——11月财政数据点评：年末财政有多少余粮？

Revenue and Expenditure Trends - From January to November 2025, general public budget revenue reached 20.1 trillion yuan, a year-on-year increase of 0.8%[6] - General public budget expenditure for the same period was 24.9 trillion yuan, with a year-on-year growth of 1.4%[6] - Cumulative general fiscal revenue and expenditure for the first eleven months fell to -0.2% and 4.5%, respectively[3] Tax and Non-Tax Revenue - Tax revenue in November showed a year-on-year increase of 3.2%, marking the eighth consecutive month of positive growth, while non-tax revenue dropped significantly by 10.8% due to a high base effect[3][10] - Major tax categories such as VAT and personal income tax increased by 3.3% and 11.4%, respectively, contributing positively to overall tax revenue[3] Expenditure Analysis - November's fiscal expenditure saw a reduced year-on-year decline of 2.0%, with significant increases in technology and health spending, which grew by 20-30%[3][10] - Infrastructure-related expenditures continued to decline, with specific categories like urban community and agricultural water management showing decreases of 16.6% and 28.0%, respectively[3][10] Land Sales and Fund Expenditure - Revenue from land sales in November fell sharply by 26.5%, continuing a negative trend for four consecutive months[3][10] - Fund expenditure in November turned positive with a growth of 2.8%, attributed to accelerated fiscal spending towards year-end[3] Fiscal Surplus and Future Outlook - The year-end fiscal situation may leave a surplus, potentially supporting growth in the first half of 2026[3][10] - Cumulative new fiscal deposits reached approximately 2 trillion yuan, the highest since 2013, indicating a strong fiscal position[3][10]