前11月财政数据最新发布

Core Viewpoint - The overall fiscal operation in China remains stable, with a low growth trend in fiscal revenue for the first 11 months of 2025, reflecting a steady economic performance despite challenges in certain sectors [3][4]. Revenue Summary - National general public budget revenue for the first 11 months reached approximately 20.1 trillion yuan, showing a year-on-year growth of 0.8%, consistent with the previous 10 months, while November's revenue remained flat compared to the same month last year [3]. - Tax revenue, a key economic indicator, totaled about 16.5 trillion yuan, with a year-on-year increase of 1.8%. November's tax revenue was approximately 1.15 trillion yuan, up 2.8% year-on-year [3]. - Major tax categories showed stable growth: domestic value-added tax increased by 3.9%, corporate income tax by 1.7%, domestic consumption tax by 2.5%, and personal income tax by 11.5%, driven by a vibrant capital market [3]. - However, real estate-related tax revenues declined, with contract tax down 14.3% and land value-added tax down 17.3% [3]. Non-Tax Revenue Summary - Non-tax revenue for the first 11 months was approximately 3.6 trillion yuan, reflecting a year-on-year decrease of 3.7%, attributed to stricter regulations on confiscated income and limited growth potential from previous asset mobilization efforts [4]. Government Fund Revenue Summary - Government fund budget revenue, primarily from land sales, was about 4 trillion yuan, down 4.9% year-on-year, with land use rights transfer income decreasing by 10.7% [5]. Expenditure Summary - National general public budget expenditure for the first 11 months was approximately 24.9 trillion yuan, with a year-on-year growth of 1.4%. Government fund budget expenditure was about 9.2 trillion yuan, up 13.7% [6]. - Expenditure growth has slowed overall, but spending on social security, health, and education has increased by 8.1%, 4.7%, and 4.4% respectively, all above the average expenditure growth rate [6]. - To maintain fiscal spending strength, the Ministry of Finance allocated 500 billion yuan from local government debt limits to support local financial capacity and effective investment, with nearly all of this funding now issued [6].