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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。”

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