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），增强经济发展动能，推动经济持续回升向好。 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，财政部将继续提前下达2026年新增 地方政府债务限额，支持重点项目2026年一季度建设资金需求，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，巩固拓展经济回升向好势头。结合当前财政经济运行情况，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，有力支持地方完成今年经济社会发展目标任务。 （文章来源：央视新闻） 财政部今天发布的数据显示，前三季度，全国财政收入16.39万亿元，同比增长0.5%，其中，第三季度 同比增长2.5%，增幅明显提高，反映出当前经济运行总体平稳、稳中有升的态势。 前三季度，全国财政支出20.81万亿元，同比增长3.1%。 财政支出靠前发力，重点领域支出保障有力，民生、科技等国家重大战略领域得到较好保障。社会保障 和就业、教育、卫生健康、科学技术、节能环保、文化旅游体育与传媒等6项支出增幅均为近三年同期 最高水平。 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The economic repair momentum is weakening, and incremental policies are urgently needed. The latest economic data shows that the economic growth momentum continues to slow down, with fixed - asset investment, manufacturing, and infrastructure investment declining, and real - estate investment still having double - digit declines. Consumption repair is unstable, and deflation pressure persists. The economic fundamentals are still weak, and incremental policies need to be quickly implemented to address multiple constraints such as investment, consumption, and debt resolution risks [6][34]. 3. Summary by Directory 3.1 Fiscal Revenue Growth Improves Continuously, Tax Revenue Increases Slightly - General public budget revenue growth rate continues to rise, with local fiscal revenue being the main contributor and the drag from central fiscal revenue weakening. From January to August, the year - on - year growth rate of general public budget revenue reached 0.3%, 0.2 percentage points higher than the previous value, exceeding the annual budget target by 0.1%. The central fiscal revenue has been improving, with the decline narrowing for 6 consecutive months, while local fiscal revenue has maintained positive growth. However, the revenue completion progress is slow [12]. - Tax revenue turns to a slight increase, and non - tax revenue continues to shrink. From January to August, the cumulative growth rate of tax revenue turned positive to 0.02%, rising for 6 consecutive months. Securities trading stamp duty contributes significantly, while consumption tax, real - estate tax, and foreign - trade tax are still drags. The growth rate of non - tax revenue dropped to 1.5%, declining for 6 consecutive months [17]. 3.2 Fiscal Expenditure Growth Declines, Infrastructure Expenditure Growth Declines Significantly - Fiscal expenditure growth has declined across the board, with both central and local expenditures hitting new lows this year. From January to August, the year - on - year growth rate of general public budget expenditure was 3.1%, with the increase narrowing by 0.3 percentage points. The expenditure rhythm is the lowest in the same period in the past five years. The growth rate of central expenditure is still relatively high but has declined by 0.8 percentage points from the previous month, while local expenditure growth has declined for 4 consecutive months, mainly affected by factors such as the decline in land transfer income [22]. - In terms of expenditure structure, people's livelihood expenditure has slowed down from a high level, and infrastructure expenditure has shrunk significantly. The growth rate of social security and employment expenditure has slightly increased, while the growth rates of education and health - care expenditure have slightly decreased. The growth rate declines of infrastructure - related expenditures such as agriculture, forestry, and water affairs and urban - rural community affairs have expanded [26]. 3.3 Government - Fund Revenue and Expenditure Growth Slows, Special Bond Issuance Speeds Up but Remains Slow - Government - fund revenue and expenditure growth is weak. The revenue side is under continuous pressure, with the year - on - year growth rate of government - fund revenue from January to August being - 1.4%, and the decline expanding. The expenditure side growth rate has marginally declined. The revenue growth rate is significantly lower than the expenditure growth rate, and the "mismatch" between revenue and expenditure progress highlights the debt - resolution pressure [28]. - Local government special bond issuance has accelerated but remains slow. From January to August, the completion progress of new special bonds was about 74.2%, an increase of about 11 percentage points from the previous value, but still 15 percentage points lower than the average in the same period from 2022 - 2024. The slow issuance is mainly restricted by debt resolution and tightened access to projects [28]. 3.4 Incremental Policies Are Approaching The economic repair momentum is weakening, and incremental policies are urgently needed to be stepped up. The economic growth momentum continues to slow down, consumption repair is unstable, and the economic fundamentals are still weak. Incremental policies need to be quickly implemented to address multiple constraints [6][34].

