从各地“账本”看经济发展韧性

Core Insights - The fiscal revenue growth is gradually recovering, with national public budget revenue reaching 16.39 trillion yuan, a year-on-year increase of 0.5% [3] - Local public budget revenue also shows positive growth, with a 1.8% increase, indicating a stable economic environment [3] - The quality of fiscal revenue is improving, with steady growth in tax revenue and a decline in non-tax revenue [4] Fiscal Revenue Growth - National public budget revenue for the first three quarters reached 16.39 trillion yuan, reflecting a year-on-year growth of 0.5% [3] - Local public budget revenue was 93,039 billion yuan, with a year-on-year increase of 1.8% [3] - Most regions reported positive revenue growth, with 27 out of 31 provinces showing increases compared to the previous year [3] Fiscal Expenditure - Local public budget expenditure reached 177,056 billion yuan, a year-on-year increase of 2.4% [6] - Significant growth in social welfare spending was noted in Hunan Province, with increases in community, environmental, and educational expenditures [6] - Shanghai's public budget expenditure grew by 8% compared to the same period last year, focusing on key areas like technology and industry [6] Support for Key Areas - The government is actively promoting consumption and investment through fiscal policies, with a focus on major projects and social welfare [7] - The issuance of government bonds in Anhui Province totaled 395.93 billion yuan, supporting infrastructure and social projects [7] - The central government allocated 500 billion yuan to support local governments in managing existing debts and funding new projects [7] Future Fiscal Policies - Many regions have begun preparations for 2026 special bond projects, aiming to align funding with key development areas [8] - The emphasis is on ensuring that fiscal policies continue to support local debt resolution and economic stability [8] - The focus on budget preparation for 2026 aims to create a stable macroeconomic environment for the upcoming planning period [8]