Core Viewpoint - The fiscal revenue and expenditure data for the first 11 months of 2025 indicates stable growth in public budget revenue, with tax revenues from key sectors like equipment manufacturing and modern services performing well [1][2]. Revenue Summary - Total public budget revenue reached 20.05 trillion yuan, growing by 0.8%, maintaining the same growth rate as the previous 10 months [2]. - Tax revenue amounted to 16.48 trillion yuan, with a growth of 1.8%, an increase of 0.1 percentage points compared to the first 10 months [2]. - Key tax categories showed positive growth: domestic VAT increased by 3.9%, domestic consumption tax by 2.5%, and personal income tax by 11.5% [2]. - The active capital market contributed to the notable performance of personal income tax, with significant increases in capital market-related tax revenues, including a 70.7% rise in securities transaction stamp duty [2][3]. Corporate Income Tax Insights - Corporate income tax revenue reached 402.34 billion yuan, reflecting a year-on-year growth of 1.7% [2]. - The recovery in corporate income tax is attributed to economic recovery, policy effects, and a low base from previous years [3]. - The manufacturing sector continues to play a stabilizing role, with tax revenue from this sector maintaining around 30% of total tax revenue [3]. Sector Performance - The equipment manufacturing and modern services sectors showed strong tax revenue performance, with specific growth rates: computer and communication equipment manufacturing at 14.1%, electrical machinery at 7.9%, and scientific research and technical services at 14.6% [3]. - High-tech industries reported a sales revenue increase of 14.7%, with smart device manufacturing sales growing by 28.2% [3]. Expenditure Summary - Total public budget expenditure reached 24.85 trillion yuan, growing by 1.4%, with significant spending in social security and employment (8.1% growth), education (4.4% growth), and health (4.7% growth) [4]. - Expenditures related to infrastructure showed a declining trend, with urban and rural community spending and agricultural spending decreasing year-on-year [4]. - Government fund budget revenue was 4.03 trillion yuan, down by 4.9%, while expenditures increased by 13.7%, driven by accelerated use of bond funds [4]. Fiscal Policy Impact - The central government allocated 500 billion yuan to support local government debt, which is expected to inject new momentum into economic development and assist localities in achieving their annual economic and social development goals [4].