前11个月财政数据发布 财政收入延续低增长态势

Core Insights - The overall fiscal operation remains stable, with public budget revenue showing low growth trends in the first 11 months of the year [1][2] Group 1: Public Budget Revenue - National general public budget revenue for the first 11 months is approximately 20.1 trillion yuan, reflecting a year-on-year growth of 0.8%, consistent with the previous 10 months [1] - Tax revenue, considered an economic barometer, accounts for about 16.5 trillion yuan, with a year-on-year increase of 1.8% [1] - In November, tax revenue reached approximately 1.15 trillion yuan, growing by 2.8% year-on-year [1] - Major tax categories, including domestic VAT, corporate income tax, domestic consumption tax, and personal income tax, have shown stable growth rates of 3.9%, 1.7%, 2.5%, and 11.5% respectively [1] - The significant growth in personal income tax is attributed to an active capital market and increased income from dividends [1] Group 2: Non-Tax Revenue - Non-tax revenue for the first 11 months is approximately 3.6 trillion yuan, showing a decline of 3.7% year-on-year [2] - The decline is partly due to previous high growth rates leading to a high base and increased regulatory scrutiny on penalty and confiscation revenues [2] Group 3: Government Fund Revenue - Government fund budget revenue, primarily from land sales, is about 4 trillion yuan, down 4.9% year-on-year, with a more significant decline compared to the previous 10 months [3] - Revenue from the transfer of state-owned land use rights is approximately 2.9 trillion yuan, reflecting a year-on-year decrease of 10.7% [3] Group 4: Fiscal Expenditure - General public budget expenditure for the first 11 months is around 24.9 trillion yuan, with a year-on-year growth of 1.4% [3] - Government fund budget expenditure is approximately 9.2 trillion yuan, increasing by 13.7% year-on-year [3] - Expenditure on social security, health, and education has grown by 8.1%, 4.7%, and 4.4% respectively, all exceeding the average expenditure growth rate [3] Group 5: Fiscal Policy Measures - To maintain fiscal spending intensity and stabilize economic operations, the Ministry of Finance allocated 500 billion yuan from local government debt limits for enhancing local fiscal capacity and effective investment [4] - In the fourth quarter, 500 billion yuan of new policy financial tools have been fully deployed, supporting over 2,300 projects with a total investment of approximately 7 trillion yuan [4]