1-11月财政数据点评：明年财政政策增量仍然值得期待

Fiscal Revenue and Expenditure - In November, public fiscal revenue was CNY 14,026.0 billion, remaining flat year-on-year, with tax revenue at CNY 11,450.0 billion, a 2.8% increase, but the growth rate slowed by 5.8 percentage points compared to October[2] - Non-tax revenue fell to CNY 2,576.0 billion, down 10.8% year-on-year, with the decline narrowing by 22.1 percentage points from the previous month[2] - Public fiscal expenditure in November was CNY 22,713.0 billion, a decrease of 3.7% year-on-year, although the decline rate improved by 6.1 percentage points from October[3] Government Fund Performance - From January to November, government fund budget revenue totaled CNY 40,274.0 billion, down 4.9% year-on-year, with a worsening decline rate of 2.1 percentage points compared to the previous month[17] - In November, central government fund revenue was CNY 320.0 billion, down 9.1%, while local government fund revenue was CNY 5,481.0 billion, down 16.1%, with the decline rate improving by 4.3 percentage points from October[5] - The revenue from state-owned land use rights fell to CNY 4,137.0 billion, a 26.8% decrease year-on-year, with the decline rate slightly narrowing by 0.4 percentage points from October[5] Fiscal Policy Outlook - The central economic work conference emphasized the continuation of a more proactive fiscal policy, aiming to maintain necessary fiscal deficits and total expenditure levels[4] - The actual deficit rate for this year has exceeded 5.0%, and fiscal spending and financing are expected to maintain necessary strength in the coming year[4] - Broad fiscal expenditure from January to November reached CNY 340,662 billion, a 4.5% increase year-on-year, with central fiscal expenditure at CNY 47,310.0 billion, growing by 21.0%[22]