2024年11月财政数据点评：广义财政支出再度加速，关注财政货币配合

Fiscal Policy Insights - The broad fiscal expenditure growth rate for January to November is 1.4%, up 0.4 percentage points from the previous value, indicating a second consecutive month of positive growth since March 2023[4] - The expected deficit rate for 2025 may rise to 3.8%-4.0%, with the issuance of special bonds anticipated to increase to CNY 1.5 trillion[4] - Non-tax revenue for the first 11 months reached approximately CNY 3.7 trillion, showing a year-on-year growth of 17.0%[9] Budgetary Performance - General public budget revenue for January to November totaled CNY 199,010 billion, reflecting a year-on-year decline of 0.6%[6] - The public budget expenditure for the same period was CNY 245,053 billion, with a year-on-year increase of 2.8%, achieving 85.8% of the annual budget target[10] - In November, public budget revenue surged by 11.0%, significantly up from 5.5% in the previous month, driven by policy implementation and non-tax revenue growth[8] Economic Outlook - The government is expected to continue implementing existing fiscal policies to support economic growth, with a focus on enhancing demand and consumption[4] - The real estate sector remains a critical variable, with potential policy adjustments if external trade faces challenges or if risks in the property market escalate[4] - The overall fiscal measures are anticipated to provide substantial support for economic growth, particularly through the acceleration of existing policies and the issuance of special bonds[10]