.1856 trillion yuan, down 0.8%, while local government revenue was 10.4634 trillion yuan, up 2.1% [1] Major Tax Revenue Items - Domestic VAT generated 5.8858 trillion yuan, increasing by 4% [2] - Domestic consumption tax totaled 1.4390 trillion yuan, up 2.4% [3] - Corporate income tax reached 3.9182 trillion yuan, growing by 1.9% [4] - Personal income tax saw significant growth at 1.3363 trillion yuan, up 11.5% [5] - Import VAT and consumption tax amounted to 1.5007 trillion yuan, down 4.9%, while customs duties were 195.4 billion yuan, down 3.3% [6] - Export tax rebates were 1.8121 trillion yuan, increasing by 6.9% [7] - Stamp duty revenue was 378.1 billion yuan, with securities transaction stamp duty rising by 88.1% to 162.9 billion yuan [10] General Public Budget Expenditure - Total public budget expenditure was 22.5825 trillion yuan, a year-on-year increase of 2% [19] - Central government expenditure was 3.4727 trillion yuan, up 6.3%, while local government expenditure was 19.1098 trillion yuan, increasing by 1.2% [19] Major Expenditure Items - Education expenditure reached 3.4117 trillion yuan, growing by 4.7% [20] - Social security and employment expenditure was 3.7742 trillion yuan, up 9.3% [24] - Expenditure on agriculture, forestry, and water resources was 1.7627 trillion yuan, down 11.7% [26] - Urban and rural community expenditure decreased by 7.3% to 1.5253 trillion yuan [25] Government Fund Budget Revenue - Government fund budget revenue totaled 3.4473 trillion yuan, a decline of 2.8% [22] - Local government fund budget revenue was 3.0855 trillion yuan, down 3.3%, with land use rights transfer income at 2.4982 trillion yuan, decreasing by 7.4% [22] Government Fund Budget Expenditure - Total government fund budget expenditure was 8.0892 trillion yuan, increasing by 15.4% [23] - Local government fund budget expenditure was 7.2328 trillion yuan, up 7.3%, with related expenditures for land use rights transfer income at 3.3752 trillion yuan, down 6.5% [23]

Core Insights - Guangdong province is undergoing significant fiscal reform aimed at increasing local financial autonomy by adjusting the revenue-sharing ratio between provincial and municipal governments, resulting in a notable decrease in provincial budget revenue [2][6]. Fiscal Adjustments - The initial budget for Guangdong's provincial general public budget revenue was reduced from 315.3 billion to 239.18 billion, a decrease of 76.12 billion [2]. - The reform allows municipalities to retain a larger share of revenue, leading to increased local fiscal capacity [2][6]. Municipal Revenue Growth - Guangzhou's public budget revenue for the first three quarters reached 163.21 billion, an increase of 17.67 billion or approximately 12% compared to the previous year, significantly outpacing the national growth rate of 1.8% [3]. - Other cities in Guangdong, such as Dongguan and Huizhou, also reported substantial revenue growth, with increases of 12.3% and 13.7% respectively [4]. Revenue Sharing Details - The revenue-sharing adjustment primarily affects shared taxes, including VAT, corporate income tax, personal income tax, and land value-added tax, which were previously split evenly between the province and municipalities [4]. - The reduction in provincial revenue includes approximately 45.71 billion from VAT, 14.76 billion from corporate income tax, and 6.11 billion from personal income tax [4]. Impact on Budget Balancing - The adjustment resulted in an increase of 75.046 billion in municipal contributions to the provincial budget, effectively offsetting the 76.12 billion reduction in provincial revenue, leading to a net decrease of only 1.074 billion in the provincial budget [6]. - The reform aims to alleviate the financial pressures faced by local governments, particularly in maintaining essential services and operations [6][7]. Broader Fiscal Strategy - The fiscal reform is part of a broader strategy to address regional development imbalances and enhance the financial capabilities of local governments, encouraging them to take a more active role in financial management [7].

Core Viewpoint - The article discusses the significant reform in Guangdong Province's fiscal policy aimed at increasing local financial autonomy by adjusting the revenue-sharing ratio between provincial and municipal governments, resulting in a notable decrease in provincial budget revenue and an increase in local government revenues [3][4][9]. Summary by Sections Fiscal Revenue Adjustment - Guangdong's provincial budget revenue was revised down from 315.3 billion to 239.18 billion yuan, a reduction of 76.12 billion yuan [3][4]. - The adjustment is linked to a change in the revenue-sharing ratio between the provincial and municipal levels, allowing municipalities to retain more revenue [3][5]. Impact on Local Governments - Cities like Guangzhou saw a significant increase in fiscal revenue, with a 12% year-on-year growth in general public budget revenue, totaling 163.21 billion yuan for the first three quarters [4]. - The increase in local revenues is primarily due to the provincial government allowing municipalities to keep more of the shared tax revenues, with Guangzhou's revenue increase attributed to approximately 12% growth compared to a national average of 1.8% [4][5]. Tax Revenue Breakdown - The reduction in provincial revenue includes a decrease of approximately 45.71 billion yuan in value-added tax, 14.76 billion yuan in corporate income tax, and 6.11 billion yuan in personal income tax, among others [5][8]. - The reform specifically affects "incremental" revenues, meaning that existing revenue bases remain unchanged, with municipalities expected to remit 75.046 billion yuan back to the provincial level [8][9]. Long-term Implications - The reform aims to alleviate the financial pressures on local governments, particularly concerning basic public services and operational costs, while maintaining the overall fiscal structure [9][10]. - Over time, this policy is expected to gradually enhance local financial capabilities, benefiting local governments in attracting investments and assessing fiscal health [9][10].