Core Insights - The Ministry of Finance reported the fiscal revenue and expenditure situation for January to October 2025, indicating a slight increase in overall public budget revenue and a modest growth in expenditure [1] General Public Budget Revenue - Total public budget revenue reached 18.649 trillion yuan, a year-on-year increase of 0.8% [1] - Tax revenue accounted for 15.336 trillion yuan, growing by 1.7% year-on-year, while non-tax revenue was 3.3126 trillion yuan, declining by 3.1% [1] - Central government revenue was 8.1856 trillion yuan, down 0.8%, while local government revenue was 10.4634 trillion yuan, up 2.1% [1] Major Tax Revenue Items - Domestic VAT generated 5.8858 trillion yuan, increasing by 4% [2] - Domestic consumption tax totaled 1.4390 trillion yuan, up 2.4% [3] - Corporate income tax reached 3.9182 trillion yuan, growing by 1.9% [4] - Personal income tax saw significant growth at 1.3363 trillion yuan, up 11.5% [5] - Import VAT and consumption tax amounted to 1.5007 trillion yuan, down 4.9%, while customs duties were 195.4 billion yuan, down 3.3% [6] - Export tax rebates were 1.8121 trillion yuan, increasing by 6.9% [7] - Stamp duty revenue was 378.1 billion yuan, with securities transaction stamp duty rising by 88.1% to 162.9 billion yuan [10] General Public Budget Expenditure - Total public budget expenditure was 22.5825 trillion yuan, a year-on-year increase of 2% [19] - Central government expenditure was 3.4727 trillion yuan, up 6.3%, while local government expenditure was 19.1098 trillion yuan, increasing by 1.2% [19] Major Expenditure Items - Education expenditure reached 3.4117 trillion yuan, growing by 4.7% [20] - Social security and employment expenditure was 3.7742 trillion yuan, up 9.3% [24] - Expenditure on agriculture, forestry, and water resources was 1.7627 trillion yuan, down 11.7% [26] - Urban and rural community expenditure decreased by 7.3% to 1.5253 trillion yuan [25] Government Fund Budget Revenue - Government fund budget revenue totaled 3.4473 trillion yuan, a decline of 2.8% [22] - Local government fund budget revenue was 3.0855 trillion yuan, down 3.3%, with land use rights transfer income at 2.4982 trillion yuan, decreasing by 7.4% [22] Government Fund Budget Expenditure - Total government fund budget expenditure was 8.0892 trillion yuan, increasing by 15.4% [23] - Local government fund budget expenditure was 7.2328 trillion yuan, up 7.3%, with related expenditures for land use rights transfer income at 3.3752 trillion yuan, down 6.5% [23]

人民财讯11月17日电，财政部发布2025年1—10月财政收支情况，1—10月，全国一般公共预算支出 225825亿元，同比增长2%。分中央和地方看，中央一般公共预算本级支出34727亿元，同比增长6.3%； 地方一般公共预算支出191098亿元，同比增长1.2%。 ...

人民财讯11月17日电，财政部发布2025年1—10月财政收支情况，1—10月，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%。 ...

Fiscal Overview - In September 2025, the overall fiscal revenue and expenditure were in a tight balance, with expenditure growing at a relatively fast pace, providing support to the fundamentals [2] - The general public budget revenue in September increased by 2.6% year-on-year, primarily driven by accelerated tax revenue growth [2][4] - The general public budget expenditure in September grew by 3.1% year-on-year, indicating a significant increase compared to the previous month's growth of 0.8% [2][4] Government Fund Budget - The government fund budget showed a recovery in September, with revenue increasing by 5.6% year-on-year, contrasting with a previous decline of 5.7% [2][8] - The expenditure growth rate for the government fund budget slowed to 0.4% in September, down from 19.8% in the previous month [2][9] Tax Revenue Insights - Tax revenue for September reached 15,678 billion yuan, with a year-on-year growth of 2.6%, continuing the recovery trend [4] - The tax revenue for the first nine months of 2025 grew by 0.7%, a significant increase from the previous value of 0.02% [5] - Personal income tax saw a notable increase of 9.7%, attributed to enhanced tax collection measures since 2025 [5] Expenditure Trends - National public budget expenditure in September was 28,740 billion yuan, reflecting a year-on-year increase of 3.1% [7] - The expenditure completion rate for the first nine months reached 70.1%, with social security and employment, health, and education sectors showing faster spending progress [7] Regional and Sectoral Performance - Among 31 provinces, 27 reported positive growth in tax revenue, with only a few regions affected by declining prices of major commodities [5] - Key strategic areas such as social security, technology, and education received substantial funding, with growth rates of 10%, 6.5%, and 5.4% respectively [5] Policy Implications - The acceleration of new policy financial tools and the allocation of 500 billion yuan from the central government to local governments are expected to support economic recovery [3] - The focus on effective investment and project construction in major economic provinces is anticipated to enhance overall economic performance [3]

