前三季中国财政运行总体平稳 财政收入16.39万亿
Chang Jiang Shang Bao·2025-10-19 23:49

Core Insights - The Ministry of Finance reported that the general public budget revenue for the first three quarters of 2025 reached 16.39 trillion yuan, a year-on-year increase of 0.5% [2][3] - Tax revenue, which constitutes the main source of fiscal income, amounted to 13.27 trillion yuan, growing by 0.7%, while non-tax revenue decreased by 0.4% [2][4] - The fiscal revenue growth reflects a stable and improving economic environment, with the third quarter showing a significant increase of 2.5% in revenue [2][3] Revenue Breakdown - Central government budget revenue was 7.1 trillion yuan, down 1.2%, while local government budget revenue was 9.3 trillion yuan, up 1.8% [3] - The increase in third-quarter revenue indicates a recovery trend, with monthly growth observed [3] - Tax revenue from the domestic value-added tax, the largest tax category, grew by 3.6%, indicating improved performance in the industrial and service sectors [4] Expenditure Insights - Total general public budget expenditure for the first three quarters was 20.81 trillion yuan, a year-on-year increase of 3.1% [3] - Central government expenditure was 3.1 trillion yuan, up 7.3%, while local government expenditure was 17.7 trillion yuan, up 2.4% [3] - Key areas of expenditure such as social security and employment saw a growth of 10%, education increased by 5.4%, and health spending rose by 4.7%, marking the highest growth rates in three years for these categories [3] Government Fund Budget - Government fund budget revenue was 3.07 trillion yuan, down 0.5%, but the decline was less severe than in the first half of the year [5] - Fund budget expenditure reached 7.49 trillion yuan, a significant increase of 23.9%, driven by accelerated use of bond funds [5] Local Government Debt Management - The central government allocated 500 billion yuan from the local government debt limit to support local fiscal capacity, an increase of 100 billion yuan compared to 2024 [6] - This allocation aims to assist local governments in managing existing debts and supporting project construction in economically significant provinces [6][7] - The early issuance of new local government debt limits is intended to ensure the progress of key projects and stabilize the government bond market [7]