Core Insights - The Ministry of Finance reported that from January to October this year, national fiscal revenue showed a steady increase, with a cumulative growth rate of 0.8% year-on-year, which is an improvement of 0.3 percentage points compared to the first nine months of the year [1] - In October alone, national fiscal revenue reached 2.26 trillion yuan, marking a year-on-year growth of 3.2%, indicating a continued upward trend in monthly growth [1] Revenue Breakdown - Total tax revenue from January to October amounted to 15.34 trillion yuan, reflecting a growth of 1.7%, which is an increase of 1 percentage point compared to the first nine months [1] - The computer and communication equipment manufacturing sector saw a tax revenue increase of 12.7%, while the electrical machinery and equipment manufacturing sector experienced a 7.9% growth [1] Expenditure Insights - The government has implemented more proactive fiscal policies, increasing expenditure intensity and optimizing expenditure structure, with a focus on ensuring funding for key areas [1] - Social security and employment expenditures grew by 9.3%, scientific and technological expenditures increased by 5.7%, and education expenditures rose by 4.7% [1]

Core Viewpoint - The article highlights the steady growth of fiscal revenue in China, particularly tax revenue, which has shown a positive trend in recent months, indicating an improving economic environment [4][5]. Fiscal Revenue Overview - In the first ten months of the year, China's general public budget revenue reached approximately 18.65 trillion yuan, a year-on-year increase of 0.8%. Tax revenue accounted for about 15.34 trillion yuan, growing by 1.7% [4]. - Tax revenue has shifted from a decline to growth, with significant increases noted in July and August, and a year-on-year growth of 8.7% in September and 8.6% in October [4][6]. Factors Contributing to Tax Revenue Growth - The increase in tax revenue is attributed to several factors, including an improving economy, a narrowing decline in the Producer Price Index (PPI), and a low base from the previous year [6]. - The active capital market has also contributed to tax revenue growth, with the total market capitalization of A-share companies surpassing 100 trillion yuan in August and the Shanghai Composite Index reaching a ten-year high in September. Daily trading volumes in August and September averaged 2.3 trillion yuan and 2.4 trillion yuan, respectively [6]. - Notable increases in personal income tax and securities transaction stamp duty were observed, with the latter reaching 162.9 billion yuan, a year-on-year increase of 88.1%, and personal income tax at 1.3363 trillion yuan, up 11.5% [6]. Sector-Specific Tax Revenue Performance - Certain industries have shown strong tax revenue performance, including: - Computer and communication equipment manufacturing: 12.7% growth - Electrical machinery and equipment manufacturing: 7.9% growth - Scientific research and technical services: 14.8% growth - Cultural, sports, and entertainment industries: 5.7% growth [7]. Non-Tax Revenue and Government Fund Income - Non-tax revenue for the first ten months was approximately 3.31 trillion yuan, reflecting a year-on-year decline of 3.1% [8]. - Government fund revenue, primarily from land sales, also saw a decline, with total revenue of about 3.45 trillion yuan, down 2.8%. Specifically, income from land use rights fell to approximately 2.49 trillion yuan, a decrease of 7.4% [8]. Fiscal Expenditure Trends - Fiscal expenditure has been maintained at a certain intensity to stabilize the economy, with total general public budget expenditure reaching about 22.58 trillion yuan, a year-on-year increase of 2% [9]. - Expenditure related to social security and employment grew by 9.3%, amounting to approximately 3.77 trillion yuan [9]. - The government has allocated 500 billion yuan from local government debt limits to support local fiscal capacity and effective investment [9].

Core Insights - The Ministry of Finance reported an increase in national general public budget revenue for October, with a year-on-year growth of 3.2% to 2.26 trillion yuan [1] - Cumulative revenue for the first ten months reached 18.65 trillion yuan, reflecting a growth of 0.8%, which is an improvement 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, up 8.6%, maintaining a similar rate to the previous month [1] - Cumulative tax revenue for the first ten months was 15.34 trillion yuan, growing by 1.7%, which is an increase of 1 percentage point from the previous nine months [1] Industry Performance - Key industries such as equipment manufacturing and modern services demonstrated strong tax revenue performance [1] - Specific sectors reported notable tax revenue growth: - Computer and communication equipment manufacturing: 12.7% increase - Electrical machinery and equipment manufacturing: 7.9% increase - Scientific research and technical services: 14.8% increase - Cultural, sports, and entertainment industries: 5.7% increase [1] Public Budget Expenditure - National general public budget expenditure continued to grow, with a total of 22.58 trillion yuan for the first ten months, representing a year-on-year increase of 2% [1]

