装备制造业、现代服务业等行业税收表现良好。前10个月，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%，文化体育娱乐业税收收入 增长5.7%。 11月17日，财政部发布数据显示，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%。前10个月， 全国一般公共预算收入18.65万亿元，增长0.8%，增幅比前9个月提高0.3个百分点。 一般公共预算收入由税收收入和非税收入组成。10月份，全国税收收入2.07万亿元，增长8.6%，增幅与上月 基本持平。"税收收入持续较快增长，显示经济稳中有进对税源形成了有力支撑。"北京国家会计学院副院 长、教授李旭红表示。 前10个月，全国税收收入15.34万亿元，增长1.7%，增幅比前9个月提高1个百分点。其中，国内增值税、国内 消费税、企业所得税、个人所得税分别增长4%、2.4%、1.9%、11.5%，增幅比前9个月分别提高0.4个、0.2 个、1.1个、1.8个百分点。李旭红认为，主要税种 ...

Core Insights - The Ministry of Finance reported an increase in national general public budget revenue, with a year-on-year growth of 3.2% in October, reaching 2.26 trillion yuan [1] - Tax revenue showed a significant increase of 8.6% in October, indicating strong economic support for tax sources [1] - The overall fiscal performance for the first ten months reflects gradual improvement in revenue, strong expenditure support, and continuous structural optimization [3] Revenue Performance - In the first ten months, national general public budget revenue totaled 18.65 trillion yuan, growing by 0.8%, with a 0.3 percentage point increase compared to the previous nine months [1] - Major tax categories such as domestic VAT, consumption tax, corporate income tax, and personal income tax saw growth rates of 4%, 2.4%, 1.9%, and 11.5% respectively, with notable increases in personal income tax [1][2] - Stamp duty revenue reached 378.1 billion yuan, up 29.5%, with securities transaction stamp duty growing by 88.1%, reflecting an active capital market [2] Expenditure Trends - Total national general public budget expenditure for the first ten months was 22.58 trillion yuan, a 2% increase, with significant growth in social security and employment (9.3%), education (4.7%), and environmental protection (7%) [2] - The government is focusing on enhancing fiscal policy and increasing expenditure intensity to support key areas such as education, science and technology, and social security [2][3] Government Fund Budget - Government fund budget revenue decreased by 2.8% to 3.45 trillion yuan, while expenditure increased by 15.4%, primarily due to accelerated use of bond funds [3] - The expenditure of 4.54 trillion yuan from various bond sources is aimed at stabilizing investment and growth [3] Policy Outlook - The government aims to maintain an active fiscal policy, ensuring strong support for key expenditures and expanding effective demand [3] - The recent Party Congress emphasized the importance of fiscal policy in achieving economic and social development goals [3]

Core Insights - The manufacturing PMI in October decreased to 49.0%, down 0.8 percentage points from the previous month, indicating a decline in manufacturing activity after two months of growth [1] - The non-manufacturing business activity index rose to 50.1%, up 0.1 percentage points, remaining in the expansion zone, driven by holiday effects [1] Manufacturing Sector - The manufacturing production index fell to 49.7%, a decrease of 2.2 percentage points, indicating a slight slowdown in production activities [4] - The new export orders index dropped to 45.9%, down 1.9 percentage points, marking the second-lowest point of the year, reflecting tightening export demand [5] - The procurement volume index decreased to 49%, down 2.6 percentage points, indicating a contraction in purchasing activities after two months of expansion [5] Business Performance by Company Size - Large enterprises' PMI fell to 49.9%, while medium-sized enterprises' PMI decreased to 48.7%, and small enterprises' PMI dropped to 47.1%, indicating pressure across all company sizes [6] - Despite the decline, large enterprises maintained stable supply and demand, while medium and small enterprises faced more significant challenges [6] Price Trends - The manufacturing sector experienced positive price changes, with the equipment manufacturing purchase price index and factory price index rising for three consecutive months [6] - The consumer goods manufacturing purchase price index fell to below 50%, while the factory price index increased, indicating reduced cost pressures and stabilized sales prices [7] Non-Manufacturing Sector - The non-manufacturing business activity index showed signs of recovery, with significant activity in sectors closely related to consumer travel, such as transportation and hospitality, driven by holiday effects [10] - The business activity expectation index remained high at 56.1%, indicating strong confidence among service sector enterprises regarding future development [10]

