前11月财政账本出炉：税收增、非税降，结构优化显韧性

Revenue Summary - In the first eleven months of 2025, the national general public budget revenue reached 200,516 billion yuan, a year-on-year increase of 0.8% [1] - Tax revenue amounted to 164,814 billion yuan, growing by 1.8%, while non-tax revenue was 35,702 billion yuan, showing a decline of 3.7% [1] - Central government revenue was 88,464 billion yuan, down 1% year-on-year, while local government revenue was 112,052 billion yuan, up 2.2% [1] - The domestic value-added tax was the largest contributor at 63,629 billion yuan, with a growth of 3.9%, and the stamp duty increased significantly by 27% to 4,044 billion yuan, with securities transaction stamp duty rising by 70.7% to 1,855 billion yuan [1] Expenditure Summary - Total general public budget expenditure for the first eleven months was 248,538 billion yuan, an increase of 1.4% year-on-year [3] - Central government expenditure was 38,232 billion yuan, up 6.2%, while local government expenditure was 210,306 billion yuan, increasing by 0.6% [3] - The highest expenditure category was social security and employment, totaling 40,721 billion yuan, with an 8.1% increase [3] - Government fund budget expenditure reached 92,124 billion yuan, a significant increase of 13.7% [3] Government Fund Revenue and Policy Measures - Government fund budget revenue for the first eleven months was 40,274 billion yuan, down 4.9%, with central government revenue at 3,938 billion yuan, up 0.6%, and local government revenue at 36,336 billion yuan, down 5.5% [2] - Land use rights transfer revenue was 29,119 billion yuan, declining by 10.7%, indicating the impact of previous real estate policy relaxations [2] - The central economic work conference emphasized the need for a more proactive fiscal policy, focusing on improving policy effectiveness through three measures: enhancing fiscal management, optimizing expenditure structure, and standardizing tax incentives and subsidies [2] Debt and Fiscal Policy - The acceleration of government fund budget expenditure is linked to the faster issuance and utilization of local debt limits, with an additional 5,000 billion yuan allocated to support local government finances [4] - The completion rate of the budget was 9.0%, higher than the average of the past three years [4] - Recommendations for fiscal policy include ensuring basic livelihood spending, optimizing expenditure structures, and considering central government as the main debt issuer due to its higher borrowing capacity compared to local governments [5]