Core Insights - The latest data from the Ministry of Finance indicates that from January to October, national fiscal revenue reached 18.65 trillion yuan, representing a year-on-year growth of 0.8%, with an increase of 0.3 percentage points compared to the growth rate from January to September [1] - In October alone, national fiscal revenue was 2.26 trillion yuan, showing a year-on-year increase of 3.2%, continuing the upward trend in monthly growth [1] - Tax revenue has been growing steadily, with total tax revenue from January to October amounting to 15.34 trillion yuan, a growth of 1.7%, which is an increase of 1 percentage point from the previous period [1] Fiscal Expenditure - Total national fiscal expenditure from January to October was 22.58 trillion yuan, reflecting a year-on-year increase of 2% [1] - The government has implemented more proactive fiscal policies, increasing expenditure intensity and optimizing expenditure structure, with a focus on key areas [1] - Notable increases in specific expenditure categories include social security and employment (up 9.3%), science and technology (up 5.7%), and education (up 4.7%) [1] Debt and Financing - The government has accelerated the use of bond funds, with total expenditures from various types of bonds, including local government special bonds and central financial institution special bonds, amounting to 4.54 trillion yuan [1]

● 本报记者 熊彦莎 财政部11月17日发布的2025年1至10月财政收支情况显示，1至10月，全国一般公共预算收入18.65万亿 元，同比增长0.8%。全国一般公共预算支出22.58万亿元，同比增长2%。在主要税收收入项目中，印花 税收入3781亿元，同比增长29.5%；其中，证券交易印花税1629亿元，同比增长88.1%。 全国一般公共预算收入月度增幅继续提高，累计增幅稳步回升。10月份，全国一般公共预算收入2.26万 亿元，同比增长3.2%。其中，中央、地方收入分别增长2.3%、4%。1至10月，全国一般公共预算收入同 比增幅比1至9月提高0.3个百分点。装备制造业、现代服务业等行业税收表现良好。计算机通信设备制 造业税收收入增长12.7%，电气机械器材制造业税收收入增长7.9%，科学研究技术服务业税收收入增长 14.8%。 全国一般公共预算支出保持增长，重点领域支出得到保障。财政部表示，各级财政部门认真落实更加积 极的财政政策，加大支出强度，优化支出结构，持续加强对重点领域的支出保障。1至10月，在全国一 般公共预算支出中，社会保障和就业支出同比增长9.3%，教育支出同比增长4.7%，卫生健康支出同比 ...

Core Insights - The Ministry of Finance reported an increase in national general public budget revenue for October, with a year-on-year growth of 3.2% [1] - Cumulative revenue for the first ten months reached 18.65 trillion yuan, reflecting a growth of 0.8%, which is an improvement of 0.3 percentage points compared to the previous nine months [1] Revenue Analysis - In October, national tax revenue amounted to 2.07 trillion yuan, showing an increase of 8.6%, which is consistent with the previous month's growth of 8.7% [1] - For the first ten months, total tax revenue reached 15.34 trillion yuan, with a growth rate of 1.7%, marking a 1 percentage point increase from the first nine months [1] - Specific sectors such as equipment manufacturing and modern services demonstrated strong tax performance, with notable growth in computer and communication equipment manufacturing at 12.7%, electrical machinery and equipment manufacturing at 7.9%, scientific research and technical services at 14.8%, and cultural, sports, and entertainment sectors at 5.7% [1] Expenditure Overview - National general public budget expenditure continued to grow, with total spending for the first ten months reaching 22.58 trillion yuan, reflecting a year-on-year increase of 2% [1]

