Core Insights - Local government fiscal revenues showed a slight increase in the first three quarters of the year, with overall fiscal expenditures also rising slightly, indicating a focus on stabilizing the economy and ensuring public welfare [1][2] Fiscal Revenue Summary - As of November 17, 28 provinces have disclosed their fiscal revenue and expenditure data, with most showing a revenue growth rate around 2%, while Tibet and Jilin achieved double-digit growth rates of 14.2% and 11.4% respectively [1][4] - Nationally, local general public budget revenue reached 93,039 billion yuan, a year-on-year increase of 1.8%, while expenditures totaled 177,056 billion yuan, up 2.4% [2][4] - The fiscal revenue growth was supported by improved tax revenue growth and a decrease in the proportion of non-tax revenue [1][5] Fiscal Expenditure Summary - Most provinces reported a fiscal expenditure increase, with Sichuan showing the largest deficit of approximately 560 billion yuan, indicating a tight balance between revenue and expenditure [1][4] - Expenditure growth rates varied, with Tibet leading at 13%, followed by Guangxi and Shanghai at around 8%, while many provinces had growth rates below 3% [10] - Local governments are prioritizing spending on public welfare, with significant allocations to health, social security, and education [10][11] Regional Performance - Among the 28 provinces, 24 reported revenue growth, with notable declines in Shanxi (-8.9%), Shaanxi (-7%), and Inner Mongolia (-1.3%), primarily due to falling coal prices affecting tax revenues [5][6] - Jilin's revenue growth was attributed to enhanced management of state-owned assets, leading to a significant increase in non-tax revenue [5][6] Policy and Support Measures - To address fiscal imbalances, local governments are enhancing tax collection, optimizing asset management, and seeking central government support [11][12] - In October, the Ministry of Finance allocated 500 billion yuan to local governments to help alleviate debt and support key projects [12]

Core Viewpoint - Local government fiscal revenues have shown slight growth in the first three quarters of the year, with expenditures also increasing, indicating a focus on stabilizing the economy and ensuring public welfare [3][4][6]. Fiscal Revenue Summary - Among 28 provinces, 24 reported growth in general public budget revenues, with Tibet and Jilin achieving double-digit growth rates of 14.2% and 11.4% respectively [8]. - Nationally, local general public budget revenue reached 93,039 billion yuan, a year-on-year increase of 1.8%, while expenditures totaled 177,056 billion yuan, up 2.4% [6]. - Provinces like Shanxi, Shaanxi, Inner Mongolia, and Qinghai experienced declines in revenue, attributed to falling prices of major commodities like coal [9]. Fiscal Expenditure Summary - Most provinces reported slight increases in fiscal expenditures, with Tibet showing the highest growth rate at 13% [14]. - Expenditures in key areas such as health, social security, and education have been prioritized, with Hunan province allocating over 70% of its budget to these sectors [14]. - The government is focusing on balancing fiscal resources and ensuring that expenditures support essential public services and economic stability [14][15]. Revenue Quality and Trends - The overall quality of fiscal revenue has improved slightly, with tax revenue growth outpacing non-tax revenue [12]. - In some regions, significant disparities in revenue growth rates were observed, with certain counties experiencing high growth due to specific industry developments [11]. - The low growth in fiscal revenues is influenced by broader economic conditions, including a sluggish real estate market and challenges faced by various industries [10].

