9月财政数据点评：利好政策频出，静待政策效果显现

Revenue Insights - From January to September, general public budget revenue decreased by 2.2% year-on-year, primarily due to last year's tax relief policies[1] - Tax revenue saw a year-on-year decline of 5.3%, marking a continuous negative growth trend[2] - Non-tax revenue increased by 13.5% year-on-year, showing an expanded growth compared to previous values[2] Expenditure Trends - General public budget expenditure grew by 2% year-on-year, with a completion rate of 70.7%[2] - Central government expenditure increased by 8.4%, while local government expenditure only rose by 1%[2] - The ratio of general public budget expenditure to revenue reached 123.7%, indicating a relatively high level compared to the past five years[2] Government Fund Performance - Land transfer revenue fell by 24.6% year-on-year, reflecting ongoing weakness in the real estate market[3] - Government fund income decreased by 20.2% year-on-year, continuing a trend of negative growth[3] - The completion rate for new special bonds issued by local governments reached 92.5%, significantly higher than previous values[3] Policy Outlook - Multiple favorable policies have been introduced, with expectations for their effects to gradually materialize[3] - The central bank has implemented structural monetary policies, including interest rate cuts and easing mortgage rates[3] - The government aims to achieve its annual growth targets through enhanced monetary and fiscal policy adjustments[3]