10月财政数据分析：广义财政支出由负转正

Revenue Overview - In October, the cumulative growth rate of general public budget revenue was -1.3%, improving from -2.2% in the previous period[4] - Non-tax revenue surged to a historical high cumulative growth rate of 15.3%, up from 13.5%[5] - Tax revenue cumulative growth rate improved to -4.5%, compared to -5.3% previously, indicating a recovery in multiple tax categories[4] Expenditure Overview - The cumulative growth rate of combined expenditures for the first and second accounts turned positive at 1.0%, a significant improvement from -0.8%[3] - Government fund expenditure intensity rose to 198%, surpassing historical highs, reflecting increased fiscal activity[3] - Infrastructure-related expenditures saw a cumulative growth rate of 5.64%, up from 3.57%, with significant increases in agricultural, forestry, and water expenditures[11] Land Revenue Insights - Cumulative land transfer revenue for January to October was 26,971 billion yuan, down 22.9% year-on-year, but showing a slight improvement from a previous decline of 24.64%[10] - Monthly land revenue in October was 3,684 billion yuan, with a marginal year-on-year decrease of 10.5%[10] Future Outlook - The implementation of fiscal debt solutions is expected to further boost local fiscal expenditures, supporting a cycle of investment and consumption recovery[2] - The acceleration of special bond issuance and spending is anticipated to continue driving significant recovery in broad fiscal expenditures in the fourth quarter[12]