Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In September, fiscal revenue slightly rebounded while fiscal expenditure continued to decline. The fourth - quarter bond supply pressure is limited [1][8]. - The increase in general budget revenue in September was mainly due to the rise in tax revenue growth and the expansion of the decline in non - tax revenue. Tax revenue such as income tax, VAT, and securities transaction stamp duty had high year - on - year growth rates. Government fund revenue turned slightly positive year - on - year [1][2][11]. - In terms of expenditure, the expenditure of the first - account (general public budget) increased slightly year - on - year, while that of the second - account (government funds) decreased significantly. Traditional infrastructure expenditure continued to contract, and social security expenditure maintained a high growth rate [3][19]. - Cumulatively, the fiscal revenue growth rate is close to the annual budget growth rate, and there is a divergence in the expenditure of the two accounts. The fourth - quarter government bond supply is relatively small even if the 500 billion yuan of remaining quota is issued [4][25][29]. Summary by Related Catalogs Fiscal Revenue - **General Situation of Fiscal Revenue**: In September, the year - on - year growth rate of broad fiscal revenue was 3.2%, up from the previous value of 0.3%. The general public budget revenue in September had a year - on - year growth of 2.6% (previous value: 2.0%), with tax revenue growing by 8.7% (previous value: 3.4%) and non - tax revenue dropping by 11.4% (previous value: - 3.8%) [1][8][11]. - **Tax Revenue**: In September, the year - on - year growth rate of tax revenue was 8.7%. Among the four major taxes, corporate income tax grew by 19.6% year - on - year, individual income tax by 16.7%, VAT by 7.6% (contributing the most to the month's tax revenue growth, up to 3.24%), and securities transaction stamp duty by 342.4%, driven by the high activity of the stock market [2][13][14]. - **Government Fund Revenue**: In September, the year - on - year growth rate of government fund revenue was 5.6% (previous value: - 5.7%), and the cumulative year - on - year growth rate was - 0.5%. There may be a need to boost the year - end government fund revenue [2][17]. Fiscal Expenditure - **General Situation of Fiscal Expenditure**: In September, the year - on - year growth rate of broad fiscal expenditure was 2.3%, down from the previous value of 6.0%. The general public budget expenditure had a year - on - year growth of 3.08% (previous value: 0.82%), and the government fund expenditure had a year - on - year growth of 0.4% (previous value: 19.8%) [1][3][8]. - **Expenditure Structure**: Traditional infrastructure expenditure continued to contract, with an overall year - on - year growth rate of - 1.2% (previous value: - 10.1%), showing significant internal differentiation. Expenditure on science and technology grew by 26.6% year - on - year, and social security expenditure by 8.8% [3][19]. Cumulative Fiscal Situation - **Revenue**: From January to September, the cumulative year - on - year growth rate of general public budget revenue was 0.5%, tax revenue was 0.7%, and non - tax revenue was - 0.4%. The fiscal revenue growth rate reached the initial budget (0.1%), but the improvement of the fiscal revenue structure fell short of expectations. The cumulative year - on - year growth rate of government fund revenue was - 0.5%, lower than the initial budget of 0.7% [4][25]. - **Expenditure**: From January to September, the fiscal expenditure growth rate was 3.1%, lower than the annual budget growth rate of 4.4%. The growth rate of government fund expenditure was 23.9%, slightly higher than the annual budget growth rate of 23.1%. The expenditure rhythm of the first - account was relatively slow, and the second - account had an early - stage expenditure boost, with limited space for further efforts from September to December [4][25]. Fourth - Quarter Government Bond Supply - The peak of government bond supply has passed. According to the annual budget, the remaining government bond supply in the fourth quarter is about 2 trillion yuan. Even if the 500 billion yuan of remaining quota is issued in the fourth quarter, the net financing of government bonds will still be significantly lower than the same period last year [4][29].

Group 1 - The core viewpoint of the articles indicates that China's fiscal revenue and expenditure show signs of stability and gradual improvement in the first three quarters of the year, reflecting a steady economic operation [1][3][4] Group 2 - In the first three quarters, the national fiscal revenue reached 16.39 trillion yuan, with a year-on-year growth of 0.5%, and a notable increase of 2.5% in the third quarter [1] - Fiscal expenditure for the same period amounted to 20.81 trillion yuan, representing a year-on-year increase of 3.1%, with significant support for key areas such as social security, education, and health [3] - The growth rate of fiscal revenue has been recovering quarterly, with a decline of 1.1% in Q1, a turnaround to 0.6% in Q2, and a marked increase in Q3, with July, August, and September showing growth rates of 2.6%, 2%, and 2.6% respectively [4] - The Deputy Director of the Treasury Payment Center emphasized that fiscal policies are becoming more proactive, focusing on stabilizing employment, businesses, and market expectations while ensuring necessary expenditure intensity [6]

