12月17日，财政部公布2025年1-11月财政收支情况。从收入端来看，财政收入延续低增长态势。 前四大主体税种均保持稳定增长。 "真金白银"的前11月财政数据"出炉"，财政运行总体平稳。 财政部数据显示，今年前11个月全国非税收入约3.6万亿元，同比下降3.7%。这或许也与今年国家加强 对罚没收入监管，进一步规范涉企执法专项行动等有关。不过，前些年地方加力盘活存量资产资源收入 带来非税收入较快增长，而这一盘活空间有限，难以持续维持高增长。 广义财政收入除了全国一般公共预算收入之外，还有以卖地收入为主的政府性基金收入。 财政部数据显示，今年前11月，全国政府性基金预算收入约4万亿元，同比下降4.9%。这一降幅较前10 月有所扩大。这主要是楼市持续低迷，卖地收入降幅扩大所致。今年前11个月，地方政府性基金中的国 有土地使用权出让收入约2.9万亿元，同比下降10.7%，这一降幅较前10月扩大了3个多百分点。 尽管财政收入增幅较低，但在政府债务收入等支撑之下，今年更加积极的财政政策落地，财政支出保持 一定的力度，以推动经济运行在合理区间。 财政部数据显示，前11月，全国一般公共预算支出约24.9万亿元，同比增长1. ...

(本文来自第一财经) 财政部发布数据显示，1—11月，全国一般公共预算收入200516亿元，同比增长0.8%。其中，全国税收 收入164814亿元，同比增长1.8%；非税收入35702亿元，同比下降3.7%。分中央和地方看，中央一般公 共预算收入88464亿元，同比下降1%；地方一般公共预算本级收入112052亿元，同比增长2.2%。 ...

人民财讯12月17日电，财政部数据显示，1—11月，全国一般公共预算收入200516亿元，同比增长 0.8%。其中，全国税收收入164814亿元，同比增长1.8%；非税收入35702亿元，同比下降3.7%。分中央 和地方看，中央一般公共预算收入88464亿元，同比下降1%；地方一般公共预算本级收入112052亿元， 同比增长2.2%。 ...

#数据 中国财政部：1—11月，全国一般公共预算收入200516亿元，同比增长0.8%。其中，全国税收收入164814亿元，同比增长1.8%；非税收入35702亿元，同比下降3.7%。印花税4044亿元，同比增长27%。其中，证券交易印花税1855亿元，同比增长70.7%。国有土地使用权出让收入29119亿元，同比下降10.7%。1—11月，全国一般公共预算支出248538亿元，同比增长1.4%。社会保障和就业支出40721亿元，同比增长8.1%。外汇交易员 (@myfxtrader):#数据 财政部：1—10月，全国一般公共预算收入186490亿元，同比增0.8%。其中，全国税收收入153364亿元，同比增长1.7%；非税收入33126亿元，同比下降3.1%。印花税3781亿元，同比增长29.5%。其中，证券交易印花税1629亿元，同比增长88.1%。国有土地使用权出让收入24982亿元，同比下降7.4%。 https://t.co/rItRz9KpgK ...

风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 财政部：1—11月，全国一般公共预算收入200516亿元，同比增长0.8%。其中，全国税收收入164814亿 元，同比增长1.8%；非税收入35702亿元，同比下降3.7%。分中央和地方看，中央一般公共预算收入 88464亿元，同比下降1%；地方一般公共预算本级收入112052亿元，同比增长2.2%。 1—11月，全国 一般公共预算支出248538亿元，同比增长1.4%。分中央和地方看，中央一般公共预算本级支出38232亿 元，同比增长6.2%；地方一般公共预算支出210306亿元，同比增长0.6%。 ...

Core Insights - The October fiscal data shows a clear divergence in revenue and expenditure, with tax revenue continuing to grow significantly, likely due to improvements in prices affecting nominal variables [2] - Non-tax revenue growth has hit a five-year low, indicating challenges in revitalizing state-owned assets [2] - General fiscal expenditure growth has notably slowed, with the possibility of either accelerating spending by year-end or rolling over to next year, which will directly impact next year's fiscal spending strength [2] - Land transfer revenue has again shown negative growth, putting pressure on land finance [2] - The urgent task for fiscal policy is to implement existing policies effectively to generate more tangible work output [2] Revenue Analysis - From January to October, fiscal revenue has increased by 0.8% year-on-year, surpassing the initial budget growth target by 0.1%, indicating that achieving the annual target is feasible with a required decline of only 3.7% in November and December [3] - Tax revenue growth has slightly underperformed expectations, and adjustments in the revenue structure have been insufficient [3] - Government fund revenue needs to achieve a 5.3% year-on-year growth in the last two months, with potential for a year-end surge in land transfer revenue [3] Expenditure Analysis - Fiscal expenditure from January to October has increased by 2.0% year-on-year, while the annual budget anticipates a 4.4% increase, necessitating a significant 12.9% growth in the last two months [3] - Government fund expenditure is expected to require a 40.3% year-on-year increase, suggesting a potential for accelerated spending in the coming months, including possible year-end spending spikes [3] Future Outlook - The report maintains the view that fiscal policy in 2026 will likely be proactive and expansionary, focusing on "investment in things" and "investment in people," with an expected fiscal expansion similar to 2025 [2] - The anticipated fiscal deficit rate for 2026 is around 4%, with special bonds projected at 5 trillion and special treasury bonds at approximately 2 trillion, leading to an expected total fiscal expenditure of 43 trillion, an increase of 1.13 trillion from 2025 [2]

