Group 1 - The core viewpoint of the article highlights the fiscal performance in the first three quarters of 2025, showing a significant increase in public budget expenditures and a slight increase in revenues, indicating a stable economic environment [1] - National general public budget expenditure reached 20,806.4 billion yuan, a year-on-year increase of 3.1%, with central budget expenditure at 3,100.8 billion yuan, up 7.3%, and local budget expenditure at 17,705.6 billion yuan, up 2.4% [1] - Key areas of expenditure such as science and technology, social security, education, health, environmental protection, and culture all saw their highest growth rates in three years, with science and technology spending at 710.5 billion yuan, growing by 6.5% [1] Group 2 - The Ministry of Finance has focused on disaster relief by establishing a rapid allocation mechanism for disaster relief funds, ensuring efficient fund distribution [2] - In 2025, nearly 35 billion yuan has been allocated for central disaster relief, with 10.5 billion yuan already disbursed to support disaster recovery efforts [2] - The efficiency of emergency rescue operations has improved, with capabilities to ensure rescue forces arrive within two hours and essential supplies within twelve hours [2]

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 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]