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宏观周报:财政收入和支出端进一步上行
Hua Lian Qi Huo·2024-11-26 04:33

Fiscal Performance - From January to October, the national general public budget revenue was CNY 184,981 billion, a year-on-year decrease of 1.3%[5] - Tax revenue was CNY 150,782 billion, down 4.5% year-on-year, while non-tax revenue increased by 15.3% to CNY 34,199 billion[5] - Central government revenue was CNY 82,482 billion, a decline of 3.9%, while local government revenue increased by 0.9% to CNY 102,499 billion[5] Industrial Growth - In October, the industrial added value for large enterprises grew by 5.3% year-on-year, with a month-on-month increase of 0.41%[6] - From January to October, the industrial added value increased by 5.8% year-on-year[6] - Among 41 major industries, 35 reported year-on-year growth in added value, with notable increases in sectors like chemical manufacturing (6.9%) and automobile manufacturing (6.2%) while non-metallic mineral products saw a decline of 2.6%[6] Consumer Spending - In October, the total retail sales of consumer goods reached CNY 45,396 billion, a year-on-year increase of 4.8%, up from 3.2% in the previous month[7] - Retail sales excluding automobiles were CNY 40,944 billion, growing by 4.9% year-on-year[7] - Home appliance sales surged to a year-on-year growth of 39.2%, contributing approximately 1.8 percentage points to the overall retail sales growth[7] Economic Indicators - The GDP growth rate for the third quarter of 2023 was 4.9%, with projections for the fourth quarter at 5.3%[10] - The contribution of the industrial sector to GDP growth was 33.37% in June 2022, decreasing to 21.88% in March 2023, indicating a shift in economic dynamics[12]