Group 1: Fiscal Revenue Trends - Broad fiscal revenue showed a slight decline, with a growth rate of only 0.2% from January to October 2025[1] - Tax revenue is expected to achieve the annual budget growth target, with a cumulative increase of 0.8% during the same period[4] - The structure of tax revenue improved, with stamp duty (including securities transaction stamp duty) growing significantly by 29.5%[10] Group 2: Government Fund Income - Government fund income from land sales decreased significantly, with a year-on-year decline of 2.8% from January to October 2025[12] - The land income showed a notable drop in October, with a decrease of 7.4% compared to the previous month[12] Group 3: Special Bonds and Expenditure - The issuance of special bonds slowed down, leading to a significant drop in secondary account expenditures, which fell by 38.2% in October 2025[16] - Infrastructure spending growth rate decreased, with a decline of 9.8% from January to October 2025[16]
2025年1-10月财政数据解读：增量资金有望加速到位
Yin He Zheng Quan·2025-11-17 12:58