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 Viewpoint - The article discusses the recovery of China's fiscal revenue in 2023, driven primarily by tax revenue growth, alongside the implementation of proactive fiscal policies to stabilize the economy and support key sectors [3][4]. Fiscal Revenue and Tax Recovery - In the first three quarters of 2023, the broad fiscal revenue reached 194,593 billion yuan, marking a year-on-year growth of approximately 0.4%, the first positive growth this year [3][4]. - The general public budget revenue was 163,876 billion yuan, with tax revenue at 132,664 billion yuan, showing a year-on-year increase of 0.5% and 0.7% respectively [6][4]. - Tax revenue growth turned positive in 2023, with September seeing an 8.7% year-on-year increase, the highest monthly growth this year [6][4]. - The recovery in tax revenue is attributed to improved corporate performance and active capital market transactions, with capital market-related tax revenue increasing by 56.8% year-on-year [6][4]. - Non-tax revenue, however, declined by 0.4% to 31,212 billion yuan, primarily due to a high base from the previous year and stricter regulation on administrative penalties [8][7]. Government Fund Revenue - Government fund revenue, mainly from land sales, decreased by 0.5% to 30,717 billion yuan, with land use rights revenue dropping by 4.2% to 22,302 billion yuan [12][4]. - The decline in land sale revenue is attributed to ongoing policies aimed at stabilizing the real estate market [12][4]. Fiscal Expenditure Trends - Fiscal expenditure in the first three quarters reached 208,064 billion yuan, a year-on-year increase of 3.1%, with significant allocations to social security, education, and healthcare [15][4]. - The government has accelerated the issuance of special bonds to support major projects, with net financing from government bonds reaching 1.146 trillion yuan, an increase of 428 billion yuan year-on-year [13][4]. - Government fund expenditure grew significantly by 23.9% to 74,924 billion yuan, reflecting a strong focus on public welfare and infrastructure [16][4]. Economic Stabilization Measures - The government has introduced new policy financial tools worth 500 billion yuan to enhance project capital and stimulate investment, with over 3.3 trillion yuan in total project investment expected [19][4]. - Recent fiscal policies aim to support local governments in managing existing debts and facilitating economic recovery, particularly in major economic provinces [19][4].

Core Viewpoint - China's economy has shown stable performance in 2023, leading to a recovery in fiscal revenue, supported by proactive fiscal policies aimed at stabilizing employment, businesses, and market expectations [1][11]. Fiscal Revenue and Taxation - In the first three quarters of 2023, the broad fiscal revenue reached 19.46 trillion yuan, a year-on-year increase of approximately 0.4%, marking the first positive growth in fiscal revenue this year [1]. - The general public budget revenue was 16.39 trillion yuan, with tax revenue at 13.27 trillion yuan, reflecting a year-on-year growth of 0.5% and 0.7% respectively [2]. - Tax revenue growth turned positive in recent months, with September showing an 8.7% year-on-year increase, the highest for the year, driven by improved corporate performance and active capital market transactions [2][3]. Non-Tax Revenue - Non-tax revenue in the general public budget decreased by 0.4% year-on-year to 312.12 billion yuan, significantly lower than the previous year's growth of 13.5% [4]. - The decline in non-tax revenue is attributed to a high base from previous years and stricter regulations on administrative penalties [4][7]. Government Bonds and Fiscal Expenditure - The net financing of government bonds reached 1.146 trillion yuan in the first three quarters, an increase of 428 billion yuan year-on-year [10]. - Fiscal expenditure for the same period was 20.81 trillion yuan, a year-on-year increase of 3.1%, with significant allocations towards social security, education, and healthcare [11]. - The government has accelerated the issuance of special bonds to support major projects, with a total expenditure of 4.21 trillion yuan from various bond types [14][15]. Real Estate and Land Revenue - The revenue from government funds, primarily from land sales, decreased by 0.5% year-on-year to 30.72 billion yuan, with land use rights revenue dropping by 4.2% [7][8]. - Policies aimed at stabilizing the real estate market have led to a narrowing decline in land sale revenues and related taxes [8]. Investment and Economic Stability - The introduction of new policy financial tools worth 500 billion yuan aims to enhance project capital and stimulate total investment by approximately 4.8 trillion yuan [15]. - The fiscal policies are designed to support local governments in managing existing debts and facilitating economic recovery [15].

