为了稳经济防风险，国务院允许地方政府第四季度额外发行5000亿元地方政府债券。在地方财政收支矛 盾较大的当下，各省市获得上述额度越多，显然就有越多资金去推动重大项目建设、化解债务风险。目 前，这一额度分配也逐步清晰。 以江苏为例，根据江苏省财政厅公开信息，江苏此次获得5000亿元结存限额中的535亿元，其中235亿元 用于发行再融资债券补充地方政府综合财力，300亿元用于发行专项债券支持符合条件的项目建设。 目前包括四川、浙江等地将财政部此次下达的结存限额，省级财政不预留，全部安排给市县。这也有助 于缓解基层市县财政压力。 第一财经记者根据官方信息梳理发现，截至12月10日，至少有18个省市（自治区、直辖市、计划单列 市）近期调整了预算。而地方密集调整预算的理由之一，正是财政部下达了上述总额5000亿元地方政府 债务结存限额中的部分额度给各省市，这使得各地增加了相应债务收入和支出，因此必须依法调整预 算。 根据各地财政部门等公开信息，上述5000亿元最新一批地方政府债务额度中，目前江苏、浙江、四川、 深圳、青岛、新疆、吉林分别获得了535亿元、433亿元、282亿元、182亿元、75亿元、67亿元、43亿 元 ...

地方相应增加5000亿元财政支出，以稳经济防风险。 为了稳经济防风险，国务院允许地方政府第四季度额外发行5000亿元地方政府债券。在地方财政收支矛 盾较大当下，各省市获得上述额度越多，显然就有更多资金去推动重大项目建设、化解债务风险。目 前，这一额度分配也逐步清晰。 第一财经记者根据官方信息梳理发现，截至12月10日，至少有18个省市（自治区、直辖市、计划单列 市）近期调整了预算。而地方密集调整预算的理由之一，正是上述财政部下达了上述总额5000亿元地方 政府债务结存限额中的部分额度给各省市，这使得各地增加了相应债务收入和支出，因此必须依法调整 预算。 根据各地财政部门等公开信息，上述5000亿元最新一批地方政府债务额度中，目前江苏、浙江、四川、 深圳、青岛、新疆、吉林、分别获得了535亿元、433亿元、282亿元、182亿元、75亿元、67亿元、43亿 元。也就是说，截至目前江苏获得的额度最多，占5000亿元总额比重略超10%。 为了防控地方政府债务风险，中国对地方政府债务采取限额管理，也就是设立地方举债"天花板"，而且 每年各省市发债额度上限也是由经全国人大批准后由财政部分配至各省份，各地举债额度不得突破 ...

记者丨周潇枭 编辑丨张星 根据各地披露的发债信息，11月地方新增专项债发行规模预计为4922亿元，较上月增长了超 2000亿元。与此同时，11月用于偿还存量债务的地方再融资债券（又称特殊再融资债券）发行 规模为1767亿元，较上月增长了超1300亿元。 11月新增专项债和特殊再融资债券规模大幅攀升的背后，在于5000亿元地方债结存限额的加快 发行。10月17日，财政部相关负责人表示，从地方政府债务结存限额中安排5000亿元下达地 方，支持地方化解存量政府投资项目债务、消化政府拖欠企业账款、部分省份项目建设等。其 中，3000亿元用于化债，2000亿元用于稳投资。 8月以来，贵州、海南、辽宁、广东、福建、安徽、浙江、江苏、湖北、重庆、山东等诸多省 份，都分得一定规模的额度，相继发行了特殊再融资债券。比如11月28日，广东还将发行一批 再融资债券，包括再融资专项债和再融资一般债，规模总计约22亿元，募集资金投向为"偿还 存量债务"。 12月份仍有一定额度的再融资债券有待发行。从目前披露信息来看，仅12月1日和12月2日， 内蒙古、山西、宁波还将发行一批特殊再融资债券，规模合计约278亿元。 化债无疑是今年地方债的 ...

11月新增专项债和特殊再融资债券规模大幅攀升的背后，在于5000亿元地方债结存限额的加快发行。10月17日，财政部相关负 责人表示，从地方政府债务结存限额中安排5000亿元下达地方，支持地方化解存量政府投资项目债务、消化政府拖欠企业账 款、部分省份项目建设等。其中，3000亿元用于化债，2000亿元用于稳投资。 21世纪经济报道记者周潇枭 北京报道 根据各地披露的发债信息，11月地方新增专项债发行规模预计为4922亿元，较上月增长了 超2000亿元。与此同时，11月用于偿还存量债务的地方再融资债券（又称特殊再融资债券）发行规模为1767亿元，较上月增长 了超1300亿元。 化债无疑是今年地方债的重要投向领域。截至11月底，2万亿元置换存量隐性债务的再融资债券已近尾声，仅剩11亿元的额度有 待发行。截至11月底，未披露"一案两书"（项目实施方案、财务评价报告、法律意见书）的新增专项债，意味该项目没有"一案 两书"、并非新增投资项目，即主要用于化债的"特殊新增专项债"的发行规模为1.35万亿元。 扩大投资和化债，也是今年地方债的主要投向领域。从前11个月地方债券发行情况来看，用于化解存量隐性债务、拖欠企业账 款、 ...

