财政部：提前下达2026年新增地方政府债务限额，额外安排结存限额5000亿元

Core Viewpoint - The Ministry of Finance reported a gradual recovery in fiscal revenue for the first three quarters of 2025, with a notable increase in government fund expenditures driven by accelerated bond fund utilization [2][10]. Fiscal Revenue - National general public budget revenue reached 16.39 trillion yuan, a year-on-year increase of 0.5% [2][10]. - Quarterly analysis shows a decline of 1.1% in Q1, a recovery to 0.6% in Q2, and growth rates of 2.6%, 2%, and 2.6% in July, August, and September respectively, indicating a significant improvement in the growth rate [2][10]. Tax Revenue - Tax revenue, as the main component of fiscal income, increased by 0.7% year-on-year [11]. - Major tax categories include domestic VAT at 52.27 billion yuan (up 3.6%), corporate income tax at 32.53 billion yuan (up 0.8%), and personal income tax at 11.8 billion yuan (up 9.7%) [7][11]. Government Fund Expenditures - Government fund budget expenditures totaled 7.49 trillion yuan, a year-on-year increase of 23.9%, primarily due to accelerated use of bond funds [2][13]. - The expenditure included 4.21 trillion yuan from various bond funds, enhancing economic development momentum [13]. Debt Management - The Ministry of Finance will continue to advance the 2026 new local government debt limit, with a focus on supporting major strategic projects and addressing hidden debt issues [3][16][17]. - A total of 500 billion yuan will be allocated from the local government debt limit, an increase of 100 billion yuan compared to the previous year, aimed at enhancing local financial capacity and supporting effective investment [5][25][26]. Social Spending - National general public budget expenditures reached 20.81 trillion yuan, a year-on-year increase of 3.1%, with significant growth in social security and employment (10%), education (5.4%), and health (4.7%) [12][11].