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]

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 ...