前11个月广义财政支出超收入近10万亿

Core Viewpoint - The article discusses the performance of China's broad fiscal revenue and expenditure in the first 11 months of the year, highlighting a slight decline in revenue but an increase in expenditure, reflecting a proactive fiscal policy aimed at stabilizing economic growth and expanding domestic demand [2][5]. Fiscal Revenue - In the first 11 months, broad fiscal revenue reached 24,079 billion yuan, showing a year-on-year decline of approximately 0.2% [2]. - The general public budget revenue increased by 0.8% compared to the same period last year, slightly better than the initial forecast of 0.1% [5]. - The decline in government fund revenue was 4.9%, significantly lower than the expected growth of 0.7%, primarily due to a 10.7% drop in local government land use rights transfer income [6]. Fiscal Expenditure - Broad fiscal expenditure amounted to 34,066 billion yuan, with a year-on-year increase of about 4.5%, aligning closely with the economic growth rate of around 5% [2][7]. - The expenditure growth rate was lower than the initial official forecast, which anticipated a 9.3% increase for the year [7]. - To maintain fiscal expenditure levels, the central government allowed local governments to issue an additional 500 billion yuan in bonds in the fourth quarter to support local financial capacity and major project construction [7]. Government Debt - Net financing from government bonds reached 1.315 trillion yuan in the first 11 months, an increase of 361 billion yuan year-on-year [8]. Fiscal Policy Focus - The fiscal expenditure structure has been optimized, with increased focus on social welfare and public services, such as a 1 billion yuan childcare subsidy [9]. - Experts predict that the fiscal deficit rate for 2026 may be set around 4%, with an expected increase in government debt issuance to support fiscal spending [9].