Revenue and Expenditure Overview - In the first ten months of 2025, the national general public budget revenue was 186,490 billion yuan, a year-on-year increase of 0.8%[6] - National general public budget expenditure reached 225,825 billion yuan, a year-on-year increase of 2%[6] Fiscal Spending Decline - In October 2025, the year-on-year growth rate of broad fiscal expenditure dropped to -19.1%, a decrease of 21.4 percentage points from September[1] - The completion rate of the broad fiscal expenditure budget in October was 5.6%, lower than 7.2% in 2024 and the five-year average of 6.2%[7] Factors Contributing to Decline - The decline in fiscal expenditure was attributed to a high base effect from 2024, a drop in revenue, and a decrease in government debt financing[1] - Broad fiscal revenue in October fell by -0.6%, a decline of 3.8 percentage points compared to September[4] Government Debt Financing - Government net financing in October 2025 decreased by 5,602 billion yuan year-on-year, contributing to the slowdown in fiscal expenditure growth[12] - The rapid use of fiscal funds in 2025, including special bonds and other projects, limited the available financing for October[12] Future Outlook - With the introduction of 5,000 billion yuan in new policy financial tools and local debt limits, there may be a recovery in fiscal expenditure growth towards the end of the year[18] - The support from "quasi-fiscal" funds is expected to accelerate as these funds are deployed in key sectors like digital economy and artificial intelligence[14]

Fiscal Performance - In October 2025, national general public budget revenue increased by 3.2% year-on-year, primarily driven by accelerated tax revenue growth[1] - National general public budget expenditure in October 2025 decreased by 9.8% year-on-year, a significant decline compared to the previous month's growth of 3.1%[1] - The completion rate of the general fiscal budget revenue from January to October 2025 was 60.5%, consistent with the same period in 2024, while the expenditure completion rate was 72.7%, exceeding the 2024 level[2] Government Fund Budget - The revenue from the government fund budget in October 2025 saw a year-on-year decline of 18.4%, contrasting with a previous increase of 5.6%[2] - The expenditure growth rate for the government fund budget in October 2025 was -38.2%, down from 0.4% in the previous month[2] - The total government fund budget revenue from January to October 2025 was 34,473 billion yuan, a decrease of 2.8% year-on-year, with land use rights transfer income dropping by 7.4%[9] Tax Revenue Insights - Tax revenue in October 2025 reached 20,700 billion yuan, reflecting an 8.6% year-on-year increase, while non-tax revenue fell by 33%[4] - From January to October 2025, domestic VAT, consumption tax, corporate income tax, and personal income tax grew by 4.0%, 2.4%, 1.9%, and 11.5% respectively, indicating a stable recovery in the macroeconomic environment[5] Expenditure Trends - The expenditure in key areas such as social security and employment, health, and education showed strong progress, with completion rates of 85.6%, 79%, and 76.4% respectively[8] - To meet the annual expenditure targets, an increase in fiscal spending in November and December 2025 is necessary[2] Risks and Outlook - Potential risks include the possibility of fiscal policies not being implemented as expected and the increase of hidden debts beyond projections[14][46] - The introduction of new policy financial tools and the allocation of 500 billion yuan from central fiscal resources to local governments are expected to support economic recovery in the fourth quarter[3]

Core Insights - In October, the industrial added value of large-scale enterprises increased by 4.9% year-on-year, a decline of 1.6 percentage points compared to September. For the period from January to October, the industrial added value grew by 6.1% [1] - The manufacturing Purchasing Managers' Index (PMI) for October was 49.0%, down 0.8 percentage points from the previous month, indicating a contraction in manufacturing activity [1] - Among the three major sectors, mining added value grew by 4.5%, manufacturing by 4.9%, and the production and supply of electricity, heat, gas, and water by 5.4% in October [1] Economic Type Analysis - In October, state-owned enterprises saw a 6.7% year-on-year increase in added value, while joint-stock enterprises grew by 5.2%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises by 4.0%, and private enterprises by 2.1% [2] High-tech Manufacturing Insights - High-tech manufacturing added value increased by 7.2% year-on-year in October, surpassing the overall industrial added value growth by 2.3 percentage points. Cumulatively, from January to October, high-tech manufacturing added value rose by 9.3% [3] Industry Performance - Out of 41 major industries, 29 reported year-on-year growth in added value in October. Notable growth was seen in the automotive manufacturing sector at 16.8%, transportation equipment manufacturing at 15.2%, electrical machinery and equipment manufacturing at 4.9%, and computer, communication, and other electronic equipment manufacturing at 8.9% [5] - The decline in industrial production momentum in October is attributed to the fading impact of short-term factors from September and a decrease in export growth, which is expected to affect industrial production [5] Policy and Economic Outlook - The National Development and Reform Commission announced that 500 billion yuan in new policy financial tools have been fully allocated, supporting 2,300 projects with a total investment of approximately 7 trillion yuan. Additionally, 500 billion yuan in special bonds have been allocated to support local investment projects [6] - Analysts predict a potential slight rebound in exports in November, supported by fiscal policies aimed at stabilizing growth, which may bolster industrial production [6] - The economic growth momentum is expected to shift from manufacturing to services, marking a significant change from the previous year [6] - Despite supportive policies, challenges remain with a persistent imbalance between strong supply and weak demand, alongside pressures from slowing exports and rising base effects [6][7]