Core Insights - In September, national tax revenue increased by 8.7% year-on-year, marking the highest growth rate of the year [1] - The overall fiscal revenue in the first three quarters reached 19.46 trillion yuan, with a year-on-year growth of approximately 0.4%, indicating a recovery in fiscal income [2][3] - The growth in tax revenue is primarily driven by improved corporate performance and active capital market transactions [3] Fiscal Revenue and Expenditure - The general public budget revenue for the first three quarters was 16.39 trillion yuan, with a year-on-year increase of 0.5%, while tax revenue reached 13.27 trillion yuan, growing by 0.7% [3] - Fiscal expenditure for the same period was 28.30 trillion yuan, up 7.9%, exceeding the economic growth rate of 5.2% [2] - Expenditure on social security and employment, education, and health care grew by 10%, 5.4%, and 4.7% respectively, reflecting a focus on social welfare [12] Tax Revenue Trends - Tax revenue growth has turned positive after being negative earlier in the year, with September's growth significantly higher than August's by 5.3 percentage points [3] - The capital market's performance has positively influenced tax revenue, with securities transaction stamp duty increasing by 110.5% year-on-year [3] - The decline in the Producer Price Index (PPI) has also contributed to the recent tax revenue growth [4] Non-Tax Revenue - Non-tax revenue in the general public budget decreased by 0.4% year-on-year, contrasting with a 13.5% increase in the previous year [5] - The decline in non-tax revenue is attributed to a high base from previous years and stricter regulation on administrative penalties [5][9] Government Fund Revenue - Government fund revenue, primarily from land sales, was 30.72 trillion yuan, down 0.5% year-on-year, with land use rights revenue decreasing by 4.2% [10] - The decline in land sales revenue is expected to narrow due to policies aimed at stabilizing the real estate market [10] Debt Financing and Investment - Net financing from government bonds reached 1.146 trillion yuan, an increase of 428 billion yuan year-on-year [11] - The government has accelerated the issuance of special bonds to support major projects, with a total expenditure of 4.21 trillion yuan from various bond types [15] - New policy financial tools worth 500 billion yuan have been introduced to enhance project capital, expected to drive total project investment by 4.8 trillion yuan [16]

Core Insights - Beijing's general public budget revenue for the first nine months reached 503.99 billion yuan, a year-on-year increase of 3.6%, achieving 76% of the annual budget target [1] - Local tax revenue amounted to 432.74 billion yuan, with a year-on-year growth of 5.5%, maintaining a high revenue quality [1] - The three main tax categories generated a total of 348.23 billion yuan, reflecting an 8% increase year-on-year, accounting for 69.1% of total revenue [1] Revenue Breakdown - Value-added tax generated 153.68 billion yuan, up 4.4% year-on-year, with growth driven by an active capital market and increased investment returns from financial enterprises [1] - Corporate income tax reached 133.27 billion yuan, a 12.5% increase, supported by improved operating efficiency and profit growth in the information and technology service sectors [1] - Personal income tax totaled 61.28 billion yuan, growing by 8%, influenced by one-time equity transfers and increased personal equity incentives from key enterprises [1] Expenditure Overview - General public budget expenditure for the first nine months was 634.01 billion yuan, a 1.3% increase, completing 75% of the annual budget [2] - Technology expenditure was 45.49 billion yuan, up 8%, focusing on the construction of an international innovation center and supporting high-quality development of key research institutions [2] - Education expenditure reached 94.04 billion yuan, increasing by 3.3%, aimed at promoting balanced education development and supporting various educational initiatives [2] - Health expenditure was 53.60 billion yuan, a 5.3% increase, aimed at enhancing public healthcare stability and supporting new medical institution constructions [2] - Social security and employment expenditure totaled 101.50 billion yuan, growing by 4.8%, focusing on improving the multi-level social security system and promoting quality employment [2] - Urban and rural community expenditure was 74.29 billion yuan, a 0.9% increase, aimed at supporting infrastructure projects and community governance [2]

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].

Revenue Insights - In September, general public budget revenue increased by 2.6% year-on-year, up from 2.0% in August[7] - Tax revenue saw a significant rise of 8.7% in September compared to 3.4% in August, while non-tax revenue dropped to -11.4% from -3.8%[7][9] Expenditure Trends - General public budget expenditure grew by 3.1% in September, improving from 0.8% in August[12] - Infrastructure-related expenditure showed a rebound, with energy-saving and environmental protection spending growing by 22.6% year-on-year, although down from 29.8% in August[13] Government Fund Dynamics - Government fund revenue increased by 5.6% in September, recovering from -5.7% in August, while local government fund revenue rose by 5.9% from -0.2%[18] - Government fund expenditure in September was up by 0.4%, a decrease from 19.8% in August, indicating a slower growth rate due to last year's high base[18] Fiscal Policy Outlook - The fiscal spending pace is expected to accelerate in Q4, with a focus on infrastructure projects and easing spending bottlenecks[22] - As of mid-October, new policy financial tools have been deployed exceeding 100 billion yuan, indicating a proactive fiscal stance[22]