Core Viewpoint - The Ministry of Finance reported that fiscal policies have become more proactive in the first three quarters of this year, with steady growth in fiscal revenue and maintained expenditure levels, ensuring funding for basic livelihoods and key areas, resulting in overall stable fiscal operations [1] Fiscal Revenue - In the first three quarters, the national general public budget revenue reached 16.39 trillion yuan, a year-on-year increase of 0.5%. The revenue growth showed a recovery trend, with a decline of 1.1% in Q1, a growth of 0.6% in Q2, and a significant increase of 2.5% in Q3 [2] - Tax revenue, as the main component of fiscal income, grew steadily with a year-on-year increase of 0.7%. The domestic value-added tax, the largest tax type, increased by 3.6%, outperforming the general public budget revenue growth by 3.1 percentage points [2] - Non-tax revenue saw a decline of 0.4%, with state resource usage income increasing by 4%, while penalty income decreased by 7% [2] Local Revenue - Local general public budget revenue grew by 1.8% year-on-year in the first three quarters, with 27 out of 31 regions maintaining positive growth, despite some areas being affected by falling prices of major commodities [3] Fiscal Expenditure - National general public budget expenditure reached 20.81 trillion yuan, a year-on-year increase of 3.1%. Key areas such as social security and employment saw a 10% increase, while education and health expenditures grew by 5.4% and 4.7%, respectively [3] Government Bonds - Government bonds played a crucial role in implementing proactive fiscal policies, with expenditures from various bonds totaling 4.21 trillion yuan in the first three quarters [4] - The Ministry of Finance plans to continue the early allocation of the new local government debt limit for 2026, facilitating project funding needs [4] Disaster Relief Support - The Ministry of Finance has established a rapid allocation mechanism for disaster relief funds, ensuring quick financial support for local governments in response to natural disasters [5][6] - A total of 105 billion yuan has been allocated for disaster relief efforts, with additional support from insurance mechanisms for affected households [6]

Core Insights - The Ministry of Finance reported that in the first three quarters, national fiscal expenditure reached 20.81 trillion yuan, representing a year-on-year increase of 3.1% [1] Group 1: Fiscal Expenditure Overview - National fiscal expenditure for the first three quarters amounted to 20.81 trillion yuan, showing a growth of 3.1% compared to the previous year [1] Group 2: Key Areas of Spending - Expenditure in key livelihood areas grew significantly, with social security and employment spending increasing by 10%, and education spending rising by 5.4%, both marking the highest levels for the same period in the last three years [1]

Core Viewpoint - The Ministry of Finance reported that fiscal policy has become more proactive in the first three quarters of this year, with steady recovery in fiscal revenue and maintained necessary fiscal expenditure, ensuring basic livelihood and key areas are well-funded, leading to overall stable fiscal operations [1] Fiscal Revenue - National general public budget revenue reached 16.39 trillion yuan, a year-on-year increase of 0.5%. The revenue showed a quarterly recovery, with a decline of 1.1% in Q1, a growth of 0.6% in Q2, and a significant increase of 2.5% in Q3 [2] - Tax revenue, as the main component of fiscal income, grew steadily by 0.7% year-on-year. The domestic value-added tax, the largest tax type, increased by 3.6%, outperforming the general public budget revenue growth by 3.1 percentage points [2] - Non-tax revenue saw a decline of 0.4% year-on-year, with state resource usage income increasing by 4%, while penalty income dropped by 7% [2] Local Revenue - Local general public budget revenue increased by 1.8% year-on-year, with 27 out of 31 regions maintaining positive growth, despite some areas affected by falling prices of major commodities [3] Fiscal Expenditure - National general public budget expenditure reached 20.81 trillion yuan, a year-on-year increase of 3.1%. Key areas such as social security and employment saw a 10% increase, while education and health expenditures grew by 5.4% and 4.7%, respectively [3] Government Bonds - Government bonds played a crucial role in implementing a more proactive fiscal policy, with expenditures from various bonds totaling 4.21 trillion yuan in the first three quarters [4] - The Ministry of Finance plans to continue to advance the new local government debt limits for 2026, facilitating project funding needs [4] Disaster Relief Support - The Ministry of Finance has established a rapid fund allocation mechanism for disaster relief, ensuring timely support for local governments in response to natural disasters [5][6] - A total of 105 billion yuan has been allocated for disaster relief efforts, with additional support from insurance mechanisms for agricultural and residential disaster insurance [6]