Core Insights - Beijing's fiscal revenue for the first three quarters of 2023 reached 503.99 billion yuan, marking a 3.6% increase, with corporate income tax maintaining a double-digit growth rate [1][2] - Total public budget expenditure amounted to 634.01 billion yuan, reflecting a 1.3% growth, with over 50% allocated to social welfare sectors [1][3] Revenue Summary - The city's general public budget revenue completed 503.99 billion yuan, achieving 76% of the annual budget [1] - Local tax revenue reached 432.74 billion yuan, growing by 5.5%, with tax revenue accounting for 85.9% of total revenue, maintaining the highest quality nationwide [1][2] - Major tax categories contributed 348.23 billion yuan, up 8.0%, representing 69.1% of total revenue [2] - Value-added tax generated 153.68 billion yuan, increasing by 4.4% [2] - Corporate income tax totaled 133.27 billion yuan, with a growth of 12.5% [2] - Personal income tax reached 61.28 billion yuan, growing by 8.0% [2] Expenditure Summary - Total public budget expenditure was 634.01 billion yuan, achieving 75% of the annual budget [2] - Key expenditure areas included: - Technology spending of 45.49 billion yuan, up 8.0%, focusing on international innovation center development [3] - Education expenditure of 94.04 billion yuan, increasing by 3.3%, aimed at promoting balanced educational development [3] - Health expenditure of 53.6 billion yuan, growing by 5.3%, to support public medical institutions and healthcare initiatives [3] - Social security and employment spending of 101.5 billion yuan, up 4.8%, to enhance the social security system [3] - Community spending of 74.29 billion yuan, increasing by 0.9%, supporting urban infrastructure projects [3]

