Group 1 - The central government has allocated 500 billion yuan from local government debt limits to support local fiscal capacity and address existing government investment project debts and overdue payments to enterprises [1] - The allocation for this year is 1 trillion yuan more than the previous year, indicating an increase in both the scale and scope of support for local governments [1] - The funds will also be used to support project construction in economically significant provinces, enhancing effective investment and economic stability [1] Group 2 - The external environment is becoming more challenging in the fourth quarter, making infrastructure investment crucial for macroeconomic stability [2] - Local governments are urged to expedite the issuance and utilization of the allocated funds to reinforce the economic recovery trend and meet development goals [2] - The Ministry of Finance plans to advance the allocation of new local government debt limits for 2026 to support major projects and ensure timely funding for the first quarter of 2026 [3] Group 3 - The early allocation of debt limits will focus on supporting major strategies and projects identified by the central government [3] - The Ministry of Finance will guide local governments in optimizing project review mechanisms and improving project quality [3] - The funds will also be used to address hidden debts and overdue payments to enterprises, promoting stable local fiscal operations [3]

扫码文末"投小圈" 加入行业交流群 文章来源：财政部新闻办公室 10月17日，财政部召开2025年前三季度财政收支情况新闻发布会，介绍了前三季度财政收支情况，并回 答了记者们的提问。 部分要点如下： 财政收入增幅逐季回升。 前三季度，全国一般公共预算收入16.39万亿元，同比增长0.5%。 分季度看，一季度下降1.1%；二季度由降转升，增长0.6%；进入第三季度，7月份增长2.6%，8月份增 长2%，9月份增长2.6%，当季增长2.5%，增幅明显提高。 前三季度，全国政府性基金预算支出7.49万亿元，同比增长23.9%，主要是各级财政持续加快债券资金 使用，前三季度地方政府专项债券、超长期特别国债、中央金融机构注资特别国债等资金共支出4.21万 亿元（含以往年度结转债券支出） 财政部将继续提前下达2026年新增地方政府债务限额。 提前下达的限额重点支持党中央、国务院确定的重大战略、重点项目。 提前下达的限额除用于符合条件的项目建设外，还继续支持各地按规定化解存量隐性债务和解决政府拖 欠企业账款。 中央财政从地方政府债务结存限额中安排5000亿元下达地方。 与去年相比，此次安排结存限额有两方面特点： 一是力度有 ...

Core Insights - The Ministry of Finance reported that the general public budget revenue for the first three quarters reached 16.39 trillion yuan, a year-on-year increase of 0.5%, while expenditure was 20.8 trillion yuan, up 3.1% [3][5] - The increase in fiscal revenue is attributed to a stable economic performance and the implementation of proactive fiscal policies, including significant growth in government fund expenditures [3][8] - The Ministry announced the allocation of 500 billion yuan from local government debt limits to support debt resolution and expand investment [10][11] Revenue and Expenditure - General public budget revenue for the first three quarters was 16.39 trillion yuan, with tax revenue at 13.27 trillion yuan (up 0.7%) and non-tax revenue at 3.12 trillion yuan (down 0.4%) [5][6] - The revenue growth reflects a recovery in tax revenue, with notable increases in value-added tax and personal income tax, while non-tax revenue saw its first negative growth of the year [5][6][7] Sector Performance - Tax revenue growth was driven by key sectors, with notable increases in the computer and communication equipment manufacturing (12%), electrical machinery (8.3%), and scientific research services (13.4%) [7] - The decline in land sales revenue has narrowed, with government fund budget revenue at 3.07 trillion yuan, down 0.5%, and land use rights revenue at 2.23 trillion yuan, down 4.2% [7][8] Fiscal Policy Measures - The Ministry of Finance emphasized the importance of proactive fiscal policies, with significant allocations for social security, education, and health sectors, achieving the highest growth rates in three years for these areas [8] - The announcement of 500 billion yuan in local debt limits aims to support local governments in resolving existing debts and enhancing investment in key projects [10][11]