Group 1 - The core viewpoint of the articles highlights the steady recovery in public budget revenue and a slowdown in expenditure growth, with significant increases in spending related to people's livelihoods and technology [1][3] - In the first ten months of the year, the national general public budget revenue reached 18.65 trillion yuan, an increase of 0.8%, with tax revenue growing by 1.7% to 15.34 trillion yuan [1] - The growth in public finance revenue is primarily driven by tax revenue, with notable increases in domestic VAT (4%), domestic consumption tax (2.4%), corporate income tax (1.9%), and personal income tax (11.5%) [1][2] Group 2 - The capital market's high activity level has significantly boosted personal income tax, corporate income tax, and securities transaction stamp duty, with the latter increasing by 88.1% to 162.9 billion yuan in the first ten months [1][2] - The equipment manufacturing and modern service industries showed strong tax revenue performance, with computer communication equipment manufacturing tax revenue growing by 12.7% and scientific research and technical services by 14.8% [3] - Social security and employment expenditures, education, health, science and technology, and environmental protection expenditures all saw growth, with social security and employment spending increasing by 9.3% [3]

与经济关联最为密切的税收收入，10月份再次保持较快增长。11月17日，财政部公开了今年前10个月财 政收支情况。财政收入延续回暖势头。 今年前10个月，全国一般公共预算收入约18.65万亿元，同比增长0.8%。其中，税收收入约15.34万亿 元，同比增长1.7%。 为何税收收入保持较快增长 今年以来，税收收入降幅持续收窄并由负转正，其中7月和8月税收收入增幅超过5%，9月份全国税收收 入同比增长8.7%，10月份这一增速为8.6%。 此前税务总局表示，今年三季度特别是9月份税收收入增幅较高，除经济向好带动因素外，PPI降幅收 窄、去年同期收入基数较低也相应带来税收收入增长。 今年资本市场交易活跃，带动相关行业税收增长。根据公开数据，今年8月份A股公司总市值首次突破 100万亿元，9月份上证指数创十年新高；8、9月份日均股票成交额分别达到2.3万亿元和2.4万亿元。受 此影响，与资本市场相关的行业、税种收入增长较快。 随着股权转让以及上市公司分红增加，相关个人所得税也出现较快增长。财政部数据显示，今年前10个 月证券交易印花税收入1629亿元，同比增长88.1%；个人所得税收入13363亿元，同比增长11.5% ...

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 article highlights the steady recovery in public budget revenue in China for the first ten months of 2025, with a notable increase in tax revenue and a slower growth rate in fiscal expenditure, while maintaining high growth in social welfare-related spending [1][2]. Revenue Performance - In the first ten months, the national general public budget revenue reached 18.65 trillion yuan, growing by 0.8%, which is an increase of 0.3 percentage points compared to the first nine months [1]. - Tax revenue accounted for 15.34 trillion yuan, with a growth rate of 1.7%, up by 1 percentage point from the previous nine months [1]. - Non-tax revenue decreased by 3.1% to 3.31 trillion yuan [1]. - Major tax categories showed growth: domestic VAT increased by 4%, domestic consumption tax by 2.4%, corporate income tax by 1.9%, and personal income tax by 11.5%, with respective increases of 0.4, 0.2, 1.1, and 1.8 percentage points compared to the previous nine months [2]. Capital Market Influence - The recovery in the capital market has significantly boosted tax revenue, particularly in the securities transaction stamp duty, which reached 162.9 billion yuan, reflecting an 88.1% year-on-year increase [3]. - The active capital market has positively impacted personal income tax and corporate income tax, with corporate income tax showing positive growth for the first time in eight months, driven by improved industrial profits [3]. Sector Performance - Tax revenue from key industries performed well: computer and communication equipment manufacturing grew by 12.7%, electrical machinery and equipment manufacturing by 7.9%, scientific research and technical services by 14.8%, and cultural, sports, and entertainment sectors by 5.7% [4]. Fiscal Expenditure Trends - General public budget expenditure for the first ten months grew by 2%, a decrease of 1.1 percentage points from the previous nine months, but spending in key areas like social security, education, and health remained strong [5]. - Notably, infrastructure-related spending in agriculture, forestry, and water management saw a decline of 9%, although the rate of decline narrowed by 2.1 percentage points compared to the previous nine months [5]. - Government fund budget revenue was 3.45 trillion yuan, down by 2.8%, while expenditure increased by 15.4% to 8.09 trillion yuan, driven by accelerated use of bond funds [5]. Future Outlook - The introduction of new policy financial tools is expected to support infrastructure investment in the fourth quarter and early next year, with a focus on improving fiscal infrastructure spending [6].