前10个月广义财政支出增速放缓至5.2%

Core Viewpoint - China's fiscal policy has become more proactive this year, with fiscal spending maintaining a certain level of intensity, driving a continuous recovery in the economy [2] Fiscal Revenue and Expenditure - In the first ten months of this year, the broad fiscal revenue reached approximately 22.1 trillion yuan, a year-on-year increase of about 0.2%, while broad fiscal expenditure was about 30.7 trillion yuan, up by approximately 5.2% [2] - The broad fiscal expenditure exceeded revenue by about 8.6 trillion yuan, marking a year-on-year increase of 21% [2] - The growth rate of broad fiscal expenditure aligns with the economic growth rate of 5.2% in the first three quarters, supporting stable economic operation [2] Focus on Livelihood Spending - The national general public budget expenditure in the first ten months was approximately 22.6 trillion yuan, with a year-on-year growth of 2% [3] - Key livelihood-related expenditures such as social security and employment (3.8 trillion yuan), education (3.4 trillion yuan), and health (1.7 trillion yuan) all saw growth rates exceeding the average of 2%, with social security and employment expenditure growing by 9.3% [3] - The government has allocated around 100 billion yuan in childcare subsidies for children under three years old, benefiting many families [3] Infrastructure and Project Funding - Expenditures on agriculture, forestry, water, and urban community projects saw declines of 11.7% and 7.3% respectively, while transportation spending remained stable compared to the previous year [5] - Government fund expenditures reached approximately 8.1 trillion yuan, a year-on-year increase of 15.4%, primarily due to accelerated use of bond funds [6] Policy Measures and Future Outlook - To maintain fiscal spending, new policies have been introduced, including allowing local governments to issue an additional 500 billion yuan in special bonds [7] - The issuance of new policy financial tools has been completed, supporting over 2,300 projects with a total investment of about 7 trillion yuan, focusing on digital economy, AI, and urban infrastructure [7] - Analysts suggest that to meet the initial budget goals, general public budget expenditure needs to grow by 12.9% year-on-year in November and December, while government fund expenditure must increase by 40.3% [6]