Core Viewpoint - The establishment of a new Debt Management Department by the Ministry of Finance and the allocation of 500 billion yuan for local government debt limits aims to enhance local financial capacity and stimulate effective investment [1][2]. Group 1: Local Government Debt Management - The local government debt balance has not exceeded the "ceiling" set by the National People's Congress, with a limit of 57.99 trillion yuan approved for 2025, and the current balance standing at 53.70 trillion yuan as of September 2025 [1][2]. - The new 500 billion yuan debt quota allows local governments to issue new bonds to alleviate financial pressure and expand investment, which is crucial given the declining fixed asset investment [2][3]. Group 2: Economic Context and Investment Impact - Fixed asset investment (excluding rural households) for the first three quarters was 37.15 trillion yuan, showing a year-on-year decrease of 0.5%, with private investment down by 3.1% [2]. - The additional 500 billion yuan in local debt is expected to marginally boost investment, particularly in infrastructure and service sectors, addressing the current economic downturn and insufficient effective demand [3][4]. Group 3: Special Bonds and Project Implementation - Of the 500 billion yuan, 200 billion yuan is designated as special bonds for specific provinces, aimed at accelerating project implementation and ensuring funds are directed to effective projects [5][6]. - The focus is on projects that are ready to commence within the year, with an emphasis on thorough financial assessments and performance targets to avoid ineffective spending [6].

Core Viewpoint - The People's Bank of China (PBOC) has resumed trading government bonds in the secondary market, purchasing 20 billion yuan worth of bonds in October 2025, indicating a strategic move to enhance liquidity and align with fiscal policies [1][3][4]. Group 1: Central Bank Operations - In October 2025, the PBOC's liquidity provision remained reasonably ample, with a focus on the introduction of new policy financial tools to support technological innovation, consumption expansion, and stabilization of foreign trade [2][6]. - The PBOC's bond trading operations are seen as a significant policy reserve, with plans to incorporate these operations into the central bank's policy toolbox starting in 2024 [4][5]. - The PBOC aims to flexibly conduct both buying and selling of government bonds based on the needs for base currency issuance and market conditions, ensuring smooth monetary policy transmission and stable financial market operations [3][4]. Group 2: Fiscal Policy Coordination - The PBOC's bond trading operations are primarily focused on releasing liquidity and coordinating with fiscal policies, particularly in the context of local government debt issuance [5][6]. - The Ministry of Finance plans to continue the practice of pre-allocating new local government debt limits for 2026 to support major projects and ensure timely funding for key initiatives [6][7]. - Recent arrangements for local government debt limits have increased in scale and expanded in scope, with 500 billion yuan allocated to support local governments in addressing existing debt and enhancing investment [7].

Group 1 - The manufacturing PMI for October is reported at 49.0%, a decrease of 0.8 percentage points from the previous month, breaking the upward trend since August [1] - The production index fell by 2.2 percentage points to 49.7%, marking the first contraction since April, largely due to seasonal factors and the impact of the Mid-Autumn Festival [2] - The new orders index decreased by 0.9 percentage points to 48.8%, indicating weakened market demand, influenced by the diminishing effects of recent policies and ongoing adjustments in the real estate market [2][3] Group 2 - Despite the decline in the overall PMI, the production and business activity expectation index remains optimistic at 52.8%, indicating a positive outlook among most manufacturing enterprises [4] - The implementation of 500 billion yuan in new policy financial tools is expected to accelerate infrastructure investment, providing support for macroeconomic stability [4] - Industries such as non-ferrous metal smelting and processing, as well as railway, shipbuilding, and aerospace equipment, have seen their expectation indices rise above 60.0%, indicating robust activity [4] Group 3 - The non-ferrous metal industry is experiencing increased demand due to the ongoing economic transformation and the rise of digital and green initiatives, particularly in the renewable energy sector [5] - The railway, shipbuilding, and aerospace sectors are benefiting from significant upgrades during the 14th Five-Year Plan, with China's shipbuilding industry maintaining a global order share of 64.2%, an increase of 15.1 percentage points from the previous plan [6]