Core Insights - The overall fiscal revenue in China for the first three quarters of 2023 reached 16.39 trillion yuan, showing a year-on-year growth of 0.5%, with a notable recovery in growth rates observed in the third quarter [2][3]. Revenue Analysis - Fiscal revenue growth has shown a quarterly recovery, with a decline of 1.1% in Q1, followed by a growth of 0.6% in Q2, and a significant increase in Q3, with July, August, and September showing growth rates of 2.6%, 2%, and 2.6% respectively [2]. - Tax revenue, which constitutes the main part of fiscal income, increased by 0.7% year-on-year, with domestic value-added tax growing by 3.6%, and corporate income tax rising by 0.8% [3]. Sector Performance - The computer and communication equipment manufacturing sector saw a tax revenue increase of 12%, while the electrical machinery and equipment manufacturing sector grew by 8.3% [3]. - The cultural, sports, and entertainment sector experienced a tax revenue growth of 5.5%, and the scientific research and technical service sector grew by 13.4% due to the ongoing digital transformation [3]. Non-Tax Revenue - Non-tax revenue decreased by 0.4% year-on-year, with state-owned resource usage income increasing by 4%, while penalty income fell by 7% [4]. Local Government Revenue - Local government revenue remained stable, with a year-on-year growth of 1.8% in general public budget income, and 27 out of 31 regions reported positive growth [4]. Expenditure Trends - National general public budget expenditure reached 20.81 trillion yuan, marking a 3.1% increase year-on-year, with significant growth in social security, education, health, and environmental protection expenditures [4]. - Government fund budget revenue decreased by 0.5%, but expenditure grew by 23.9%, driven by the accelerated use of bond funds [5].

Core Viewpoint - The fiscal revenue growth in China has significantly improved in the third quarter of 2025, indicating a stable and upward trend in the overall economic operation [1][2]. Fiscal Revenue Growth - In the first three quarters of 2025, the national general public budget revenue reached 163,876 billion yuan, a year-on-year increase of 0.5%. Tax revenue was 132,664 billion yuan, growing by 0.7%, while non-tax revenue decreased by 0.4% [1][3]. - The quarterly breakdown shows a decline of 1.1% in Q1, a recovery to 0.6% growth in Q2, and a notable increase of 2.5% in Q3, reflecting a significant improvement [3]. - 27 provinces, autonomous regions, and municipalities reported positive revenue growth, with the domestic value-added tax, the largest tax type, increasing by 3.6% year-on-year [3][4]. Key Areas of Expenditure - Total general public budget expenditure for the first three quarters was 208,064 billion yuan, up 3.1% year-on-year. Key areas such as social security and employment, education, and health saw growth rates of 10%, 5.4%, and 4.7%, respectively, marking the highest levels in nearly three years [6][7]. - Government fund budget expenditure reached 74,900 billion yuan, a significant year-on-year increase of 23.9%, driven by accelerated use of bond funds [7]. Measures to Support Economic Recovery - The central government has allocated 500 billion yuan from the local government debt limit to support local finances, an increase of 100 billion yuan from the previous year. This funding aims to help local governments manage existing debts and support effective investment projects [9][10]. - The Ministry of Finance plans to advance the issuance of the 2026 local government debt limit to facilitate project funding and ensure smooth fiscal operations [10].

