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 Viewpoint - The report emphasizes the acceleration of new growth momentum in China's economy through enhanced fiscal policies, support for innovation, and investment in key industries, while ensuring the stability of employment and market expectations [1][3]. Group 1: Fiscal Policy and Economic Growth - The fiscal policy is increasingly proactive, focusing on stabilizing employment, businesses, and market expectations, while promoting economic recovery [3][4]. - A total of 300 billion yuan in special bonds is allocated to support the replacement of consumer goods, which is expected to stimulate significant retail sales [4][15]. - The central government plans to increase its technology funding to 398.12 billion yuan in 2025, a 10% increase from the previous year, focusing on core technology and strategic industries [5][21]. Group 2: Investment and Consumption - The government aims to enhance domestic demand by boosting consumption and effective investment, with a focus on key sectors and weak links [13][16]. - The issuance of special bonds has accelerated, with 5.55 billion yuan issued in the first half of the year, completing 42.7% of the annual target [16]. - The manufacturing sector is expected to see a 10.3% increase in industrial investment, driven by government support for technological upgrades [17]. Group 3: Employment and Social Welfare - The central government allocated 667.4 billion yuan for employment support, with 6.95 million new urban jobs created in the first half of the year [27][28]. - Education spending increased by 5.9% to 2.15 trillion yuan, with a focus on improving quality and access to education [29][30]. - Basic public health service funding reached 804.35 billion yuan, enhancing health management and disease prevention efforts [32][33]. Group 4: Risk Management and Financial Stability - The government is implementing measures to mitigate financial risks, including the management of local government debt and the promotion of real estate market stability [7][9]. - A comprehensive approach to fiscal management is being adopted, including reforms in tax systems and budget execution to ensure effective use of resources [7][12]. Group 5: Innovation and Technology - The report highlights the importance of integrating technological innovation with industrial development, with a focus on enhancing research capabilities and supporting key technology projects [20][21]. - Funding for basic research is set to increase by 12.1%, emphasizing the need for original innovation and support for research institutions [21][22]. Group 6: Environmental and Social Development - The government is committed to ecological protection and sustainable development, with significant funding allocated for pollution control and ecosystem restoration [38][39]. - Social welfare programs are being expanded, with increased support for vulnerable populations and efforts to improve living standards [34][35].

Group 1 - The latest VAT invoice data from the State Taxation Administration indicates a positive growth in the consumption market during the 2025 National Day and Mid-Autumn Festival holiday [2] - Taxation is a method for the state to obtain fiscal revenue to provide public goods and meet social needs, functioning as a "public wallet" for the nation [7][9] - Tax revenue is utilized for public goods and infrastructure, such as education, healthcare, and major projects like highways and railways [11][12] Group 2 - Taxation has a long history, dating back over 4,000 years, with early forms of tax being contributions for communal projects [13] - The modern tax system is more scientific and equitable, adhering to the principle of "ability to pay," where higher income individuals and businesses bear a greater share of the tax burden [13] - Paying taxes is a fundamental obligation of citizens, representing a social responsibility that enables the government to provide necessary public goods for a better quality of life [13]

