2024年10月财政数据点评：财政收支继续提速，增量政策多点发力

Revenue Insights - From January to October 2024, national public fiscal revenue totaled 184,981 billion yuan, a year-on-year decrease of 1.3%, but the decline narrowed by 0.9 percentage points compared to January to September[3] - In October 2024, public fiscal revenue reached 21,922 billion yuan, showing a year-on-year growth of 5.49%, with an increase of 3.0 percentage points from the previous month[3] - Tax revenue and non-tax revenue both showed significant improvement, with non-tax revenue growth primarily linked to local governments revitalizing state-owned assets[21] Expenditure Trends - National public fiscal expenditure from January to October 2024 was 221,465 billion yuan, reflecting a year-on-year increase of 2.7%, with an acceleration of 0.7 percentage points from January to September[27] - In October 2024, public fiscal expenditure was 19,686 billion yuan, a year-on-year increase of 10.37%, indicating a faster expenditure pace[27] - Social security and employment expenditure reached 2,816 billion yuan in October, growing by 15.98% year-on-year, while education expenditure increased by 0.50%[36] Government Fund Dynamics - From January to October 2024, government fund budget revenue totaled 35,462 billion yuan, down 19% year-on-year, with the decline narrowing by 1.2 percentage points compared to January to September[41] - Local government revenue from land use rights was 26,971 billion yuan, a year-on-year decrease of 22.9%, with the decline narrowing by 1.7 percentage points from January to September[42] Policy Measures - The government plans to implement comprehensive measures to achieve budget balance and meet annual budget targets, including adjustments to the budget stabilization fund and government fund budget[46] - A series of targeted incremental policy measures have been announced, including support for local governments to resolve hidden debts and measures to stabilize the real estate market[47]