前11个月财政收入基本保持平稳 税收收入增速连续九个月修复

Core Viewpoint - The fiscal revenue and expenditure data for the first eleven months of the year indicate a stable performance in public budget revenue, with a shift towards a more people-oriented fiscal policy focusing on social welfare and strategic national tasks [1][4][5]. Revenue Summary - From January to November, the total public budget revenue reached 200,516 billion yuan, reflecting a year-on-year growth of 0.8% [2][3]. - Tax revenue amounted to 164,814 billion yuan, with a year-on-year increase of 1.8%, while non-tax revenue decreased by 3.7% to 35,702 billion yuan [2]. - Central government revenue was 88,464 billion yuan, down 1% year-on-year, whereas local government revenue increased by 2.2% to 112,052 billion yuan [2]. Expenditure Summary - Total public budget expenditure for the same period was 248,538 billion yuan, showing a year-on-year growth of 1.4% [4][5]. - Central government expenditure was 38,232 billion yuan, up 6.2%, while local government expenditure grew by 0.6% to 210,306 billion yuan [4]. - Key areas of expenditure included social security and employment (up 8.1%), education (up 4.4%), and health (up 4.7%) [4]. Fiscal Policy Direction - The fiscal policy is shifting from a production-oriented approach to a more people-centered approach, focusing on investments in human capital and social welfare [5]. - The government plans to continue implementing a more proactive fiscal policy, marking the 18th consecutive year of expansionary fiscal measures since 2008 [4][5]. Debt Issuance and Fund Budget - In the first eleven months, the issuance of national bonds reached 14.19 trillion yuan, with a progress rate of 89.2%, which is 6.4 percentage points lower than the previous year [6]. - Local government special bonds issued totaled 4.46 trillion yuan, exceeding the annual limit by 101.3% [6]. - Government fund budget revenue was 40,274 billion yuan, down 4.9%, while expenditure increased by 13.7% to 92,124 billion yuan [6].