Summary of Key Points 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View of the Report The fiscal revenue growth rate continues to improve, with an enhanced contribution from tax revenues. The overall fiscal expenditure progress is slow, but the decline in infrastructure - related expenditures has narrowed. Government - funded funds show a divergence between revenue and expenditure, with revenue lagging behind expenditure. In the fourth quarter, the implementation of incremental fiscal funds will help the economy operate smoothly, and more incremental policies are still expected [3][4][5]. 3. Summary by Relevant Catalogs 3.1 Fiscal Revenue Growth Rate Continues to Improve, Tax Revenue Contribution Increases - The growth rate of general public budget revenue from January to September reached 0.5%, 0.2 percentage points higher than the previous value, and improved for three consecutive months. The central government's monthly revenue growth rate improved significantly, and the decline in cumulative growth rate narrowed to - 1.2%, while local fiscal revenue maintained positive growth at a cumulative rate of 1.8%. The fiscal revenue growth rate was slightly higher than the annual budget target by 0.1%, but the completion progress was 74.5%, lower than the historical average [11]. - Tax revenue growth significantly supported the improvement of fiscal revenue, while non - tax revenue growth declined sharply, turning into a negative drag on revenue growth. From January to September, the cumulative year - on - year growth rate of tax revenue was 0.7%, reaching the highest value of the year. Non - tax revenue had negative single - month growth for five consecutive months, and the cumulative growth rate turned slightly negative at - 0.4% [17]. - In terms of tax revenue structure, VAT, corporate income tax, domestic consumption tax, individual income tax, and stamp duty all showed positive growth, while land and real - estate - related tax revenue decline was narrowing [18]. 3.2 Overall Expenditure Progress is Slow, Decline in Infrastructure - Related Expenditure Narrows - From January to September, the year - on - year growth rate of fiscal expenditure was 3.1%, the same as the previous value and lower than the annual budget target of 4.4%. The central government's expenditure growth rate dropped to a new low of 7.3% for the year, while the local government's expenditure growth rate was 2.4%, 0.1 percentage points higher than the previous value. The general public budget expenditure completion progress from January to September was 70.1%, the lowest in the past five years [20]. - In terms of expenditure structure, people's livelihood - related expenditures remained the focus, and infrastructure - related expenditures improved. Social security and employment expenditures maintained a growth rate of 10%, and infrastructure - related expenditures such as energy conservation and environmental protection and transportation had a growth rate close to 20% for two consecutive months [21]. 3.3 Government - Funded Funds' Revenue and Expenditure Diverge, Revenue Lags Behind Expenditure - From January to September, the government - funded funds' revenue decreased by 0.5% year - on - year, lower than the annual budget growth target of 0.7%. The decline in land transfer fees was the main reason for the negative growth. The government - funded funds' expenditure increased by 23.9% year - on - year, higher than the annual budget target of 23.1%. The revenue completion progress was 49.1%, and the expenditure completion progress was 60% [25]. - The issuance of local government special bonds accelerated, with the completion progress of new special bonds in September reaching about 83.6%, still slow in a five - year perspective [25]. 3.4 Incremental Funds are Implemented to Fill Gaps and Expand Investment In September, the National Development and Reform Commission established a new policy - based financial instrument worth 500 billion yuan, and the Agricultural Development Bank of China has disbursed nearly 100 billion yuan. On October 17, the Ministry of Finance issued another 500 billion yuan in carry - over quotas. The implementation of incremental funds will help expand investment and support the stable operation of the economy in the fourth quarter. More incremental policies are still expected [5][30].

Group 1 - The core viewpoint of the article highlights the fiscal performance in the first three quarters of 2025, showing a significant increase in public budget expenditures and a slight increase in revenues, indicating a stable economic environment [1] - National general public budget expenditure reached 20,806.4 billion yuan, a year-on-year increase of 3.1%, with central budget expenditure at 3,100.8 billion yuan, up 7.3%, and local budget expenditure at 17,705.6 billion yuan, up 2.4% [1] - Key areas of expenditure such as science and technology, social security, education, health, environmental protection, and culture all saw their highest growth rates in three years, with science and technology spending at 710.5 billion yuan, growing by 6.5% [1] Group 2 - The Ministry of Finance has focused on disaster relief by establishing a rapid allocation mechanism for disaster relief funds, ensuring efficient fund distribution [2] - In 2025, nearly 35 billion yuan has been allocated for central disaster relief, with 10.5 billion yuan already disbursed to support disaster recovery efforts [2] - The efficiency of emergency rescue operations has improved, with capabilities to ensure rescue forces arrive within two hours and essential supplies within twelve hours [2]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the fiscal performance of China, particularly in September, highlighting improvements in both fiscal revenue and expenditure compared to previous months. Core Insights and Arguments 1. **Fiscal Revenue and Expenditure Growth**: - Fiscal revenue growth increased to **2.6% year-on-year (yoy)** in September from **2.0% yoy** in August, while fiscal expenditure growth rose to **3.1% yoy** from **0.8% yoy** [1][2][6] - The growth in tax revenue was a significant contributor, offsetting a deeper contraction in non-tax revenue [3][6] 2. **Property-Related Revenue**: - Property-related government revenue showed some improvement, with land sales revenue contracting by **0.9% yoy** in September compared to **-5.4% yoy** in August, and property-related tax revenue contracting by **3.4% yoy** from **-11.6% yoy** [2][7] - Overall, government revenue from the property sector declined by **1.6% yoy** in September, an improvement from **-7.0% yoy** in August [7] 3. **Augmented Fiscal Deficit (AFD)**: - The AFD ratio was reported at **-12.6% of GDP** on a 3-month moving average basis, slightly widening from **-12.4%** in August [3][8] - The fiscal "spend-through" ratio increased to **98.8%** in September from **97.3%** in August, indicating an acceleration in fund deployment by the government [8][9] 4. **Future Expectations**: - Despite improvements, structural challenges remain, including a soft labor market and a prolonged property downturn, necessitating targeted easing measures [9] - The majority of growth impulses from recent easing measures are expected to materialize in late 2025 or early 2026 [9] Additional Important Information - The report indicates that the year-to-date government revenue from land sales has fallen by **4.2% yoy**, with a forecast for a **5-10% contraction** for the year due to less favorable base effects in Q4 [7] - The report also notes a significant increase in stamp tax revenue from stock trading, which surged to **342% yoy** in September from **226% yoy** in August, although it only accounted for less than **1%** of total fiscal revenue [6] This summary encapsulates the key points regarding China's fiscal performance and the implications for future economic conditions, highlighting both improvements and ongoing challenges in the fiscal landscape.

