Group 1: Fiscal Revenue - In October, the national general public budget revenue reached 2.26 trillion yuan, a year-on-year increase of 3.2%, with central and local revenues growing by 2.3% and 4% respectively [1] - From January to October, the total general public budget revenue was 18.649 trillion yuan, up 0.8%, with an increase of 0.3 percentage points compared to the previous nine months [1] - Tax revenue showed robust growth, with October tax revenue at 2.07 trillion yuan, a year-on-year increase of 8.6%, maintaining a similar growth rate as September [1] Group 2: Tax Revenue Breakdown - Major tax categories from January to October included domestic VAT (up 4%), domestic consumption tax (up 2.4%), corporate income tax (up 1.9%), and individual income tax (up 11.5%), with increases compared to the previous nine months [1] - Stamp duty revenue reached 378.1 billion yuan, a significant year-on-year increase of 29.5%, with securities transaction stamp duty at 162.9 billion yuan, up 88.1% [1] Group 3: Fiscal Expenditure - National general public budget expenditure from January to October was 22.5825 trillion yuan, a year-on-year increase of 2%, with central expenditure growing by 6.3% and local expenditure by 1.2% [2] - Key expenditure areas included social security and employment (37.742 billion yuan, up 9.3%), education (34.117 billion yuan, up 4.7%), and health (16.877 billion yuan, up 2.4%) [2] Group 4: Government Fund Budget - From January to October, government fund budget revenue was 3.45 trillion yuan, a year-on-year decrease of 2.8%, while expenditure was 8.09 trillion yuan, an increase of 15.4% [3] - The increase in expenditure was primarily due to accelerated use of bond funds, with 4.54 trillion yuan spent on various types of bonds [3]

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]

National General Public Budget Revenue and Expenditure - From January to October, the national general public budget revenue reached 186,490 billion yuan, representing a year-on-year increase of 0.8% [1][2] - Tax revenue accounted for 153,364 billion yuan, with a year-on-year growth of 1.7%, while non-tax revenue was 33,126 billion yuan, showing a decline of 3.1% [2] - Central government revenue was 81,856 billion yuan, down 0.8%, while local government revenue was 104,634 billion yuan, up 2.1% [2] Major Tax Revenue Items - Domestic value-added tax generated 58,858 billion yuan, increasing by 4% [3] - Domestic consumption tax amounted to 14,390 billion yuan, with a growth of 2.4% [4] - Corporate income tax reached 39,182 billion yuan, up 1.9% [5] - Personal income tax was 13,363 billion yuan, showing a significant increase of 11.5% [6] - Import goods value-added tax and consumption tax totaled 15,007 billion yuan, down 4.9% [7] - Export tax rebates were 18,121 billion yuan, increasing by 6.9% [8] - Stamp duty revenue was 3,781 billion yuan, with a notable increase of 29.5%, including securities transaction stamp duty at 1,629 billion yuan, up 88.1% [11] National General Public Budget Expenditure - Total expenditure from January to October was 225,825 billion yuan, reflecting a year-on-year increase of 2% [20] - Central government expenditure was 34,727 billion yuan, up 6.3%, while local government expenditure was 191,098 billion yuan, increasing by 1.2% [20] Major Expenditure Categories - Education expenditure reached 34,117 billion yuan, growing by 4.7% [22] - Social security and employment expenditure was 37,742 billion yuan, up 9.3% [22] - Environmental protection expenditure increased by 11.6% to 262 billion yuan [18] Government Fund Budget Revenue and Expenditure - Government fund budget revenue was 34,473 billion yuan, down 2.8% [23] - Local government fund budget revenue was 30,855 billion yuan, declining by 3.3%, with land use rights transfer income at 24,982 billion yuan, down 7.4% [23] - Government fund budget expenditure was 80,892 billion yuan, increasing by 15.4% [23]

