2024年11月财政数据快评：收入继续赶进度，支出增速边际回落

Revenue Insights - From January to November, the national general public budget revenue was CNY 199,010 billion, a year-on-year decrease of 0.6%[2] - Tax revenue for the same period was CNY 161,922 billion, down 3.9% year-on-year[2] - In November, the monthly general public budget revenue increased by 11.0% year-on-year, significantly up from the previous value of 5.5%[3] Expenditure Trends - General public budget expenditure from January to November reached CNY 245,053 billion, with a year-on-year growth of 2.8%[2] - In November, the monthly expenditure growth rate was 3.8%, down from 10.4% in the previous month[4] - To meet the annual budget target, December expenditure growth must approach 12%[4] Tax Revenue Breakdown - Major tax categories showed varied performance: individual income tax grew by 11.4%, corporate income tax surged by 37.0%, while value-added tax increased by 1.4%[3] - The stamp duty, particularly on securities transactions, exhibited high growth rates, contributing significantly to tax revenue[3] Government Fund Budget - Government fund income in November saw a year-on-year decline of 14.9%, with land transfer income dropping by 19.7%[4] - Government fund expenditure grew by 6.3% year-on-year, a significant slowdown from the previous 47.9%[4] Fiscal Policy Outlook - The fiscal policy intensity index showed a slight increase in November, with broad expenditure growth at 4.6%[5] - The broad fiscal revenue growth was 0.9% year-on-year in November, indicating a positive trend[5] - The overall fiscal deficit progress reached 104%, surpassing the average of the past five years[5]