财政运行总体平稳有序

Core Insights - The Ministry of Finance reported a steady recovery in fiscal revenue and maintained necessary fiscal expenditure in the first three quarters of the year, indicating a stable and orderly fiscal operation overall [1] Fiscal Revenue Performance - National general public budget revenue reached 16.39 trillion yuan, a year-on-year increase of 0.5%. The quarterly breakdown shows a decline of 1.1% in Q1, a recovery to 0.6% growth in Q2, and a significant increase of 2.5% in Q3 [2] - Tax revenue, as the main component of fiscal income, grew 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 Stability - Local general public budget revenue grew by 1.8% year-on-year, with 27 out of 31 regions experiencing positive growth, despite some areas being affected by falling prices of major commodities [3] - The government has implemented a more proactive fiscal policy, with total general public budget expenditure reaching 20.81 trillion yuan, a year-on-year increase of 3.1%. Key areas such as social security and employment saw a 10% increase in expenditure [3] Government Bonds Role - 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 the early allocation of the new local government debt limit for 2026, facilitating project funding needs for the first quarter of 2026 [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]