National General Public Budget Revenue - From January to October, the national general public budget revenue reached 18,649 billion yuan, a year-on-year increase of 0.8% [2] - Tax revenue accounted for 15,336.4 billion yuan, with a year-on-year growth of 1.7%, while non-tax revenue was 33,126 billion yuan, showing a decline of 3.1% [2] - Central government revenue was 81,856 billion yuan, down 0.8%, while local government revenue was 104,634 billion yuan, up 2.1% [2] Major Tax Revenue Items - Domestic value-added tax generated 58,858 billion yuan, increasing by 4% [3] - Domestic consumption tax amounted to 14,390 billion yuan, with a growth of 2.4% [4] - Corporate income tax reached 39,182 billion yuan, up 1.9% [5] - Personal income tax saw a significant increase of 11.5%, totaling 13,363 billion yuan [6] - Import VAT and consumption tax totaled 15,007 billion yuan, down 4.9%, while customs duties were 1,954 billion yuan, down 3.3% [7] - Export tax rebates were 18,121 billion yuan, reflecting a growth of 6.9% [8] - Urban maintenance and construction tax was 4,377 billion yuan, up 3.5% [9] - Vehicle purchase tax decreased significantly by 16.3%, totaling 1,676 billion yuan [10] - Stamp duty revenue reached 3,781 billion yuan, with a notable increase of 29.5%, including a remarkable 88.1% growth in securities transaction stamp duty [11] - Property tax increased by 10.6%, amounting to 4,373 billion yuan [14] National General Public Budget Expenditure - Total expenditure from January to October was 225,825 billion yuan, a year-on-year increase of 2% [20] - Central government expenditure was 34,727 billion yuan, up 6.3%, while local government expenditure was 191,098 billion yuan, increasing by 1.2% [20] Major Expenditure Items - Education expenditure reached 34,117 billion yuan, growing by 4.7% [21] - Social security and employment expenditure was 37,742 billion yuan, with a growth of 9.3% [24] - Science and technology expenditure totaled 7,847 billion yuan, increasing by 5.7% [22] - Expenditure on urban and rural community services decreased by 7.3%, totaling 15,253 billion yuan [24] - Expenditure on agriculture, forestry, and water resources fell by 11.7%, amounting to 17,627 billion yuan [24] National Government Fund Budget Revenue - Government fund budget revenue was 34,473 billion yuan, down 2.8% [24] - Local government fund budget revenue was 30,855 billion yuan, decreasing by 3.3%, with land use rights transfer income at 24,982 billion yuan, down 7.4% [24] National Government Fund Budget Expenditure - Total government fund budget expenditure was 80,892 billion yuan, a significant increase of 15.4% [24] - Central government fund budget expenditure was 8,564 billion yuan, up 2.2 times, while local government fund budget expenditure was 72,328 billion yuan, increasing by 7.3% [24]

National General Public Budget Revenue - National general public budget revenue for January to October reached 186,490 billion yuan, a year-on-year increase of 0.8% [2] - Tax revenue amounted to 153,364 billion yuan, growing by 1.7% year-on-year, while non-tax revenue was 33,126 billion yuan, declining by 3.1% [2] - Central government revenue was 81,856 billion yuan, down 0.8% year-on-year, while local government revenue was 104,634 billion yuan, up 2.1% [2] Major Tax Revenue Items - Domestic value-added tax generated 58,858 billion yuan, an increase of 4% [2] - Domestic consumption tax totaled 14,390 billion yuan, rising by 2.4% [3] - Corporate income tax reached 39,182 billion yuan, with a year-on-year growth of 1.9% [4] - Personal income tax was 13,363 billion yuan, showing a significant increase of 11.5% [5] - Import goods value-added tax and consumption tax amounted to 15,007 billion yuan, down 4.9% [6] - Export tax rebates were 18,121 billion yuan, increasing by 6.9% [7] - Stamp duty revenue was 3,781 billion yuan, with a notable increase of 29.5%, including securities transaction stamp duty at 1,629 billion yuan, up 88.1% [9] National General Public Budget Expenditure - National general public budget expenditure for January to October was 225,825 billion yuan, a year-on-year increase of 2% [17] - Central government expenditure was 34,727 billion yuan, growing by 6.3% year-on-year, while local government expenditure was 191,098 billion yuan, up 1.2% [17] Major Expenditure Items - Education expenditure reached 34,117 billion yuan, increasing by 4.7% [18] - Social security and employment expenditure was 37,742 billion yuan, up 9.3% [20] - Debt interest payment expenditure was 10,952 billion yuan, showing a growth of 4.2% [20] Government Fund Budget Revenue - National government fund budget revenue for January to October was 34,473 billion yuan, a decline of 2.8% [21] - Local government fund budget revenue was 30,855 billion yuan, down 3.3%, with state land use rights transfer income at 24,982 billion yuan, decreasing by 7.4% [21] Government Fund Budget Expenditure - National government fund budget expenditure was 80,892 billion yuan, increasing by 15.4% [21] - Local government fund budget expenditure was 72,328 billion yuan, up 7.3%, with related expenditures from state land use rights transfer income at 33,752 billion yuan, down 6.5% [21]

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%。 ...

Core Insights - The Ministry of Finance reported fiscal revenue and expenditure for January to October 2025, highlighting a significant increase in stamp duty revenue [1] Group 1: Fiscal Revenue - For the period of January to October 2025, stamp duty revenue reached 378.1 billion yuan, representing a year-on-year growth of 29.5% [1] - Among the total stamp duty revenue, the securities transaction stamp duty accounted for 162.9 billion yuan, showing a remarkable year-on-year increase of 88.1% [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]