Core Insights - The national general public budget revenue for the first eight months of this year reached 14.82 trillion yuan, showing a year-on-year growth of 0.3%, with the growth rate improving by 0.2 percentage points compared to the first seven months [1] - Tax revenue for the same period amounted to 12.11 trillion yuan, a slight increase of 0.02% year-on-year, marking the first positive cumulative growth [1][2] Tax Revenue Growth - Major tax categories maintained positive growth, with domestic value-added tax at 47,389 billion yuan (up 3.2%), domestic consumption tax at 11,523 billion yuan (up 2%), corporate income tax at 31,477 billion yuan (up 0.3%), and personal income tax at 10,547 billion yuan (up 8.9%) [2] - Manufacturing and financial sectors showed rapid tax revenue growth, with manufacturing accounting for over 30% of total tax revenue and experiencing growth rates exceeding 5% [2] - High-end manufacturing sectors, such as railway, shipbuilding, aerospace, and other transportation equipment manufacturing, saw tax revenue growth exceeding 30% [2] Economic Factors Supporting Tax Revenue - The increase in tax revenue is attributed to a series of effective policies and a stable economic environment, leading to high-quality development [4] - The capital market's active trading in July and August contributed significantly, with the Shanghai Composite Index surpassing 3,800 points and A-share total market value exceeding 100 trillion yuan [4] - Tax revenue from the securities industry grew over 70%, while insurance industry tax revenue increased by over 10% during the same period [4] Compliance and Taxpayer Awareness - Enhanced awareness of lawful and honest tax payment among taxpayers has been noted, supported by tax authorities' efforts in promoting compliance and fair taxation [5] - The increase in tax revenue is also influenced by a lower base from the previous year, which may lead to a potential decline in growth rates in the fourth quarter due to a higher base effect [5] Fiscal Expenditure and Policy Outlook - National general public budget expenditure has been growing, with social security and employment spending increasing by 10% and education spending by 5.6% in the first eight months [8] - The overall fiscal situation is improving, with expectations for continued positive trends in revenue and expenditure in the latter half of the year [8] - Future tax administration will focus on legal fairness and compliance management to foster a favorable business environment for high-quality economic development [8]

Core Insights - The national general public budget revenue for the first eight months of this year reached 14.82 trillion yuan, a year-on-year increase of 0.3%, with the growth rate improving by 0.2 percentage points compared to the first seven months [1] - Tax revenue amounted to 12.11 trillion yuan, showing a slight increase of 0.02% year-on-year, marking the first positive cumulative growth [1] Tax Revenue Growth - Major tax categories maintained positive growth, with total tax revenue (excluding export tax rebates) increasing by 2% in the first eight months [2] - Key tax types included domestic value-added tax at 47,389 billion yuan (up 3.2%), domestic consumption tax at 11,523 billion yuan (up 2%), corporate income tax at 31,477 billion yuan (up 0.3%), and personal income tax at 10,547 billion yuan (up 8.9%) [2] - Manufacturing and financial sectors showed rapid tax revenue growth, with manufacturing accounting for over 30% of total tax revenue and experiencing a growth rate exceeding 5% [2] Economic Factors Supporting Tax Revenue - The increase in tax revenue is attributed to a series of effective policies and a stable economic environment, leading to high-quality development [4] - The capital market's active trading contributed significantly, with the Shanghai Composite Index surpassing 3,800 points and A-share total market value exceeding 100 trillion yuan [4] - Tax revenue from the securities industry grew over 70%, while insurance industry tax revenue increased by more than 10% [4] Compliance and Taxpayer Awareness - There has been a noticeable enhancement in taxpayers' awareness of lawful and honest tax payment, supported by tax authorities' efforts in promoting compliance and fair taxation [5] - The increase in tax revenue in recent months is also influenced by a lower base of tax revenue from the previous year [5] Fiscal Expenditure and Policy Outlook - National general public budget expenditure has been growing, with social security and employment spending increasing by 10% and education spending by 5.6% in the first eight months [8] - The overall fiscal situation is improving, indicating a positive economic outlook, with expectations for continued favorable trends in fiscal revenue and expenditure [8]

