证券交易印花税大增70.7%！前11月财政数据透露出资本市场活力信号

Core Viewpoint - The article discusses the stable growth of China's fiscal revenue and expenditure in the first 11 months of 2025, highlighting the performance of various tax revenues and the focus on social welfare spending. Group 1: Fiscal Revenue - In the first 11 months of 2025, the national general public budget revenue reached 20.05 trillion yuan, an increase of 0.8%, maintaining the same growth rate as the previous 10 months [1] - Tax revenue amounted to 16.48 trillion yuan, growing by 1.8%, with an increase of 0.1 percentage points compared to the first 10 months [1] - Major tax categories showed positive growth, with domestic VAT and consumption tax increasing by 3.9% and 2.5% respectively, while personal income tax rose by 11.5% [1][2] Group 2: Personal Income Tax and Corporate Tax - The performance of personal income tax has been notably strong, attributed to the active capital market and increased wealth effect, with a year-on-year growth of 9.3% driven by stock transfers and related income [2] - Corporate income tax revenue reached 402.34 billion yuan, showing a year-on-year increase of 1.7%, indicating a recovery in the economy supported by policy effects and improved corporate profitability [2] Group 3: Industry Performance - The equipment manufacturing and modern service industries demonstrated strong tax revenue performance, with specific sectors like computer communication equipment manufacturing and scientific research services growing by 14.1% and 14.6% respectively [2][3] - The manufacturing sector continues to play a stabilizing role, with tax revenue from this sector maintaining around 30% of total tax revenue [3] Group 4: Fiscal Expenditure - National general public budget expenditure for the first 11 months was 24.85 trillion yuan, an increase of 1.4%, with significant spending in social welfare areas [3] - Social security and employment expenditures grew by 8.1%, education spending increased by 4.4%, and health spending rose by 4.7%, while infrastructure-related expenditures showed a declining trend [3] Group 5: Government Fund Budget - Government fund budget revenue was 4.03 trillion yuan, a decrease of 4.9%, while expenditures increased by 13.7% to 9.21 trillion yuan, driven by accelerated use of bond funds [4] - Central government allocated 500 billion yuan to support local government debt, which is expected to inject new momentum into economic development [4]