今年以来广义财政收入增速首次转正，增量政策陆续出台实施

Core Viewpoint - The article discusses the recovery of China's fiscal revenue in 2023, driven primarily by tax revenue growth, alongside the implementation of proactive fiscal policies to stabilize the economy and support key sectors [3][4]. Fiscal Revenue and Tax Recovery - In the first three quarters of 2023, the broad fiscal revenue reached 194,593 billion yuan, marking a year-on-year growth of approximately 0.4%, the first positive growth this year [3][4]. - The general public budget revenue was 163,876 billion yuan, with tax revenue at 132,664 billion yuan, showing a year-on-year increase of 0.5% and 0.7% respectively [6][4]. - Tax revenue growth turned positive in 2023, with September seeing an 8.7% year-on-year increase, the highest monthly growth this year [6][4]. - The recovery in tax revenue is attributed to improved corporate performance and active capital market transactions, with capital market-related tax revenue increasing by 56.8% year-on-year [6][4]. - Non-tax revenue, however, declined by 0.4% to 31,212 billion yuan, primarily due to a high base from the previous year and stricter regulation on administrative penalties [8][7]. Government Fund Revenue - Government fund revenue, mainly from land sales, decreased by 0.5% to 30,717 billion yuan, with land use rights revenue dropping by 4.2% to 22,302 billion yuan [12][4]. - The decline in land sale revenue is attributed to ongoing policies aimed at stabilizing the real estate market [12][4]. Fiscal Expenditure Trends - Fiscal expenditure in the first three quarters reached 208,064 billion yuan, a year-on-year increase of 3.1%, with significant allocations to social security, education, and healthcare [15][4]. - The government has accelerated the issuance of special bonds to support major projects, with net financing from government bonds reaching 1.146 trillion yuan, an increase of 428 billion yuan year-on-year [13][4]. - Government fund expenditure grew significantly by 23.9% to 74,924 billion yuan, reflecting a strong focus on public welfare and infrastructure [16][4]. Economic Stabilization Measures - The government has introduced new policy financial tools worth 500 billion yuan to enhance project capital and stimulate investment, with over 3.3 trillion yuan in total project investment expected [19][4]. - Recent fiscal policies aim to support local governments in managing existing debts and facilitating economic recovery, particularly in major economic provinces [19][4].