今年以来广义财政收入增速首次转正增量政策陆续出台实施

Core Viewpoint - China's economy has shown stable performance in 2023, leading to a recovery in fiscal revenue, supported by proactive fiscal policies aimed at stabilizing employment, businesses, and market expectations [1][11]. Fiscal Revenue and Taxation - In the first three quarters of 2023, the broad fiscal revenue reached 19.46 trillion yuan, a year-on-year increase of approximately 0.4%, marking the first positive growth in fiscal revenue this year [1]. - The general public budget revenue was 16.39 trillion yuan, with tax revenue at 13.27 trillion yuan, reflecting a year-on-year growth of 0.5% and 0.7% respectively [2]. - Tax revenue growth turned positive in recent months, with September showing an 8.7% year-on-year increase, the highest for the year, driven by improved corporate performance and active capital market transactions [2][3]. Non-Tax Revenue - Non-tax revenue in the general public budget decreased by 0.4% year-on-year to 312.12 billion yuan, significantly lower than the previous year's growth of 13.5% [4]. - The decline in non-tax revenue is attributed to a high base from previous years and stricter regulations on administrative penalties [4][7]. Government Bonds and Fiscal Expenditure - The net financing of government bonds reached 1.146 trillion yuan in the first three quarters, an increase of 428 billion yuan year-on-year [10]. - Fiscal expenditure for the same period was 20.81 trillion yuan, a year-on-year increase of 3.1%, with significant allocations towards social security, education, and healthcare [11]. - The government has accelerated the issuance of special bonds to support major projects, with a total expenditure of 4.21 trillion yuan from various bond types [14][15]. Real Estate and Land Revenue - The revenue from government funds, primarily from land sales, decreased by 0.5% year-on-year to 30.72 billion yuan, with land use rights revenue dropping by 4.2% [7][8]. - Policies aimed at stabilizing the real estate market have led to a narrowing decline in land sale revenues and related taxes [8]. Investment and Economic Stability - The introduction of new policy financial tools worth 500 billion yuan aims to enhance project capital and stimulate total investment by approximately 4.8 trillion yuan [15]. - The fiscal policies are designed to support local governments in managing existing debts and facilitating economic recovery [15].