After China's central government raised the proportion of after-tax profits that State-owned enterprises must remit to the State, a growing number of provinces are following suit, aiming to ease widening fiscal revenue-expenditure gaps and free up more funds for social welfare and livelihood programs.

继我国中央政府上调国有企业税后利润上缴国家的比例后，越来越多的省份纷纷跟进效仿，旨在缓解日益扩大的财政收支缺口，为社会福利和民生项目腾出更多资金。

The moves come as local governments face mounting fiscal pressures from a protracted property downturn, weak land sales and rising mandatory spending on pensions, healthcare and debt servicing, and tapping SOE profits has become an increasingly important lever, experts said.

专家表示，当前地方政府受楼市长期低迷、土地出让收入疲软、养老金、医疗、偿债等刚性支出不断增加影响，财政压力持续加大，盘活国企利润已然成为愈发重要的调控手段。

The provinces of Guangdong, Jiangxi, Jiangsu and Hainan have all signaled in their recently released 15th Five-Year Plan (2026-30) outlines that they will "reasonably raise" profit remittance ratios of local SOEs, and/or dynamically optimize collection rates.

广东、江西、江苏、海南等省份在近期发布的“十五五”（2026-2030年）规划纲要中明确提出，将合理上调地方国企利润上缴比例，并动态优化征缴费率。

Localities such as the provinces of Guizhou and Hunan, as well as the Guangxi Zhuang autonomous region, have already steadily increased their own ratios.

贵州、湖南、广西壮族自治区等多地已稳步上调本地国企利润上缴比例。

China launched its State capital operations budget in 2008, requiring wholly State-owned enterprises to hand over a portion of their after-tax profits. The rates have been raised several times since.

我国于2008年设立国有资本经营预算制度，要求国有独资企业上缴部分税后利润，此后该上缴比例已历经多次上调。

"Revenue growth has slowed in recent years, but mandatory spending has continued to climb. Increasing the share of SOE profits handed over to the State directly boosts funds available to bridge the gap between income and expenditure, which is the most immediate driver," said Luo Zhiheng, chief economist at Yuekai Securities.

粤开证券首席经济学家罗志恒表示：“近年来财政收入增速放缓，但刚性支出持续攀升。提高国企利润上缴比例，能够直接增加可支配资金，填补财政收支缺口，这是当前最直接有效的举措。”

Luo said State capital returns had been locked up within individual enterprises, making it hard to create coordinated policy. By centralizing those funds, the government can channel resources into priority areas such as major national initiatives, technological innovation, social programs and risk management.

罗志恒称，以往国有资本收益留存于企业内部，难以形成统筹协同的政策效能。通过集中统筹这类资金，政府可以将资源精准投入国家重大战略、科技创新、社会民生、风险防控等重点领域。

At the central level, the top rate for tobacco producers and resource-based firms — which account for the lion's share of central government revenue from State capital operations — now stands at 35 percent, up from 20 percent in 2014.

在中央层面，烟草企业和资源型企业是中央国有资本经营收入的主要来源，这类企业的最高利润上缴比例已从2014年的20%上调至目前的35%。

For local governments, rates vary but are also trending upward. Jilin province, for example, lifted its base rate from 20 percent to 30 percent in 2020.

地方国企的利润上缴比例虽各地不一，但整体呈上调趋势。例如，吉林省已于2020年将基础上缴比例从20%提升至30%。

Guangxi set a 35 percent rate for financial and resource enterprises and 30 percent for others starting in 2025.

广西则自2025年起，将金融类、资源类国企上缴比例定为35%，其他类国企定为30%。

"The general direction is a moderate increase, with rates differentiated by industry and region. Financial and resource firms typically pay more, while public-welfare enterprises pay less or may be temporarily exempted to encourage long-term investment," said Li Yan, a professor at Central University of Finance and Economics.

中央财经大学教授李岩表示：“整体调控方向是适度上调比例，同时实行分行业、分地区差异化政策。金融、资源类企业上缴比例更高，公益类企业上缴比例较低，或可暂时减免，以此鼓励企业长期投入发展。”

The impact on government coffers has been immediate. At the central level, after Beijing raised remittance rates in 2025, State capital operational revenue jumped 73.3 percent year-on-year to 390.3 billion yuan ($57.6 billion), far exceeding the budgeted figure, said the Ministry of Finance.

财政部数据显示，政策对财政收入的提振效果立竿见影。2025年中央上调利润上缴比例后，中央国有资本经营收入同比大增73.3%，达到3903亿元（折合576亿美元），大幅超出预算规模。

That allowed the central government to transfer 240 billion yuan into the general public budget — a record amount — to fund social welfare, education and infrastructure, the ministry said.

财政部表示，这笔资金让中央政府得以向一般公共预算调入2400亿元资金，创下历史新高，专项用于保障社会福利、教育、基础设施建设等民生重点领域。

At the local level, State capital operational revenue rose from about 94.7 billion yuan in 2015 to 464.4 billion yuan in 2025, a nearly fivefold increase. Transfers from the State capital budget to the general public budget also expanded, reaching 334.1 billion yuan last year.

地方层面，国有资本经营收入从2015年的947亿元增长至2025年的4644亿元，涨幅接近五倍。国有资本经营预算调入一般公共预算的资金规模也持续扩大，去年达到3341亿元。

"Raising remittance rates and expanding coverage could help local governments narrow their fiscal gaps and better reflect the public nature of State capital," said Deng Shulian, a professor at Shanghai University of Finance and Economics.

上海财经大学教授邓淑莲表示：“上调国企利润上缴比例、扩大上缴范围，能够帮助地方政府缩小财政收支缺口，更好地彰显国有资本的公共属性。”

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