Core Insights - China's fiscal revenue for the first three quarters of the year reached 163,876 billion yuan, showing a year-on-year growth of 0.5%, with tax revenue contributing 132,664 billion yuan and a growth of 0.7% [1][2] Group 1: Fiscal Revenue Trends - The growth rate of fiscal revenue has been increasing quarterly, with a decline of 1.1% in Q1, a recovery to 0.6% in Q2, and a notable increase of 2.5% in Q3 [1] - In Q3, tax revenue showed steady growth, with domestic value-added tax increasing by 3.6% and corporate income tax rising by 0.8%, indicating a recovery in industrial profits [1] Group 2: Non-Tax Revenue and Expenditure - Non-tax revenue for the first three quarters was 31,212 billion yuan, reflecting a decline of 0.4%, with a significant drop in penalty income by 7% [2] - Total public budget expenditure reached 208,064 billion yuan, marking a year-on-year increase of 3.1%, with the highest growth rates in social security, education, and health sectors in three years [2] Group 3: Government Fund Budget - The decline in government fund budget revenue narrowed by 1.9 percentage points compared to the first half of the year, while expenditure grew by 23.9%, driven by accelerated use of bond funds [2] - A total of 42,100 billion yuan was spent from various government bonds, enhancing economic momentum and supporting ongoing economic recovery [2]

National General Public Budget Revenue - In the first three quarters, the national general public budget revenue reached 163,876 billion yuan, a year-on-year increase of 0.5% [2] - Tax revenue accounted for 132,664 billion yuan, with a year-on-year growth of 0.7%, while non-tax revenue was 31,212 billion yuan, showing a decline of 0.4% [2] - Central government revenue was 70,837 billion yuan, down 1.2%, while local government revenue was 93,039 billion yuan, up 1.8% [2] Major Tax Revenue Items - Domestic value-added tax generated 52,271 billion yuan, increasing by 3.6% [3] - Domestic consumption tax amounted to 12,934 billion yuan, with a growth of 2.2% [4] - Corporate income tax reached 32,527 billion yuan, up 0.8% [5] - Personal income tax was 11,799 billion yuan, showing a significant increase of 9.7% [6] - Import VAT and consumption tax totaled 13,465 billion yuan, down 5.7%, while customs duties were 1,750 billion yuan, down 4.6% [7] - Export tax rebates were 17,018 billion yuan, increasing by 8.6% [8] - Stamp duty revenue was 3,142 billion yuan, with a notable increase of 34.5%, including a 103.4% rise in securities transaction stamp duty [11] National General Public Budget Expenditure - Total expenditure for the first three quarters was 208,064 billion yuan, a year-on-year increase of 3.1% [20] - Central government expenditure was 31,008 billion yuan, up 7.3%, while local government expenditure was 177,056 billion yuan, increasing by 2.4% [20] Major Expenditure Items - Education expenditure reached 31,599 billion yuan, growing by 5.4% [21] - Social security and employment expenditure was 34,928 billion yuan, with a significant increase of 10% [24] - Expenditure on environmental protection was 3,928 billion yuan, up 8.8% [24] - Expenditure on urban and rural community services decreased by 5.8% to 14,218 billion yuan [24] - Expenditure on agriculture, forestry, and water resources was 16,082 billion yuan, down 9% [24] Government Fund Budget Revenue - Government fund budget revenue for the first three quarters was 30,717 billion yuan, a decline of 0.5% [23] - Central government fund budget revenue was 3,276 billion yuan, up 0.7%, while local government fund budget revenue was 27,441 billion yuan, down 0.6% [23] - Revenue from the transfer of state-owned land use rights was 22,302 billion yuan, down 4.2% [23] Government Fund Budget Expenditure - Total government fund budget expenditure was 74,924 billion yuan, a significant increase of 23.9% [24] - Central government fund budget expenditure was 8,090 billion yuan, showing a dramatic increase of 2.6 times [24] - Local government fund budget expenditure was 66,834 billion yuan, up 14.9% [24]

Core Insights - The national general public budget revenue for the first three quarters reached 163,876 billion yuan, reflecting a year-on-year growth of 0.5%, indicating a positive trend in China's economy [1] - Tax revenue, a key component of the budget, amounted to 132,664 billion yuan, with a growth rate of 0.7%, showcasing resilience despite challenges in the economic environment [1] Revenue Breakdown - The domestic value-added tax, the largest tax type, grew by 3.6% year-on-year, outperforming the overall budget revenue growth by 3.1 percentage points [2] - Corporate income tax increased by 0.8%, with a notable acceleration of 2.7 percentage points compared to the first half of the year, reflecting improved market vitality and industrial profits [2] - Non-tax revenue totaled 31,212 billion yuan, showing a decline of 0.4%, with specific items like state-owned resource usage income increasing by 4% while penalty income dropped by 7% [2] Regional Performance - Local public budget revenue grew by 1.8% year-on-year, with 27 out of 31 regions experiencing positive growth, indicating overall stability in local finances [3] Government Fund Revenue - Government fund revenue, primarily from land sales, reached 30,717 billion yuan, down by 0.5%, with land use rights income declining by 4.2% [4] - The government is accelerating funding through bond issuance, with net financing of government bonds amounting to 11.46 trillion yuan, an increase of 4.28 trillion yuan year-on-year [4] Expenditure Insights - General public budget expenditure for the first three quarters was 20.81 trillion yuan, reflecting a year-on-year increase of 3.1%, with significant growth in social security, education, and environmental protection spending [5] - Government fund expenditure rose by 23.9% to 7.49 trillion yuan, driven by the effective use of bond funds [5][6]