2025年11月财政数据快评：财政力度继续下滑

Revenue Insights - From January to November, the national general public budget revenue reached 200,516 billion yuan, a year-on-year increase of 0.8%[2] - Tax revenue accounted for 164,814 billion yuan, with a year-on-year growth of 1.8%, while non-tax revenue fell to 35,702 billion yuan, down 3.7%[2] - In November, the monthly budget revenue showed a year-on-year decline of 0.02%, a significant drop from the previous value of 3.2%[3] Expenditure Insights - Total general public budget expenditure from January to November was 248,538 billion yuan, reflecting a year-on-year increase of 1.4%[2] - Central government expenditure was 38,232 billion yuan, up 6.2%, while local government expenditure was 210,306 billion yuan, with a modest increase of 0.6%[2] - In November, general public expenditure decreased by 3.7% year-on-year, an improvement from the previous decline of 9.8%[14] Tax Revenue Breakdown - Major tax categories showed declines, with corporate income tax down 5.2%, indicating ongoing pressure on corporate profitability[11] - Personal income tax increased by 11.4%, contributing positively to tax revenue, but significantly lower than the previous value of 27.3%[11] - Value-added tax and consumption tax both grew by 3.3%, aligning with the overall slowdown in retail sales growth[11] Fiscal Policy and Trends - The fiscal policy strength index continued to decline in November, primarily due to falling expenditure levels[22] - The broad expenditure growth rate was -1.7% in November, a notable improvement from -19.1% previously[22] - The overall fiscal revenue growth for the year is projected at -0.2%, with an 85.3% completion rate[22]