【宏观经济】一周要闻回顾(2025年12月17日-12月23日)

Core Viewpoint - The article discusses the performance of China's general public budget revenue and expenditure for the first eleven months of the year, highlighting a modest growth in revenue and various trends in fiscal spending across different sectors [6]. Group 1: General Public Budget Revenue - In the first eleven months, the national general public budget revenue reached 200,516 billion yuan, reflecting a year-on-year growth of 0.8% [6]. - Tax revenue amounted to 164,814 billion yuan, showing a growth of 1.8%, while non-tax revenue was 35,702 billion yuan, which represents a decline of 3.7% [6]. - Central government budget revenue was 88,464 billion yuan, down by 1%, while local government budget revenue increased by 2.2% to 112,052 billion yuan [6]. Group 2: General Public Budget Expenditure - Total general public budget expenditure for the first eleven months was 248,538 billion yuan, marking a growth of 1.4% [6]. - Central government expenditure was 38,232 billion yuan, up by 6.2%, while local government expenditure grew by 0.6% to 210,306 billion yuan [6]. - Key expenditure areas included education (37,856 billion yuan, +4.4%), social security and employment (40,721 billion yuan, +8.1%), and health (18,687 billion yuan, +4.7%) [6]. Group 3: Government Fund Budget - National government fund budget revenue was 40,274 billion yuan, down by 4.9%, while expenditure increased by 13.7% to 92,124 billion yuan, driven by accelerated use of bond funds [7]. Group 4: E-commerce Development - In the first eleven months, online retail sales grew by 9.1%, with significant increases in digital product sales (8.2%) and online service consumption (21.7%) [9]. - The agricultural and industrial sectors saw a boost in digital transformation, with rural online retail sales increasing by 9.8% [10]. - The e-commerce sector is enhancing innovation, with major platforms achieving an average R&D intensity of 8.3% [10]. Group 5: Foreign Investment - In the first eleven months, foreign direct investment amounted to 693.18 billion yuan, a decrease of 7.5%, although November saw a 26.1% increase year-on-year [11]. - The manufacturing sector attracted 171.72 billion yuan, while the service sector received 506.29 billion yuan in foreign investment [11]. - High-tech industries, particularly e-commerce services, saw substantial growth in foreign investment, with increases of 127% in e-commerce services [11].