1-10 月财政数据点评广义财政支出延续发力

Revenue Insights - In October, public fiscal revenue reached CNY 21,922.0 billion, a year-on-year increase of 5.5%, improving by 3.0 percentage points[1] - Tax revenue for the month was CNY 19,067.0 billion, with a positive year-on-year growth of 1.8%, an improvement of 6.8 percentage points from the previous month[1] - Non-tax revenue surged to CNY 2,855.0 billion, marking a significant year-on-year increase of 39.6%, with a 14.5 percentage point improvement from last month[1] Expenditure Trends - Public fiscal expenditure in October amounted to CNY 19,686.0 billion, reflecting a year-on-year growth of 10.4%, with an improvement of 5.2 percentage points[1] - Local public fiscal expenditure reached CNY 15,930.0 billion, growing by 11.9% year-on-year, continuing the upward trend with a 6.6 percentage point improvement[1] - The share of public fiscal expenditure directed towards infrastructure increased to 22.9%, up by 1.7 percentage points from the previous month[12] Fund Budget Performance - The total government fund budget revenue for October was CNY 9,659.0 billion, showing a remarkable year-on-year increase of 47.9%, with a 13.7 percentage point improvement from last month[19] - Central government fund budget revenue was CNY 446.0 billion, a staggering year-on-year increase of 162.4%[19] - Local government fund budget revenue reached CNY 9,213.0 billion, with a year-on-year growth of 44.8%, continuing to expand by 9.2 percentage points[19] Land Revenue Impact - Revenue from land use rights in October was CNY 3,684.0 billion, with a year-on-year decline of 10.5%, but the decline rate has narrowed compared to previous months[16] - The overall government fund budget revenue for the first ten months was CNY 35,462.0 billion, down 19.0% year-on-year, but the decline rate has improved by 1.2 percentage points[16]