Core Viewpoint - The current fiscal pressure in China is closely related to previous constructive debt rather than an increase in "welfare" from enterprises and households. Improving expenditure efficiency and optimizing expenditure structure are crucial for sustainable fiscal health, followed by revenue enhancement [1][5]. Summary by Sections Fiscal Revenue and GDP Ratio - Experts have suggested increasing the fiscal revenue-to-GDP ratio, with former Finance Minister Lou Jiwei advocating for this in his 2025 paper on fiscal policy reform [2]. - The fiscal revenue ratio reflects the government's ability to concentrate financial resources from the economy and its macro-control capacity. China's fiscal revenue includes four main accounts: general public budget, government fund budget, state-owned capital operating budget, and social insurance fund budget [3]. Current Fiscal Situation - The macro tax burden in China is currently at 28.2%, with a reasonable target considered to be around 30%. This indicates room for increasing the fiscal revenue ratio [4]. - The decline in fiscal revenue ratio in recent years is attributed to large-scale tax cuts and fee reductions initiated since 2019, with the ratio dropping from 28-29% in 2018 to 26% in 2023 [9]. Historical Context - Since the tax-sharing system reform in 1994, the fiscal revenue ratio has seen fluctuations, peaking during the "Twelfth Five-Year Plan" at 21.4% and declining to an average of 16.7% during the "Fourteenth Five-Year Plan" [7]. - The fiscal revenue ratio has decreased from 35.7% in 2013 to 30.4% in 2022, a decline of 5.3 percentage points, while the average for 11 middle-income countries increased slightly during the same period [10]. Taxation and Revenue Enhancement - Lou Jiwei has indicated that there is potential to raise the value-added tax (VAT) rate, which currently stands at a low 13%, compared to an average of 20% in other countries [14]. - Other revenue sources, such as social security fund income and land transfer income, have limited growth potential, while the personal income tax has structural weaknesses that make reform challenging [14]. Alternative Revenue Strategies - Experts suggest enhancing the state-owned capital operating budget and reducing unfair tax incentives as alternative methods to increase fiscal revenue without raising tax rates [20][21]. - The state-owned capital operating budget, which is currently underutilized, could significantly contribute to fiscal revenue, especially as land finance declines [21]. Efficiency in Fiscal Spending - Improving the efficiency of government spending and investment is essential for maintaining economic vitality and ensuring public service provision [12][23]. - The focus should be on balancing revenue enhancement with expenditure efficiency, rather than solely increasing the fiscal revenue ratio [18].

Group 1: Fiscal Revenue and GDP Ratio - Recent discussions among experts suggest increasing the fiscal revenue as a percentage of GDP, with former Finance Minister Lou Jiwei advocating for this in his 2025 paper [2][3] - The fiscal revenue ratio reflects the government's ability to concentrate financial resources from the economy and its macro-control capacity [3] - Since the 1994 tax-sharing reform, the fiscal revenue ratio has shown a trend of initially increasing and then decreasing, with the ratio dropping from 21.4% during the 12th Five-Year Plan to an average of 16.7% in the first four years of the 14th Five-Year Plan [5][6] Group 2: Tax Burden and Comparison with Other Economies - In 2024, the macro tax burden is reported at 28.2%, indicating room for improvement compared to the generally accepted 30% threshold [3] - China's macro tax burden is lower than 20% when measured by tax revenue as a percentage of GDP, which is below levels seen in OECD countries [4] - The decline in fiscal revenue ratio is linked to large-scale tax cuts implemented since 2019, which reduced the ratio from 28%-29% in 2018 to 26% in 2023 [6][7] Group 3: Need for Fiscal Reform - The 2023 Central Economic Work Conference highlighted the need for a new round of fiscal reform due to the significant decline in fiscal revenue ratios [7][8] - The fiscal revenue ratio for 2023 is noted to be 26%, which is lower than the 30% average for similar income countries and significantly below the 35% average for developed countries [8] - Experts emphasize the importance of improving the efficiency of fiscal spending and optimizing the expenditure structure to ensure fiscal sustainability [4][9] Group 4: Alternative Revenue Sources - Experts suggest that besides increasing tax revenue, other methods to enhance fiscal revenue include expanding the state capital operating budget and reducing unfair tax incentives [14][15] - The state capital operating budget is seen as having significant potential for growth, especially as land finance diminishes [15][17] - The current state capital operating budget revenue is reported at 6783 billion yuan for 2024, with substantial profits from state-owned enterprises indicating room for increased contributions [15][16]