在中央对地方转移支付、债务收入等支撑下，地方最终能做到收支平衡，但财政收支紧平衡态势明显。 地方政府近期相继公开前三季度财政账本，总体来看地方财政收入保持小幅增长，较为平稳，而财政支出 总体也保持小幅增长，支出普遍高出收入，以稳经济、保民生。 截至11月17日，第一财经梳理发现，除了广东、新疆、黑龙江三地外，其余28个省份均公开了今年前三季 度当地财政收支情况。28个省份中，西藏和吉林的地方一般公共预算收入增速达到两位数，其他多数省份 收入增速在2%左右，山西、陕西、内蒙古、青海四地收入出现下滑。从28个省份财政支出来看，除了天 津、浙江外，其他省份财政支出普遍实现小幅增长。 28个省份前三季度一般公共预算支出均超收入，其中四川这一差额最高，约5600亿元。当然在中央对地方 转移支付、债务收入等支撑下，地方最终能做到收支平衡，但财政收支紧平衡态势明显。 辽宁大学地方财政研究院院长王振宇告诉第一财经，相比于上半年财政收支情况，前三季度地方财政收入 有所好转，其中税收增速有所提高，非税收入占比有所下降。前三季度地方一般公共预算支出增速高于收 入增速，凸显了中央财政转移支付强度，较好确保了重点民生支出，以及财政政策 ...

Core Viewpoint - The article highlights the overall stability of local government finances in China during the first half of the year, despite facing tight fiscal balances and pressures on revenue growth [1][2][3]. Revenue Growth - In the first half of the year, local general public budget revenue increased by 1.6% year-on-year, with 27 out of 31 provinces reporting revenue growth [4][6]. - The revenue growth was primarily driven by non-tax income, indicating a weak recovery in local finances [2][4]. - Jilin province exhibited the highest revenue growth at 16.4%, attributed to the activation of state-owned resources, which saw a 109.2% increase in related income [5][6]. Expenditure Trends - Local general public budget expenditure increased by an average of 2.6%, outpacing revenue growth, as local governments maintained spending to support livelihoods and stabilize the economy [1][4]. - Despite the overall increase in expenditure, many local governments reported rising rigid expenditures, leading to persistent fiscal imbalances [1][11]. Regional Disparities - There are significant disparities in fiscal performance across regions, with some provinces like Shaanxi and Shanxi experiencing revenue declines of 7.2% and 6.3%, respectively, largely due to falling coal prices [6][8]. - In contrast, cities within provinces showed varied performance, with some counties reporting substantial revenue growth while others faced fiscal difficulties [9][10]. Future Outlook - The second half of the year is expected to present continued challenges for local fiscal revenues, with many provinces indicating that the pressure on income will persist [12][13]. - Local governments are exploring measures to enhance revenue, such as asset management and seeking central government support, while also tightening expenditure [14][15].

Core Viewpoint - Local governments have reported stable overall economic performance in the first half of the year, but fiscal revenues and expenditures remain in a tight balance [2][3] Revenue Summary - 27 out of 31 provinces reported revenue growth, with a national average increase of 1.6% in local general public budget revenue [2][3] - Revenue growth varied by region: Eastern and Central regions grew by 1.3%, Western by 2%, and Northeast by 5.7% [3] - Jilin province achieved the highest revenue growth at 16.4%, driven by resource asset utilization and tax collection [4] - Four provinces, including Shaanxi and Shanxi, experienced revenue declines, with Shaanxi seeing a 7.2% drop [4][6] Expenditure Summary - 24 out of 28 provinces reported growth in general public budget expenditures, with a national average increase of 2.6%, outpacing revenue growth [2][3] - Local governments are maintaining expenditure levels to support livelihoods and stabilize the economy despite rising rigid expenditures [2][8] - Significant declines in land-related tax revenues were noted, with land value-added tax and deed tax down by 17.6% and 14.8%, respectively [7][8] Fiscal Pressure and Strategies - Local fiscal departments indicate ongoing pressure on revenues, with expectations of continued challenges in the second half of the year [9][10] - Strategies to alleviate fiscal pressure include increasing revenue through legal tax collection and asset utilization, as well as controlling non-essential expenditures [11][12] - Emphasis on ensuring "three guarantees" (basic livelihood, salaries, and operational stability) remains a priority for local governments [13]

