10月财政数据简评

Revenue Insights - In October, general public budget revenue increased by 5.5% year-on-year, accelerating by 3.0 percentage points from the previous month[1] - Tax revenue grew by 1.8%, marking the first year-on-year positive growth this year, while non-tax revenue surged by 39.6%, up from 25.2% in the previous month[1] - Among the four major tax categories, VAT revenue's year-on-year decline narrowed significantly by 10.9 percentage points to -1.2%, while consumption tax revenue rebounded to 10.2% from -16.3%[2] Tax Performance - Personal income tax revenue turned positive at 5.6%, recovering from a previous decline of -1.8%, driven by reduced impacts from last year's tax cuts and increased second-hand housing transactions[2] - Stamp duty revenue rose by 25.9%, with securities transaction stamp duty increasing by 152.5%, attributed to enhanced market activity following new financing tools introduced by the central bank[2] Expenditure Trends - General public budget expenditure grew by 10.4% year-on-year in October, accelerating by 5.2 percentage points from the previous month[6] - Infrastructure spending saw a significant increase of 29.3%, up by 25.8 percentage points, indicating a strong focus on growth stabilization[6] - Social security and employment expenditure rose by 16.0%, reflecting increased support for employment policies[6] Fund Revenue and Debt Management - Government fund revenue decreased by 10.0% year-on-year, but the decline narrowed by 4.2 percentage points, with land transfer revenue down by 10.5%[7] - The government fund expenditure surged by 47.9%, indicating a strong response to growth stabilization policies[7] - The recent approval of an additional 60 billion yuan in local government debt limits aims to alleviate fiscal pressure and support growth initiatives[9]