Core Viewpoint - The Ministry of Finance reported a slight increase in public budget revenue and a notable rise in expenditure for the first three quarters of 2023, indicating a proactive fiscal policy aimed at supporting economic recovery and investment expansion [3][5][8]. Revenue Summary - Total public budget revenue reached 16.39 trillion yuan, a year-on-year increase of 0.5%, with tax revenue at 13.27 trillion yuan (up 0.7%) and non-tax revenue at 3.12 trillion yuan (down 0.4%) [5][6]. - Tax revenue growth was driven by a rebound in major tax categories, with notable increases in personal income tax (up 9.7%) and value-added tax (up 3.6%) [6][7]. - Non-tax revenue decline was primarily due to a drop in penalty income, which fell by 7% [5][6]. Expenditure Summary - Total public budget expenditure was 20.8 trillion yuan, reflecting a year-on-year increase of 3.1% [3][8]. - Government fund expenditure saw a significant rise of 23.9%, supported by the issuance of special bonds and other financial instruments [3][8]. - Key areas of expenditure included social security, education, health, and technology, all showing the highest growth rates in three years [8]. Debt Management and Future Policies - The Ministry of Finance announced the allocation of 500 billion yuan from local government debt limits to support debt resolution and investment expansion [9][10]. - Plans for 2026 include an early allocation of local government debt limits, with a total of 5.2 trillion yuan in new local bonds expected [10][11]. - The focus will be on addressing existing debts and supporting major projects to ensure stable local government finances [12].

◎记者 李苑 财政部预算司一级巡视员、政府债务研究和评估中心主任李大伟10月17日在新闻发布会上表示，今年， 为进一步发挥积极财政政策效能，保障重点领域重大项目资金需求，巩固拓展经济回升向好势头，财政 部将继续提前下达2026年新增地方政府债务限额。 一是工作进度上，抓紧履行有关程序，尽早下达限额，便于各地做好与2026年预算编制的衔接，支持重 点项目2026年一季度建设资金需求。 二是项目安排上，提前下达的限额重点支持党中央、国务院确定的重大战略、重点项目。财政部将持续 指导督促各地加快做好项目储备，抓紧推进项目前期工作，指导专项债券项目"自审自发"试点地区优化 项目审核机制；联合国家发展改革委等部门加强非试点地区项目审核，进一步提高项目质量。 据介绍，与去年相比，此次安排结存限额有两方面特点：一是力度有增加。总规模较上年增加1000亿 元。二是范围有拓展。今年的5000亿元除用于补充地方政府综合财力、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外，还安排额度用于经济大省符合条件的项目建设，精准支持扩大有效投 资，更好发挥经济大省挑大梁作用。 "目前各地正在抓紧履行有关程序，力争早发行、早使用、 ...

Core Insights - The Ministry of Finance reported that the general public budget revenue for the first three quarters of 2023 reached 16.39 trillion yuan, a year-on-year increase of 0.5% [1][3] - Tax revenue, which is the main component of fiscal income, grew by 0.7% year-on-year, with significant contributions from value-added tax and corporate income tax [5][7] - Public budget expenditure for the same period was 20.81 trillion yuan, reflecting a year-on-year growth of 3.1%, with notable increases in social security, education, and health spending [8] Revenue Analysis - The general public budget revenue totaled 163,876 billion yuan, with tax revenue at 132,664 billion yuan and non-tax revenue at 31,212 billion yuan [1] - Tax revenue growth was driven by a 3.6% increase in domestic value-added tax, which is indicative of the performance in the industrial and service sectors [5] - Corporate income tax saw a year-on-year increase of 0.8%, indicating a recovery in industrial profits as market vitality improves [7] Expenditure Analysis - Public budget expenditure reached 208,064 billion yuan, with central government expenditure at 31,008 billion yuan (up 7.3%) and local government expenditure at 177,056 billion yuan (up 2.4%) [1] - Key areas of expenditure included social security (up 10%), education (up 5.4%), and health (up 4.7%), marking the highest growth rates for these sectors in three years [8] Debt Management - The Ministry of Finance plans to continue the practice of pre-allocating the new local government debt limit for 2026, which is expected to support major projects and stabilize the government bond market [9][10] - This approach aims to enhance the completeness of local budget preparation and ensure timely funding for key projects [9]

新华财经北京10月17日电（记者董道勇）17日，财政部召开2025年前三季度财政收支情况新闻发布会， 介绍今年前三季度财政收支情况。会上，财政部预算司一级巡视员、政府债务研究和评估中心主任李大 伟介绍说，今年财政部将继续提前下达2026年新增地方政府债务限额，中央财政从地方政府债务结存限 额中安排5000亿元下达地方。 "与去年相比，此次安排结存限额有两方面特点：一是力度有增加。总规模较上年增加1000亿元。二是 范围有拓展。今年的5000亿元除用于补充地方政府综合财力，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外，还安排额度用于经济大省符合条件的项目建设，精准支持扩大有效投资，更好 发挥经济大省挑大梁作用。"李大伟说。 记者了解到，地方政府债务结存限额是指地方政府法定债务限额大于余额的差额，主要是地方通过加强 财政收支管理、安排预算资金偿还到期法定债务形成的。近年来，在全国人大批准的地方政府法定债务 限额内，经国务院同意，财政部适时安排一定规模的地方政府债务结存限额，用于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等。 （文章来源：新华财经） 在项目安排上，提前下达的限额重点支持党 ...