Revenue and Expenditure Trends - From January to August 2025, the national general public budget revenue was 148,198 billion yuan, a year-on-year increase of 0.3%[1] - National general public budget expenditure reached 179,324 billion yuan, with a year-on-year growth of 3.1%[1] - In August 2025, general fiscal revenue grew by 0.3% year-on-year, a decline of 3.3 percentage points compared to July[5] - General fiscal expenditure in August 2025 increased by 6% year-on-year, down 6.1 percentage points from July[5] Budget Completion Rates - The budget completion rate for general fiscal revenue in the first eight months was 61.9%, slightly below the five-year average of 62.7%[5] - General fiscal expenditure budget completion was 57.3%, also below the five-year average of 58.8%[5] Government Debt and Fiscal Support - As of the end of August, net financing of government bonds and new special bonds totaled 8.5 trillion yuan, with an issuance progress of 72%[2] - The large-scale support phase of government debt financing for general fiscal expenditure is nearing its end, indicating a potential decline in fiscal support for the economy[2] - The issuance of new government debt is approaching its limit, which may hinder the maintenance of high growth rates in general fiscal expenditure going forward[11] Fund Revenue and Expenditure - Government fund revenue fell significantly, with a year-on-year decrease of 5.7% in August 2025, contributing to the decline in general fiscal revenue growth[3] - The budget completion rate for government fund revenue in August was 5.3%, lower than the five-year average of 7.1%[18] Economic Growth Implications - The decline in government fund revenue and the nearing end of debt support may put pressure on future economic growth[11] - Retail growth related to "old-for-new" programs has slowed since June, impacting equipment purchase investment growth as well[11]

Group 1 - The Thai Ministry of Finance reported that the government's net fiscal revenue for the first ten months of fiscal year 2025 (October 2024 to July 2025) reached 2.25 trillion Thai Baht, representing a year-on-year increase of 1.8%, but still falling short of the original target by approximately 40 billion Thai Baht [1] - The primary reason for the revenue shortfall is a decline in key tax revenues, particularly the automobile tax, which has been impacted by electric vehicle (EV) policies, resulting in actual tax collections being lower than expected [1] - Other tax revenues, such as import value-added tax and corporate income tax, also fell below targets, reflecting increased use of tax exemptions in free trade zones and changes in the economic landscape [1] Group 2 - As of the end of July 2025, the government had cumulative expenditures of 3.16 trillion Thai Baht, and to maintain liquidity and support policy initiatives, it borrowed 827.8 billion Thai Baht to cover the deficit [1] - The treasury balance stood at 405.7 billion Thai Baht at the end of July 2025 [1]

Group 1: Revenue Performance - In August, the national general public budget revenue reached 1.24 trillion yuan, showing a year-on-year growth of 2%, with both central and local revenue increasing by 2% [1] - For the first eight months, the total general public budget revenue was 14.82 trillion yuan, reflecting a growth of 0.3%, which is an improvement of 0.2 percentage points compared to the previous seven months [1] - Tax revenue for the first eight months amounted to 12.11 trillion yuan, a slight increase of 0.02% year-on-year, marking the first positive growth in cumulative tax revenue [1] Group 2: Tax Revenue Breakdown - Domestic value-added tax, domestic consumption tax, and individual income tax grew by 3.2%, 2%, and 8.9% respectively, indicating stable growth [1] - Corporate income tax also achieved positive growth with an increase of 0.3%, highlighting the recovery in key sectors and industries [1] Group 3: Expenditure Trends - National general public budget expenditure for the first eight months was 17.93 trillion yuan, representing a year-on-year increase of 3.1% [2] - Social security and employment expenditures grew by 10%, while education expenditures increased by 5.6%, reflecting a strong focus on key areas [2] - The acceleration in the issuance and utilization of bond funds contributed to a 30% growth in government fund budget expenditures [2] Group 4: Fiscal Policy Outlook - The overall fiscal performance for the first eight months is stable, with an optimized revenue structure and strong support for key expenditure areas [3] - The government aims to maintain a proactive fiscal policy to enhance economic and fiscal interaction, focusing on expanding effective demand and improving livelihoods [3]

