增量财政资金来了！中央财政安排5000亿元结存限额补充地方财力

Core Viewpoint - The fiscal revenue growth in China has significantly improved in Q3 2025, indicating a stable and upward trend in the overall economic operation, with key areas of fiscal expenditure reaching the highest levels in nearly three years [1][5]. Fiscal Revenue Summary - In the first three quarters of 2025, the national general public budget revenue reached 163,876 billion yuan, a year-on-year increase of 0.5%. Tax revenue was 132,664 billion yuan, growing by 0.7%, while non-tax revenue decreased by 0.4% to 31,212 billion yuan [1][5]. - The quarterly breakdown shows a decline of 1.1% in Q1, a recovery to 0.6% growth in Q2, and a notable increase of 2.5% in Q3, reflecting a significant improvement [5]. - Among the tax revenues, the domestic value-added tax, which reflects the performance of the industrial and service sectors, grew by 3.6%, while corporate income tax increased by 0.8%, showing a recovery in industrial profits [5][6]. Fiscal Expenditure Summary - Total general public budget expenditure for the first three quarters was 208,064 billion yuan, marking a 3.1% increase year-on-year. Key areas such as social security and employment, education, health, science and technology, energy conservation and environmental protection, and culture and sports saw growth rates of 10%, 5.4%, 4.7%, 6.5%, 8.8%, and 4% respectively, all reaching the highest levels in three years [9][10]. - Government fund budget expenditure reached 74,900 billion yuan, a significant year-on-year increase of 23.9%, driven by accelerated use of bond funds [11][12]. Measures to Support Economic Recovery - To consolidate the economic recovery, the Ministry of Finance announced two measures: allocating 500 billion yuan from the local government debt limit to support local finances, an increase of 100 billion yuan from the previous year, and the early issuance of the 2026 new local government debt limit [3][14][17]. - The allocation aims to enhance local financial capacity and support effective investment projects, particularly in economically significant provinces [15][16].