Core Insights - The overall fiscal performance in China for the first three quarters of 2025 shows a stable and orderly operation, with total public budget revenue at 16.39 trillion yuan, a year-on-year increase of 0.5%, and total expenditure at 20.81 trillion yuan, a year-on-year increase of 3.1% [1][3] Revenue Analysis - Tax revenue, as the main component of fiscal income, increased by 0.7% year-on-year, with value-added tax (the largest tax type) growing by 3.6%, which is 3.1 percentage points higher than the general public budget revenue growth rate [3] - Corporate income tax, the second largest tax type, saw a year-on-year increase of 0.8%, with the growth rate expanding by 2.7 percentage points compared to the first half of the year, indicating a recovery in industrial enterprise profits [3] Expenditure Analysis - Fiscal expenditure has been proactive in the first three quarters, with significant support for key areas such as livelihood and technology [6] - Notable increases in specific expenditure categories include social security and employment (10%), education (5.4%), health (4.7%), science and technology (6.5%), energy conservation and environmental protection (8.8%), and culture, tourism, sports, and media (4%), all reaching the highest growth rates in the past three years [8] Government Support Measures - The central government has allocated 500 billion yuan from local government debt limits to support local economic and social development [10] - The total scale of government debt has increased by 100 billion yuan compared to the previous year, with expanded scope to support local governments in addressing existing investment project debts and unpaid corporate accounts, as well as funding eligible projects in major economic provinces to enhance effective investment [12]
16.39万亿元、0.6%，增长！借助数据看亮点 市场活力持续提升
Yang Shi Wang·2025-10-18 03:49