Economic Daily Jin Guanping: Governments at all levels need to better "manage household finances"

The article points out that currently, there is great pressure to increase fiscal revenue, with non-negotiable expenditures remaining unchanged, and an overall tight balance of income and expenditure. In some places, the contradiction between income and expenditure is more prominent. In this context, it emphasizes the significant importance of better "managing finances at home" and increasing revenue while reducing expenses. The foundation of revenue increase lies in promoting economic development and nurturing the source of tax revenue. All regions should anchor economic development of high quality, actively expand tax sources, strictly regulate collection in accordance with the law, and form a virtuous cycle of economic development and increased tax revenue. Of course, attention should also be paid to preventing excessive taxation and not exploiting resources beyond limits. At the same time, through tax reform, providing local governments with the impetus for revenue increase, especially optimizing the tax system to cultivate high-quality sources of revenue. Local tax systems need to be improved quickly, promoting local surcharge tax reform, adjusting and optimizing the scope and rates of consumption tax collection, and shifting some tax collection stages to the local level, helping local governments establish stable and sustainable sources of revenue. Revenue increase should not only focus on the increment, efforts should also be made on existing resources, especially actively revitalizing and utilizing existing assets. Currently, many state-owned assets in various regions are idle or operate inefficiently. Innovating mechanisms to fully utilize and share these resources and awakening "dormant" assets is also an important means of "managing finances at home".