21世纪经济报道记者周潇枭 北京报道 10月17日，财政部召开2025年前三季度财政收支情况新闻发布 会。 前三季度，全国一般公共预算收入16.39万亿元，同比增长0.5%，增速进一步回升；全国一般公共预算 支出20.8万亿元，同比增长3.1%。 上半年我国GDP同比增长5.3%，很重要的助推因素是积极财政政策靠前发力。这不仅体现在一般公共 预算支出平稳增长，还体现在政府性基金支出的大幅增长上。前三季度地方政府专项债券、超长期特别 国债、中央金融机构注资特别国债等资金共支出4.21万亿元（含以往年度结转债券支出），带动前三季 度政府性基金支出同比增长23.9%。 7、8月份我国经济数据出现波动下行的迹象，外界对四季度出台增量政策充满期待。9月底，5000亿元 新型政策性金融工具开始加快投放使用，主要用于扩大投资。这次财政部明确要盘活使用5000亿元地方 债结存限额，主要用于化债和扩大投资。 财政部预算司一级巡视员、政府债务研究和评估中心主任李大伟在发布会上表示，中央财政从地方政府 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，还安排额度用于经济大省符合条件的 ...

Core Insights - The Ministry of Finance reported a steady recovery in fiscal revenue and proactive fiscal spending in the first three quarters of 2023, indicating resilience in the economy [2][4]. Fiscal Revenue and Expenditure - Fiscal revenue for the first three quarters reached 16.39 trillion yuan, a year-on-year increase of 0.5%, with a notable recovery in growth rates across quarters: a decline of 1.1% in Q1, a growth of 0.6% in Q2, and a growth of 2.5% in Q3 [2][3]. - Fiscal expenditure amounted to 20.81 trillion yuan, reflecting a year-on-year increase of 3.1%, with significant support for key areas such as social security, education, and health [2][3]. Key Areas of Spending - Specific spending increases included: social security and employment (10%), education (5.4%), health (4.7%), science and technology (6.5%), energy conservation and environmental protection (8.8%), and culture, tourism, sports, and media (4%) [3]. Local Government Debt Management - The Ministry of Finance plans to advance the 2026 new local government debt limit to support major projects and ensure a smooth budget preparation process [4]. - A recent allocation of 500 billion yuan from local government debt limits aims to enhance local fiscal capacity and support effective investment [6]. Hainan Duty-Free Shopping Policy - The adjustment of the Hainan duty-free shopping policy has expanded the number of duty-free product categories to 47, enhancing consumer choice and stimulating demand [7].

Core Insights - The fiscal revenue growth in China has shown a significant increase in the third quarter of 2025, indicating a stable and improving economic environment [1][2] - The government has implemented measures to support local governments financially, including an increase in debt limits and early allocation of new debt quotas for 2026 [6][7] Fiscal Revenue Performance - 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% [1] - Tax revenue, which constitutes the main part of fiscal income, grew by 0.7%, with the domestic value-added tax increasing by 3.6% and corporate income tax rising by 0.8% [2][3] - The securities transaction stamp duty revenue reached 1,448 billion yuan, reflecting a significant recovery in market confidence [2] Expenditure in Key Areas - The national general public budget expenditure for the first three quarters was 208,064 billion yuan, a year-on-year increase of 3.1% [4] - Expenditures in social security, education, health, science and technology, environmental protection, and cultural sectors have reached their highest growth rates in nearly three years [4] - Government fund budget expenditure saw a substantial increase of 23.9%, driven by accelerated use of bond funds [4] Support for Local Governments - The central government has allocated 500 billion yuan from the local government debt limit to support local fiscal capacity, marking an increase of 100 billion yuan from the previous year [6] - The funds will be used to address existing government investment project debts and support effective investment in major economic provinces [6] Future Financial Strategies - The Ministry of Finance plans to continue early allocation of new local government debt limits for 2026 to facilitate project funding and support local fiscal stability [7]