2024年9月财政数据解读：财政两本账支出明显提速

Revenue Analysis - In the first three quarters of 2024, the national general public budget revenue decreased by 2.2% year-on-year, narrowing by 0.4 percentage points compared to the previous value[1] - Central government budget revenue was 71,710 billion yuan, down 5.5% year-on-year, while local government budget revenue was 91,349 billion yuan, up 0.6% year-on-year[1] - In September 2024, national general public budget revenue was 15,283 billion yuan, recovering from a previous decline of 2.8% to a growth of 2.5%[5] Tax Revenue Breakdown - Major tax categories showed significant declines: VAT decreased by 12.2%, consumption tax by 16.3%, while corporate income tax increased by 25.4%[1][8] - Personal income tax saw a smaller decline of 1.8%, an improvement from the previous decline of 2.9%[8] - Non-tax revenue increased significantly, with a year-on-year growth of 25.2% in September, contributing to the overall revenue recovery[7] Expenditure Trends - In September 2024, general public budget expenditure was approximately 28,000 billion yuan, showing a year-on-year increase of 5.2%[11] - Infrastructure and livelihood-related expenditures saw notable recoveries, with infrastructure spending growing by 3.6% and livelihood spending by 7.5%[11] - Debt service expenditures surged by 31.4% year-on-year, indicating rising pressure on fiscal capacity for public services[11] Government Fund Insights - Government fund revenue decreased by 13.7% year-on-year in September, an improvement from a previous decline of 34.8%[13] - Government fund budget expenditure increased by 34.3% year-on-year, recovering from a previous decline of 14.0%[13] - The issuance of new special bonds accelerated, with approximately 10,279 billion yuan issued in September, accounting for a quarter of the annual quota[15] Overall Fiscal Outlook - The broad fiscal expenditure growth rate in September was 12.6%, a significant recovery from August's decline of 8.8%[16] - The cumulative fiscal expenditure for the first three quarters was down 0.8% year-on-year, indicating a need to accelerate spending to meet annual targets[16] - The Ministry of Finance emphasized the resilience of China's fiscal policy, suggesting that comprehensive measures could achieve revenue-expenditure balance and meet annual budget goals[16]