宏观纵览 | 前10月广义财政支出增速放缓至5.2%，待年末发力

Group 1 - The core viewpoint of the articles highlights the proactive fiscal policies implemented in China, with significant increases in fiscal spending aimed at supporting economic recovery and enhancing social welfare [1][5][6] - In the first ten months of this year, the broad fiscal revenue was approximately 22.1 trillion yuan, showing a year-on-year growth of about 0.2%, while broad fiscal expenditure reached around 30.7 trillion yuan, with a year-on-year increase of approximately 5.2% [1][2] - The broad fiscal expenditure exceeded revenue by about 8.6 trillion yuan, marking a year-on-year increase of 21%, indicating a strong commitment to maintaining fiscal support for the economy [1][3] Group 2 - The national general public budget expenditure for the first ten months was approximately 22.6 trillion yuan, with a year-on-year growth of 2%, particularly in social security and employment, education, and health care, which all saw growth rates exceeding the average of 2% [2][3] - Notably, social security and employment expenditure surged by 9.3%, reflecting the government's focus on enhancing the welfare of families [2] - Infrastructure spending within the national general public budget has declined, with agricultural, forestry, and water expenditures down by 11.7%, and urban and rural community expenditures down by 7.3% [3][4] Group 3 - To maintain fiscal spending levels, new incremental policies have been introduced, including the allowance for local governments to issue an additional 500 billion yuan in special bonds [5][6] - These special bonds are expected to be rapidly issued starting in November, with over 10 billion yuan already issued in the first 19 days of November [6] - The new policy financial tools have been fully deployed, supporting over 2,300 projects with a total investment of approximately 7 trillion yuan, focusing on sectors such as digital economy, artificial intelligence, and urban infrastructure [6]