财政支出延续积极态势，关注结存限额使用效果

Fiscal Overview - In September 2025, the overall fiscal revenue and expenditure were in a tight balance, with expenditure growing at a relatively fast pace, providing support to the fundamentals [2] - The general public budget revenue in September increased by 2.6% year-on-year, primarily driven by accelerated tax revenue growth [2][4] - The general public budget expenditure in September grew by 3.1% year-on-year, indicating a significant increase compared to the previous month's growth of 0.8% [2][4] Government Fund Budget - The government fund budget showed a recovery in September, with revenue increasing by 5.6% year-on-year, contrasting with a previous decline of 5.7% [2][8] - The expenditure growth rate for the government fund budget slowed to 0.4% in September, down from 19.8% in the previous month [2][9] Tax Revenue Insights - Tax revenue for September reached 15,678 billion yuan, with a year-on-year growth of 2.6%, continuing the recovery trend [4] - The tax revenue for the first nine months of 2025 grew by 0.7%, a significant increase from the previous value of 0.02% [5] - Personal income tax saw a notable increase of 9.7%, attributed to enhanced tax collection measures since 2025 [5] Expenditure Trends - National public budget expenditure in September was 28,740 billion yuan, reflecting a year-on-year increase of 3.1% [7] - The expenditure completion rate for the first nine months reached 70.1%, with social security and employment, health, and education sectors showing faster spending progress [7] Regional and Sectoral Performance - Among 31 provinces, 27 reported positive growth in tax revenue, with only a few regions affected by declining prices of major commodities [5] - Key strategic areas such as social security, technology, and education received substantial funding, with growth rates of 10%, 6.5%, and 5.4% respectively [5] Policy Implications - The acceleration of new policy financial tools and the allocation of 500 billion yuan from the central government to local governments are expected to support economic recovery [3] - The focus on effective investment and project construction in major economic provinces is anticipated to enhance overall economic performance [3]