Core Viewpoint - The overall financial situation of local governments in China shows a stable economic operation in the first half of the year, but the fiscal revenue and expenditure remain under pressure, indicating a tight balance [3][4]. Revenue Summary - 27 out of 31 provinces reported revenue growth, with a national average increase of 1.6% in local general public budget revenue [6][8]. - The revenue growth was primarily driven by non-tax income, suggesting a weak recovery [4][6]. - Jilin province experienced the highest revenue growth at 16.4%, while four provinces, including Shaanxi and Shanxi, saw declines in revenue [7][8]. Expenditure Summary - 24 out of 28 provinces reported an increase in general public budget expenditure, with an average growth rate of 2.6%, which is higher than the revenue growth rate [3][6]. - The increase in expenditure is attributed to rising rigid spending, particularly in areas like education, social security, and healthcare [11][16]. - Local governments are prioritizing "three guarantees" (basic livelihood, wages, and operational stability) in their spending [16]. Challenges and Outlook - Despite the slight revenue growth, many provinces face significant fiscal pressure, with ongoing challenges in maintaining sustainable revenue growth [12][14]. - The second half of the year is expected to present continued difficulties in revenue generation, necessitating increased fiscal policy support [4][12]. - Local governments are implementing measures to balance budgets, including tightening spending and enhancing revenue collection efforts [14][15].

Core Insights - Local governments have reported stable overall economic performance in the first half of the year, but fiscal revenues and expenditures remain in a tight balance [1][9] - The national local general public budget revenue increased by 1.6% year-on-year, with 27 out of 31 provinces showing revenue growth, although many provinces experienced tax revenue declines [2][5] - Expenditure growth outpaced revenue growth, with an average increase of 2.6% in public budget expenditures across 28 provinces, indicating a commitment to maintaining social welfare and economic stability [1][2] Revenue Analysis - The revenue growth varied by region, with the eastern and central regions growing at 1.3%, the western region at 2%, and the northeast at 5.7% [2] - Jilin province reported the highest revenue growth at 16.4%, driven by significant increases in resource asset utilization income and real estate-related tax revenues [3][4] - Conversely, provinces like Shaanxi, Shanxi, Qinghai, and Inner Mongolia saw declines in revenue, attributed to falling coal prices impacting tax contributions [5][6] Expenditure Trends - Despite low revenue growth, 24 out of 28 provinces maintained increased public budget expenditures, focusing on essential services such as education, social security, and healthcare [8][9] - Local governments are facing challenges in balancing expenditures with rising fixed costs, leading to ongoing fiscal pressures [9][10] - Measures to control spending include reducing non-essential expenditures and prioritizing "three guarantees" (basic livelihood, wages, and operational stability) [10][11] Future Outlook - The fiscal environment is expected to remain challenging in the second half of the year, with local governments anticipating continued pressure on revenue generation [9][10] - Strategies to enhance revenue include legal tax collection, asset utilization, and seeking central government support [10] - Local governments are committed to ensuring that essential services and social welfare programs are adequately funded despite fiscal constraints [11]

Core Viewpoint - Local government fiscal revenue is expected to continue growing in the second half of the year, with potential fluctuations in the third quarter, necessitating close monitoring and timely fiscal policy adjustments [2][3]. Revenue Summary - In the first half of the year, local general public budget revenue increased by 1.6% year-on-year, driven primarily by non-tax revenue growth, indicating a weak recovery [2][3]. - Among 31 provinces, 27 reported revenue growth, with Jilin showing the highest increase at 16.4%, while four provinces, including Shaanxi and Shanxi, experienced declines [3][4]. - The average growth rate of local general public budget expenditure was 2.6%, surpassing revenue growth, as 24 out of 28 provinces maintained expenditure increases to support livelihoods and stabilize the economy [1][3]. Expenditure Summary - Despite overall revenue growth, many provinces face significant fiscal pressure due to rising rigid expenditures, such as debt repayments and social welfare [9][11]. - Local governments are implementing measures to balance budgets, including increasing revenue through legal tax collection and optimizing asset management [10][11]. - The focus remains on ensuring the "three guarantees" (basic livelihood, wages, and operational stability) are met, with many regions prioritizing these expenditures [10][11]. Regional Disparities - There are notable disparities in fiscal performance at the municipal and county levels, with some areas experiencing robust growth while others struggle with fiscal difficulties [6][7]. - For instance, in Fujian, 75.6% of counties reported positive revenue growth, while some regions continue to face challenges due to low real estate tax revenues and land transfer income [6][8]. Future Outlook - The fiscal landscape remains complex, with ongoing pressures expected in the second half of the year, particularly in revenue generation [9][10]. - Local governments are urged to adopt stringent measures to control non-essential expenditures while ensuring essential services are funded adequately [10][11].