Group 1 - The core viewpoint of the articles indicates that China's fiscal revenue continues to show a growth trend, with a year-on-year increase of 2% in August, totaling 1.24 trillion yuan [1] - In the first eight months, the total fiscal revenue reached 14.82 trillion yuan, reflecting a growth of 0.3%, which is an improvement of 0.2 percentage points compared to the previous seven months [1] - Tax revenue has turned positive for the first time, with a total of 12.11 trillion yuan collected, showing a slight increase of 0.02% year-on-year [1] Group 2 - Public budget expenditure also maintained growth, with a total of 17.93 trillion yuan spent in the first eight months, representing a year-on-year increase of 3.1% [2] - Key areas such as social security and employment saw a significant increase in spending, with a growth rate of 10%, while education spending grew by 5.6% [2] - The acceleration of bond fund issuance and utilization has contributed to a 30% increase in government fund budget expenditure [2] Group 3 - Overall, the fiscal operation in the first eight months has been stable, with an optimized revenue structure and strong support for key expenditure areas [3] - The articles emphasize the need to maintain a proactive fiscal policy to enhance economic and fiscal interaction through effective demand expansion and improvement of people's livelihoods [3]

Core Viewpoint - The overall fiscal performance in China for the first eight months of the year shows a stable trend, with an improvement in revenue structure and strong support for key expenditure areas, indicating a positive economic outlook [1][2][3] Revenue Summary - In August, the national general public budget revenue reached 1.24 trillion yuan, a year-on-year increase of 2%, with both central and local revenues growing by 2% [1] - For the first eight months, the total general public budget revenue was 14.82 trillion yuan, reflecting a growth of 0.3%, which is an improvement of 0.2 percentage points compared to the previous seven months [1] - Tax revenue for the first eight months amounted to 12.11 trillion yuan, showing a slight increase of 0.02% year-on-year, marking the first positive growth [1] - Key tax categories such as domestic value-added tax, domestic consumption tax, and personal income tax grew by 3.2%, 2%, and 8.9% respectively, indicating stable growth [1] Expenditure Summary - National general public budget expenditure for the first eight months was 17.93 trillion yuan, a year-on-year increase of 3.1%, with social security and employment expenditures rising by 10% and education expenditures by 5.6% [2] - The increase in fiscal expenditure reflects a more proactive fiscal policy, effectively supporting livelihoods and contributing to stable economic operations [2] - The issuance and utilization of bond funds accelerated, with 3.39 trillion yuan spent from various government bonds, leading to a 30% increase in government fund budget expenditures [2] Overall Assessment - The fiscal situation is improving, with a stable overall performance in the first eight months, optimized revenue structure, and strong support for key expenditure areas [3] - Continued proactive fiscal policy is necessary to enhance economic and fiscal interaction, focusing on expanding effective demand and improving livelihoods [3]

