2025年1-11月财政数据点评：科技领域支出加力

Revenue and Expenditure Overview - National general public budget revenue for January-November 2025 reached 200,516 billion yuan, a year-on-year increase of 0.8%[2] - National general public budget expenditure totaled 248,538 billion yuan, with a year-on-year growth of 1.4%[2] - Government fund budget revenue was 40,274 billion yuan, showing a year-on-year decline of 4.9%[2] - Government fund budget expenditure increased to 92,124 billion yuan, reflecting a year-on-year growth of 13.7%[2] Public Finance Insights - The growth rate of public finance expenditure decreased by 0.6 percentage points compared to January-October 2025, necessitating a December growth rate of over 20% to meet annual targets[3] - Expenditure focus areas included livelihood, technology, and green initiatives, with technology spending growth reaching 7.9%[3] - Social security and employment spending grew by 8.1%, indicating strong support for livelihoods[3] - Infrastructure spending saw a decline of 7.7%, with only environmental spending showing positive growth[3] Government Fund Challenges - The year-on-year decline in government fund revenue was exacerbated by a 2.1 percentage point increase in the decline rate, primarily due to land market issues[4] - Government fund expenditure growth slowed to 13.7%, influenced by high base effects from 2024's special bond issuance[4] Fiscal Policy Outlook - The central economic work conference emphasized maintaining necessary fiscal deficits and total expenditure, indicating a proactive fiscal approach for 2026[8] - Key focus areas for future spending include optimizing expenditure structure and addressing local government financial pressures[8]