Core Viewpoint - Local fiscal revenue is expected to continue growing in the second half of the year, with potential fluctuations in the third quarter, necessitating close monitoring and timely fiscal policy adjustments [2][3]. Revenue Analysis - In the first half of the year, local general public budget revenue increased by 1.6% year-on-year, driven primarily by non-tax revenue growth, indicating a weak recovery [2][3]. - Among 31 provinces, 27 reported revenue growth, with Jilin showing the highest increase at 16.4%, while four provinces, including Shaanxi and Shanxi, experienced declines [3][4]. - The average growth rate of local general public budget expenditure was 2.6%, surpassing revenue growth, as 24 out of 28 provinces maintained increased spending to support livelihoods and stabilize the economy [1][3]. Regional Disparities - There are significant disparities in fiscal performance at the municipal and county levels, with some areas experiencing robust growth while others face severe fiscal challenges [6][7]. - For instance, in Fujian, 75.6% of counties reported positive revenue growth, while some regions continue to struggle with low real estate tax and land transfer income [6][8]. Fiscal Challenges - Despite overall revenue growth, many provinces face ongoing fiscal pressures due to rising rigid expenditures, such as debt repayments and social welfare commitments [9][10]. - The fiscal situation remains complex, with local governments emphasizing the need for increased revenue through legal tax collection and asset management, while also implementing spending cuts on non-essential expenditures [10][11]. Policy Measures - Local governments are taking steps to enhance revenue, including comprehensive asset audits and adjustments to tax policies, while prioritizing essential spending to ensure basic livelihood protections [10][11].

Core Viewpoint - The article analyzes the fiscal revenue and expenditure situation of various provinces in China for the first five months of 2025, highlighting the growth in public budget revenues in some provinces despite overall economic challenges [1]. Group 1: Fiscal Revenue Growth - Among the 17 provinces that disclosed their fiscal data, 15 experienced growth in general public budget revenue, with Jilin Province showing the highest growth rate of 15% [2]. - Jilin's non-tax revenue increased by 30.6%, driven by the activation of state-owned assets, particularly in resource utilization, which saw a 104.6% increase in revenue from the paid use of state resources [2]. - Qinghai Province followed Jilin with a revenue growth rate of 7.4%, also attributed to a significant rise in non-tax revenue, which grew by 60.2% [2]. Group 2: Challenges in Revenue Growth - Other provinces, such as Jiangsu and Beijing, reported modest revenue growth of less than 3%, primarily due to economic pressures, a sluggish real estate market, and complex foreign trade conditions [3]. - National tax revenue decreased by 1.6% in the first five months, reflecting broader economic challenges, although the decline has been narrowing month by month [3]. Group 3: Expenditure Trends - Despite low revenue growth, public budget expenditures in 17 provinces generally maintained an upward trend, with Shanghai recording the highest growth rate of 14.2% [5]. - The increase in expenditures is primarily focused on social welfare, education, and healthcare, indicating a prioritization of human investment [5]. - The fiscal imbalance is evident as expenditures in 16 provinces exceeded revenues, a situation that is expected to be addressed through central government transfers and debt financing [5][6]. Group 4: Land Sales and Government Fund Revenue - Government fund revenues, heavily reliant on land sales, have declined due to a sluggish real estate market, with land transfer income dropping by 11.9% year-on-year [7]. - Provinces like Shaanxi and Jilin experienced significant declines in land sale revenues, with decreases of approximately 42.3% and 33.5%, respectively [7]. - Analysts suggest that without new policies, the short-term outlook for government fund revenue will remain bleak, as the real estate market continues to show downward trends [7].