11月财政收支分析：财政收入进一步修复

Fiscal Revenue and Expenditure Analysis - In November, public fiscal revenue increased by 11.02% year-on-year, compared to 5.49% previously, while expenditure growth slowed to 3.78% from 10.37%[4] - Cumulative public fiscal revenue from January to November showed a decline of 0.6%, an improvement from the previous decline of 1.3%, while cumulative expenditure rose by 2.8%[4] - Government fund revenue decreased by 18.4% year-on-year, while expenditure fell by 2.6%[4] Revenue Structure Insights - Total public fiscal revenue reached 199,010 billion yuan, with tax revenue accounting for 81.4% and non-tax revenue showing a year-on-year increase of 17.0%[4] - Central fiscal revenue constituted 44.9% of total revenue, with a year-on-year decline of 2.5%, while local fiscal revenue increased by 1.1%[4] Tax Revenue Trends - Major tax categories showed varied performance: domestic VAT decreased by 4.7%, corporate income tax by 2.1%, while personal income tax fell by 2.7%[5] - The domestic consumption tax increased by 2.2%, and export tax rebates decreased by 7.6%[5] Expenditure Trends - Public fiscal expenditure totaled 245,053 billion yuan, with local expenditure growing by 1.9% and central expenditure rebounding to 8.1%[5] - Key expenditure categories included agriculture and water affairs at 11.7% growth, while health spending declined by 9.2%[6] Investment Recommendations - Continuous increase in fiscal expenditure is expected to boost overall demand and further repair fiscal revenue, establishing a positive feedback loop[7]