Group 1 - In August, the national general public budget revenue continued to grow, reaching 1.24 trillion yuan, a year-on-year increase of 2% [1] - For the first eight months, the total general public budget revenue was 14.82 trillion yuan, with a growth rate of 0.3%, an increase of 0.2 percentage points compared to the previous seven months [1] - Tax revenue for the first eight months was 12.11 trillion yuan, showing a slight increase of 0.02%, marking the first positive growth [1] Group 2 - General public budget expenditure for the first eight months was 17.93 trillion yuan, reflecting a year-on-year growth of 3.1% [2] - Key areas such as social security and employment saw a significant increase in expenditure, with a growth rate of 10% [2] - The acceleration of bond fund issuance and utilization contributed to a 30% increase in government fund budget expenditure [2] Group 3 - The overall fiscal operation remained stable in the first eight months, with an optimized revenue structure and strong support for key expenditure areas [3] - The need for a continued proactive fiscal policy is emphasized to enhance economic and fiscal interaction [3]

Core Viewpoint - The article discusses the performance of fiscal revenue and expenditure in August, highlighting a slight year-on-year increase in tax revenue while non-tax revenue continues to decline, indicating a need for sustained economic growth policies [1][4][25]. Fiscal Revenue - In August, fiscal revenue increased by 2.0% year-on-year, with tax revenue rising by 3.4% and non-tax revenue decreasing by 3.8%, continuing the trend of stronger tax revenue since May [1][5]. - Cumulative fiscal revenue from January to August showed a slight increase of 0.3%, slightly exceeding the initial budget target of 0.1% [1][6]. - The performance of corporate income tax, personal income tax, and domestic value-added tax in August was strong, with year-on-year increases of 33.4%, 9.7%, and 4.4%, respectively [2][11]. Fiscal Expenditure - Fiscal expenditure in August showed a decline, with spending growth lower than the average level for the same period in previous years, primarily due to a slowdown in infrastructure-related expenditures [3][16]. - Social security and employment expenditures maintained a high growth rate of 10.9% year-on-year in August, contributing positively to overall expenditure growth [3][16]. - Cumulative fiscal expenditure from January to August increased by 3.1%, which is still below the initial budget target of 4.4% [17]. Broader Fiscal Context - Land revenue growth further declined by 12.9 percentage points to -5.8% in August, reflecting a significant drop in land sales [21]. - The overall performance of government fund income from January to August showed a cumulative decline of 1.4%, indicating challenges in meeting the annual growth target of 0.7% [21][25]. - The article emphasizes the need for new policies to stabilize growth, particularly in the context of declining contributions from the real estate sector [25].

Group 1 - The core viewpoint of the articles indicates that China's fiscal revenue and expenditure have shown modest growth in the first eight months of 2025, with a slight increase in tax revenue and a more significant rise in non-tax revenue [1][2][3] Group 2 - From January to August 2025, the national general public budget revenue reached 148.198 billion yuan, reflecting a year-on-year growth of 0.3%. Tax revenue was 121.085 billion yuan, with a marginal increase of 0.02%, while non-tax revenue was 27.113 billion yuan, growing by 1.5% [1] - In August 2025, the national general public budget revenue continued its growth trend, increasing by 2% year-on-year. The cumulative growth rate for the first eight months improved by 0.2 percentage points compared to the previous month [1] - The cumulative growth of national tax revenue turned positive for the first time in 2025, with specific increases in domestic value-added tax (3.2%), domestic consumption tax (2%), corporate income tax (0.3%), and individual income tax (8.9%) [1] - The tax revenue growth was supported by a stable economic performance and an active capital market, with tax revenue in July and August exceeding 5% [2] - The manufacturing and financial sectors showed robust tax revenue growth, with manufacturing accounting for over 30% of total tax revenue and experiencing a growth rate above 5%. High-end manufacturing sectors, such as railway and aerospace, saw tax revenue growth exceeding 30% [2] - From January to August 2025, the national general public budget expenditure reached 179.324 billion yuan, marking a year-on-year increase of 3.1%. Key areas of expenditure growth included education, science and technology, social security, and health [3] - Local government special bonds and other long-term bonds contributed to a significant increase in government fund budget expenditure, which grew by 30% due to the issuance and utilization of these funds [3]