Revenue Insights - In the first ten months of 2025, total fiscal revenue reached 18.65 trillion, a year-on-year increase of 0.8%[1] - October fiscal revenue was 2.26 trillion, showing a year-on-year growth of 3.16%[1] - Tax revenue in October was 2.07 trillion, with a year-on-year increase of 8.6%[3] Expenditure Trends - Total fiscal expenditure for the first ten months was 22.58 trillion, up 2% year-on-year[1] - October fiscal expenditure was 1.78 trillion, reflecting a significant decline of 9.78% year-on-year[1] - The expenditure progress for October accounted for only 6% of the annual total, below the seasonal average of 6.5%[9] Non-Tax Revenue and Land Sales - Non-tax revenue in October was 191.4 billion, down 33% year-on-year, marking a five-year low[3] - Government fund revenue in October was 375.6 billion, a decrease of 18.4% year-on-year[10] - Land transfer revenue fell to 268 billion, down 27.3% year-on-year, contributing significantly to the decline in government fund revenue[10] Future Outlook - The fiscal policy for 2026 is expected to be proactive and expansionary, with a projected deficit rate of around 4%[2] - Total fiscal expenditure for 2026 is anticipated to reach 43 trillion, an increase of 1.13 trillion compared to 2025[2] - The focus will shift towards "investment in people" alongside traditional infrastructure investments[4]

Revenue and Expenditure Trends - General fiscal expenditure from January to October decreased year-on-year to 5.2%, with a significant drop in October to -18.8%[3] - Total public budget revenue reached 18.6 trillion yuan, growing by 0.8% year-on-year, while expenditure was 22.6 trillion yuan, up by 2.0%[7] Tax Revenue Insights - Tax revenue in October showed a positive year-on-year growth for the seventh consecutive month, at 8.6%, while non-tax revenue plummeted by -32.8% due to high base effects[10] - Major tax categories such as VAT, consumption tax, corporate income tax, and personal income tax contributed positively, with growth rates of 7.2%, 4.4%, 7.3%, and 27.3% respectively[10] Expenditure Analysis - Infrastructure spending saw a notable reduction, with declines in traditional sectors like energy conservation and transportation ranging from 10% to 30%[10] - Social security and technology expenditures turned negative in October, with year-on-year changes of -0.1% and -0.9% respectively[10] Land Sales and Debt Issuance - Revenue from land sales continued to decline, with a year-on-year drop of -27.5% in October, reflecting a broader trend in land transaction values[10] - Approximately 4.5 trillion yuan of general and ordinary government bonds were issued from January to October, with an expected 0.6 trillion yuan yet to be spent[10] Budget Execution and Risks - General fiscal revenue is on par with the initial budget at 0.2%, but expenditure is lagging behind the budget target of 9.3%[10] - Risks include slower-than-expected recovery in the real estate sector and potential discrepancies between budget execution and final accounts[9]

Core Insights - The Ministry of Finance reported that from January to October 2025, the national general public budget revenue reached 18.649 trillion yuan, a year-on-year increase of 0.8%, with tax revenue growing by 1.7% and non-tax revenue declining by 3.1% [1] - The general public budget expenditure for the same period was 22.5825 trillion yuan, reflecting a year-on-year growth of 2%, with central government expenditure increasing by 6.3% and local government expenditure rising by 1.2% [1] - The data indicates a trend of accelerating revenue growth while expenditure growth is slowing, with the revenue growth rate reaching a new high for the year [1] Revenue Analysis - In October, the national general public budget revenue grew by 3.2% year-on-year, supported significantly by tax revenue, while non-tax revenue saw an expanded decline [2] - Tax revenue in October increased by 8.6%, marking the second-highest level of the year, while non-tax revenue fell by 33.0%, indicating a slowdown in the activation of state-owned assets and a reduction in enterprise-related fees [2] - Major tax categories showed growth, with domestic VAT at 58.858 billion yuan (up 4%), domestic consumption tax at 14.39 billion yuan (up 2.4%), corporate income tax at 39.182 billion yuan (up 1.9%), and personal income tax at 13.363 billion yuan (up 11.5%) [2] Expenditure Analysis - Key expenditure categories included education spending at 34.117 billion yuan (up 4.7%), social security and employment at 37.742 billion yuan (up 9.3%), and health spending at 16.877 billion yuan (up 2.4%) [3] - A notable decline was observed in urban and rural community spending (down 7.3%) and agricultural, forestry, and water spending (down 11.7%) [3] - The slowdown in expenditure growth was attributed to previous rapid spending and a high base from the previous year, with October's expenditure showing a year-on-year decline of 9.8% [3] Government Fund Revenue - Government fund revenue showed a significant decline, with a cumulative growth rate of -2.8% from January to October, indicating a worsening trend compared to the previous -0.5% [4] - The drop in land revenue was linked to a cooling land market, with land transfer income in October at 268 billion yuan, down from 303.9 billion yuan, and a cumulative growth rate of -7.4% [5] Special Debt Issuance - The issuance of new local government special bonds has slowed, with 3.66 trillion yuan issued from January to September, representing an 83.2% progress rate, lower than the previous year's 6.4% [6] - As of November 16, the total issuance of new special bonds reached 4.15 trillion yuan, with a completion rate of 94.3%, indicating a need for acceleration in the remaining months of the year [6]

Core Insights - The central government budget revenue decreased by 0.8% year-on-year, amounting to 8.18 trillion yuan [1] - Local government budget revenue increased by 2.1% year-on-year, reaching 10.46 trillion yuan [1] Summary by Category General Public Budget Revenue - Total general public budget revenue for the first ten months of the year was 18.64 trillion yuan, reflecting a year-on-year growth of 0.8% [1] Tax Revenue - National tax revenue reached 15.33 trillion yuan, showing a year-on-year increase of 1.7% [1] Non-Tax Revenue - Non-tax revenue totaled 3.31 trillion yuan, which represents a year-on-year decline of 3.1% [1]