Core Insights - The Ministry of Finance reported that the national general public budget revenue for the first three quarters reached 16.39 trillion yuan, reflecting a year-on-year growth of 0.5% [1] - The fiscal revenue growth has shown a gradual recovery, indicating a stable and improving economic performance [1] - Total national general public budget expenditure for the same period was 20.81 trillion yuan, with a year-on-year increase of 3.1% [1] Revenue and Expenditure Breakdown - Social security and employment expenditures increased by 10%, while education expenditures rose by 5.4% [1] - Health and wellness expenditures grew by 4.7%, and scientific and technological expenditures increased by 6.5%, demonstrating strong support for key areas [1] - The effects of large-scale equipment renewal policies continue to be released, with tax revenue from the computer and communication equipment manufacturing industry growing by 12% [1] - Tax revenue from the electrical machinery and equipment manufacturing industry increased by 8.3%, and the cultural, sports, and entertainment industry saw a tax revenue growth of 5.5% [1]

Group 1 - In the third quarter of this year, China's fiscal revenue growth significantly increased compared to the previous quarter, with multiple key areas of fiscal expenditure reaching the highest level in nearly three years [1] - For the first three quarters, the national general public budget revenue was 163,876 billion yuan, a year-on-year increase of 0.5%, with a notable growth of 2.5% in the third quarter [1] - Tax revenue, as the main component of fiscal income, increased by 0.7% year-on-year in the first three quarters, with domestic value-added tax growing by 3.6% and corporate income tax increasing by 0.8% [1] Group 2 - The revenue from securities transaction stamp duty reached 1,448 billion yuan in the first three quarters, reflecting a year-on-year increase of approximately 100%, indicating a recovery in market confidence [2] - National general public budget expenditure for the first three quarters was 20.81 trillion yuan, a year-on-year increase of 3.1%, while government fund budget expenditure saw a significant growth of 23.9% [2] - The Ministry of Finance announced two measures to support economic recovery, including an increase of 1,000 billion yuan in the allocation of local government debt limits and the early issuance of new local government debt limits for 2026 [2] Group 3 - In 2024, the central government arranged a local government debt limit of 4,000 billion yuan, with an increase in both the scale and scope of support compared to the previous year [3] - The allocation of the debt limit aims to support local governments in resolving existing investment project debts and addressing overdue payments to enterprises, thereby reinforcing economic recovery [3] - Early issuance of the new debt limits is expected to ensure the progress of key project constructions and stabilize the local government bond market [3]

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]

从数据上看，前三季度，全国一般公共预算支出20.81万亿元，同比增长3.1%。其中，社会保障和就业 支出增长10%，教育支出增长5.4%，卫生健康支出增长4.7%，科学技术支出增长6.5%，节能环保支出 增长8.8%，文化旅游体育与传媒支出增长4%。上述6项支出增幅均为近三年同期最高水平。 在减灾救灾方面，财政部和应急管理、农业、水利、交通等部门密切联动，建立了中央财政救灾资金快 速核拨机制，开辟了资金拨付的"绿色通道"。财政部自然资源和生态环境司司长濮剑鹏介绍，今年以来 已启动16次快速核拨机制。 "2025年安排中央救灾资金近350亿元，切实保障救灾工作需要。截至目前，已据实拨付105亿元，全力 帮助人民群众抗灾救险、恢复生产和生活。"濮剑鹏表示，在各方面共同努力下，我国已基本实现航空 救援力量2小时内到达、抢险救灾物资12小时内到位、受灾人员基本生活10小时内得到有效救助。 【纠错】 【责任编辑:谷玥】 新华社北京10月17日电（记者刘开雄、申铖）记者17日从财政部获悉，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%；第三季 ...

财政支出方面，唐龙生表示，财政支出靠前发力，重点领域支出保障有力。今年以来，财政部门加强资 源统筹，加大支出强度，优化支出结构，民生、科技等国家重大战略领域得到较好保障。前三季度，全 国一般公共预算支出20.81万亿元，同比增长3.1%。其中，社会保障和就业支出增长10%，教育支出增 长5.4%，卫生健康支出增长4.7%，科学技术支出增长6.5%，节能环保支出增长8.8%，文化旅游体育与 传媒支出增长4%。上述6项支出增幅均为近三年同期最高水平。 财政部国库支付中心副主任唐龙生10月17日在财政部召开的2025年前三季度财政收支情况新闻发布会上 介绍，今年以来，各地区各部门认真落实更加积极有为的宏观政策，迎难而上、沉着应对，我国经济运 行顶住压力、稳中有进，展现出强大韧性和活力。财政政策更加积极、接续发力，着力稳就业、稳企 业、稳市场、稳预期，保持必要支出强度，加大对基本民生和重点领域的经费保障，财政运行总体平稳 有序。 唐龙生介绍，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. ...