Core Insights - July fiscal data shows significant highlights, with tax revenue growth returning to positive territory and expenditures improving due to increased income [1] - Major tax categories such as corporate income tax, personal income tax, and consumption tax exhibited varying degrees of upward elasticity in July [1] - The improvement in public budget expenditures is directly linked to the recovery in tax revenue, with a focus on social security, employment, and health care [1] Group 1: Public Budget Performance - From January to July, the national general public budget revenue reached 1,358.39 billion yuan, a year-on-year increase of 0.1%, while expenditures totaled 1,607.37 billion yuan, up 3.4% [2] - In July, general public budget revenue increased by 2.7%, marking the highest growth rate of the year, with tax revenue rising by 5.0% [4] - General public budget expenditures improved by 3.0% in July, driven by the increase in revenue, indicating a potential for accelerated spending despite revenue constraints [4] Group 2: Tax Revenue Structure - The second-largest tax category, corporate income tax, saw a growth rate of 6.4%, an increase of 3.6 percentage points [8] - Personal income tax experienced a significant growth of 13.9%, up 7.2 percentage points, attributed to increased cumulative income and stricter tax collection measures [9] - Consumption tax recorded a growth of 5.4%, rebounding by 3.4 percentage points, primarily driven by improvements in sales of tobacco and alcohol [10] Group 3: Government Fund Budget - National government fund budget revenue reached 23.12 billion yuan, a year-on-year decrease of 0.7%, while expenditures rose to 54.29 billion yuan, up 31.7% [3] - In July, government fund revenue growth slowed to 8.9%, significantly impacted by declining land transfer income [5] - Land transfer income increased by 7.2%, but the growth rate fell by approximately 15 percentage points, indicating ongoing weakness in the land and real estate market [13] Group 4: Fiscal Expenditure Trends - Fiscal expenditure showed broad support across various sectors, particularly in social security and health care, which grew by 13.1% and 14.2%, respectively [16] - Technology-related expenditures decreased by 30.5%, reflecting a shift in policy direction and a reduction in redundant construction projects [16] - The overall trend indicates a focus on essential social needs rather than unnecessary infrastructure spending [1][16]

Core Insights - The Ministry of Finance reported that from January to July, the national general public budget revenue reached 13.58 trillion yuan, a year-on-year increase of 0.1%, marking the first positive growth in revenue for the year [1] - Tax revenue totaled 11.09 trillion yuan, a slight decline of 0.3% year-on-year, while non-tax revenue increased by 2% to 2.49 trillion yuan [1] - The recovery in fiscal revenue growth in July was attributed to improved corporate profit expectations and the wealth effect from the rising Shanghai Composite Index [1] Tax Revenue Breakdown - Domestic value-added tax revenue was approximately 4.26 trillion yuan, up 3% year-on-year, indicating stable growth in industrial and service sectors [2] - Corporate income tax revenue was about 3.06 trillion yuan, down 0.4%, reflecting pressure on corporate profits [2] - Import goods value-added tax and consumption tax totaled 1.03 trillion yuan, down 6.1%, consistent with weak import trends [2] - Personal income tax revenue reached 927.9 billion yuan, up 8.8%, supported by stable growth in resident income and improved tax administration [2] - Securities transaction stamp duty revenue was 936 billion yuan, up 62.5%, indicating active capital market trading [2] Monthly Trends - From April onwards, monthly tax revenue has shown continuous positive growth for four consecutive months, with July seeing a significant increase of 5% [2][4] - The cumulative decline in tax revenue narrowed significantly, with a reduction of 0.3% for the first seven months compared to a 1.2% decline in the first half of the year [4] Sector Performance - Key sectors such as equipment manufacturing and modern services showed strong tax revenue performance, with notable increases in specific industries like railway and aerospace equipment [5] - The overall tax revenue performance is expected to improve in the second half of the year, driven by stable economic conditions and active capital markets [6] Government Expenditure - From January to July, national general public budget expenditure reached 16.07 trillion yuan, a year-on-year increase of 3.4%, with significant growth in social security, education, and health expenditures [9] - The issuance of government bonds has accelerated, contributing to a stronger fiscal expenditure environment [9] - The broad fiscal expenditure, combining general public budget and government fund expenditures, grew by 8.9% year-on-year, marking a strong performance [10]