Revenue Insights - In the first nine months of 2025, general fiscal revenue reached 16.39 trillion, a year-on-year increase of 0.5%[1] - In September alone, general fiscal revenue was 1.57 trillion, growing by 2.58% year-on-year, an increase of 0.55 percentage points from August[3] - Tax revenue in September was 1.16 trillion, up 8.7% year-on-year, marking a 5.3 percentage point increase from the previous month[3] Expenditure Trends - Total general fiscal expenditure for the first nine months was 20.81 trillion, reflecting a year-on-year growth of 3.1%[1] - September's general fiscal expenditure was 2.87 trillion, with a year-on-year increase of 3.08%, up 2.26 percentage points from August[3] - Government fund expenditure in September was 1.23 trillion, a slight year-on-year increase of 0.37%, but down 19.4% from the previous month[11] Fiscal Challenges - Non-tax revenue has seen a continuous decline for five months, with September's figure at 409.9 billion, down 11.4% year-on-year[3] - The government fund budget may face a shortfall of approximately 370 billion due to pressure on land transfer income[5] - The Ministry of Finance announced a continuation of 500 billion in local government debt management, with an additional 100 billion compared to 2024[2] Future Outlook - The total deficit for 2026 is expected to be at least as high as this year, with a deficit rate likely to remain around 4%[5] - There are indications of an accelerating economic downturn, necessitating timely policy adjustments to stimulate growth[4] - The focus for the fiscal sector should be on expediting existing policies and increasing tangible work output[4]

Core Insights - The overall fiscal performance in China for the first three quarters of 2025 shows a stable and orderly operation, with total public budget revenue at 16.39 trillion yuan, a year-on-year increase of 0.5%, and total expenditure at 20.81 trillion yuan, a year-on-year increase of 3.1% [1][3] Revenue Analysis - Tax revenue, as the main component of fiscal income, increased by 0.7% year-on-year, with value-added tax (the largest tax type) growing by 3.6%, which is 3.1 percentage points higher than the general public budget revenue growth rate [3] - Corporate income tax, the second largest tax type, saw a year-on-year increase of 0.8%, with the growth rate expanding by 2.7 percentage points compared to the first half of the year, indicating a recovery in industrial enterprise profits [3] Expenditure Analysis - Fiscal expenditure has been proactive in the first three quarters, with significant support for key areas such as livelihood and technology [6] - Notable increases in specific expenditure categories include 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%), all reaching the highest growth rates in the past three years [8] Government Support Measures - The central government has allocated 500 billion yuan from local government debt limits to support local economic and social development [10] - The total scale of government debt has increased by 100 billion yuan compared to the previous year, with expanded scope to support local governments in addressing existing investment project debts and unpaid corporate accounts, as well as funding eligible projects in major economic provinces to enhance effective investment [12]