Core Insights - The overall public budget revenue in China for the first eight months of the year reached 14.82 trillion yuan, showing a year-on-year growth of 0.3%, with tax revenue slightly increasing by 0.02% to 12.11 trillion yuan, marking the first positive cumulative growth [2][3] Tax Revenue Growth - Major tax categories, including domestic value-added tax, domestic consumption tax, corporate income tax, and personal income tax, all maintained positive growth in the first eight months [3] - Domestic value-added tax amounted to 47,389 billion yuan, up 3.2% year-on-year; domestic consumption tax reached 11,523 billion yuan, increasing by 2%; corporate income tax was 31,477 billion yuan, with a growth of 0.3%; personal income tax totaled 10,547 billion yuan, rising by 8.9% [3] - The manufacturing and financial sectors exhibited rapid tax revenue growth, with manufacturing accounting for over 30% of total tax revenue and showing an increase of over 5% [3] Economic Factors Supporting Tax Revenue - The increase in tax revenue is attributed to a series of effective policies and a stable economic environment, leading to high-quality development [5][6] - The capital market's activity significantly contributed to tax revenue, with the Shanghai Composite Index surpassing 3,800 points in August, and daily stock trading volume averaging 2.3 trillion yuan [6] - Enhanced compliance and tax awareness among taxpayers, driven by tax authorities' efforts, have also supported tax revenue growth [6][7] Fiscal Expenditure and Policy Outlook - National public budget expenditure has been on the rise, with social security and employment spending increasing by 10% and education spending by 5.6% in the first eight months [8] - The overall fiscal situation is improving, with expectations for continued positive trends in revenue and expenditure in the latter half of the year [8]

Core Insights - The overall public budget revenue for the first eight months of the year reached 14.82 trillion yuan, showing a year-on-year growth of 0.3%, with the growth rate improving by 0.2 percentage points compared to the first seven months [1] - Tax revenue amounted to 12.11 trillion yuan, a slight increase of 0.02% year-on-year, marking the first positive cumulative growth [1] Tax Revenue Growth - Major tax categories maintained positive growth, with total tax revenue (excluding export tax rebates) increasing by 2% in the first eight months [2] - Key tax types included domestic value-added tax at 47,389 billion yuan (up 3.2%), domestic consumption tax at 11,523 billion yuan (up 2%), corporate income tax at 31,477 billion yuan (up 0.3%), and personal income tax at 10,547 billion yuan (up 8.9%) [2] - Manufacturing and financial sectors showed rapid tax revenue growth, with manufacturing accounting for over 30% of total tax revenue and experiencing growth rates above 5% [2] Economic Factors Supporting Tax Revenue - The increase in tax revenue in recent months is attributed to the robust performance of major tax types, indicating a positive economic recovery and active capital markets [4] - The capital market's activity significantly contributed to tax revenue, with the Shanghai Composite Index surpassing 3,800 points and A-share total market value exceeding 100 trillion yuan [4] - Enhanced taxpayer compliance and awareness of legal tax obligations have also supported tax revenue growth [5] Fiscal Expenditure and Policy Outlook - Public budget expenditure has been on the rise, with social security and employment spending increasing by 10% and education spending by 5.6% in the first eight months [8] - The overall fiscal situation is improving, with expectations for continued positive trends in revenue and expenditure in the latter half of the year [8] - The tax authorities plan to maintain a fair legal framework and optimize management practices to foster a conducive environment for high-quality economic development [8]

Group 1 - National general public budget revenue for the first seven months reached 1,358.39 billion yuan, marking a 0.1% increase, the first positive growth this year [1] - The increase in fiscal revenue is supported by stable economic performance, with a recovery from a 1.6% decline at the beginning of the year [1] - Policies aimed at boosting consumption and investment have shown effectiveness, with notable growth in cultural, sports, and entertainment sectors [1] Group 2 - Positive interaction between fiscal revenue and macroeconomic policies is evident, particularly in sectors like equipment manufacturing and modern services [2] - Tax revenue from industries such as aerospace, shipbuilding, and cultural services has maintained a high growth rate, supported by fiscal spending on "two new" policies [2] - The reliance on non-tax revenue is decreasing, indicating an improvement in the structure of fiscal revenue [2] Group 3 - Continued efforts are needed to maintain a positive cycle between fiscal policy and economic growth, with a focus on consumer spending and technological innovation [3] - The "three guarantees" (basic livelihood, wages, and operational stability) must be prioritized to ensure social stability and economic order [3] - Central government has increased transfer payments to local governments to support fiscal capacity, emphasizing the importance of monitoring and addressing fiscal risks [3] Group 4 - To sustain the recovery of fiscal revenue, it is essential to stabilize employment, businesses, and market expectations, while implementing proactive fiscal policies [4]