增量财政资金来了！中央财政安排5000亿元结存限额补充地方财力

Core Insights - The fiscal revenue growth in China has shown a significant increase in the third quarter of 2025, indicating a stable and improving economic environment [1][2] - The government has implemented measures to support local governments financially, including an increase in debt limits and early allocation of new debt quotas for 2026 [6][7] Fiscal Revenue Performance - In the first three quarters of 2025, the national general public budget revenue reached 163,876 billion yuan, a year-on-year increase of 0.5% [1] - Tax revenue, which constitutes the main part of fiscal income, grew by 0.7%, with the domestic value-added tax increasing by 3.6% and corporate income tax rising by 0.8% [2][3] - The securities transaction stamp duty revenue reached 1,448 billion yuan, reflecting a significant recovery in market confidence [2] Expenditure in Key Areas - The national general public budget expenditure for the first three quarters was 208,064 billion yuan, a year-on-year increase of 3.1% [4] - Expenditures in social security, education, health, science and technology, environmental protection, and cultural sectors have reached their highest growth rates in nearly three years [4] - Government fund budget expenditure saw a substantial increase of 23.9%, driven by accelerated use of bond funds [4] Support for Local Governments - The central government has allocated 500 billion yuan from the local government debt limit to support local fiscal capacity, marking an increase of 100 billion yuan from the previous year [6] - The funds will be used to address existing government investment project debts and support effective investment in major economic provinces [6] Future Financial Strategies - The Ministry of Finance plans to continue early allocation of new local government debt limits for 2026 to facilitate project funding and support local fiscal stability [7]