前三季度收入增幅逐季回升——财政运行总体平稳有序

Core Viewpoint - The Ministry of Finance reported that fiscal policy has become more proactive in the first three quarters of this year, with steady recovery in fiscal revenue and maintained necessary fiscal expenditure, ensuring basic livelihood and key areas are well-funded, leading to overall stable fiscal operations [1] Fiscal Revenue - National general public budget revenue reached 16.39 trillion yuan, a year-on-year increase of 0.5%. The revenue showed a quarterly recovery, with a decline of 1.1% in Q1, a growth of 0.6% in Q2, and a significant increase of 2.5% in Q3 [2] - Tax revenue, as the main component of fiscal income, grew steadily by 0.7% year-on-year. The domestic value-added tax, the largest tax type, increased by 3.6%, outperforming the general public budget revenue growth by 3.1 percentage points [2] - Non-tax revenue saw a decline of 0.4% year-on-year, with state resource usage income increasing by 4%, while penalty income dropped by 7% [2] Local Revenue - Local general public budget revenue increased by 1.8% year-on-year, with 27 out of 31 regions maintaining positive growth, despite some areas affected by falling prices of major commodities [3] Fiscal Expenditure - National general public budget expenditure reached 20.81 trillion yuan, a year-on-year increase of 3.1%. Key areas such as social security and employment saw a 10% increase, while education and health expenditures grew by 5.4% and 4.7%, respectively [3] Government Bonds - Government bonds played a crucial role in implementing a more proactive fiscal policy, with expenditures from various bonds totaling 4.21 trillion yuan in the first three quarters [4] - The Ministry of Finance plans to continue to advance the new local government debt limits for 2026, facilitating project funding needs [4] Disaster Relief Support - The Ministry of Finance has established a rapid fund allocation mechanism for disaster relief, ensuring timely support for local governments in response to natural disasters [5][6] - A total of 105 billion yuan has been allocated for disaster relief efforts, with additional support from insurance mechanisms for agricultural and residential disaster insurance [6]