各级财政部门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—10月，全国一般公共预算支出22.58万亿元，同比增长2%，其中，社会保障和就业支出增长 9.3%，教育支出增长4.7%，卫生健康支出增长2.4%，科学技术支出增长5.7%，节能环保支出增长7%。 本报北京11月18日电 （记者曲哲涵）财政部17日公布，10月份，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。全国一般公共预算支出保持增长，重点领域支出得到保障。 同时，1—10月，全国政府性基金预算收入3.45万亿元，同比下降2.8%；全国政府性基金预算支出8.09 万亿元，增长15.4%。 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—10月，全国一般公共预算收入18.65万亿元，增长0.8%，增幅比1—9月提高0.3个百分点。 税收收入持续较快增长。10月份，全国税收收入2.07万亿元，增长8.6%，与上月的8.7%基本持平。1— 10月，全国税收收入15.34万亿元，增长1.7%，增幅比1—9月提高1个百分点。其中，国内增值税、 ...

各级财政部门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—10月，全国一般公共预算支出22.58万亿元，同比增长2%，其中，社会保障和就业支出增长 9.3%，教育支出增长4.7%，卫生健康支出增长2.4%，科学技术支出增长5.7%，节能环保支出增长7%。 同时，1—10月，全国政府性基金预算收入3.45万亿元，同比下降2.8%；全国政府性基金预算支出8.09 万亿元，增长15.4%。 （文章来源：人民日报） 本报北京11月18日电 （记者曲哲涵）财政部17日公布，10月份，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。全国一般公共预算支出保持增长，重点领域支出得到保障。 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—10月，全国一般公共预算收入18.65万亿元，增长0.8%，增幅比1—9月提高0.3个百分点。 税收收入持续较快增长。10月份，全国税收收入2.07万亿元，增长8.6%，与上月的8.7%基本持平。1— 10月，全国税收收入15.34万亿元，增长1.7%，增幅比1—9月提高1个百 ...

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人：高拓 （13705969808） 事项 10月广义财政收入同比-0.6%，9月同比3.2%；10月广义财政支出同比-19.1%，9月同比2.3%。 报告摘要 为何背离？我们分别观察地产相关税、卖地收入：一方面，地产相关税中， 和卖地收入关联度较弱的非交易 环节税增长，导致背离 ；另一方面， 卖地收入波动较大，或有其自身结构性因素，客观放大波动，我们提示 需理性看待 ， 试列举两点——一是 城投退平台，验证改革转型成果，客观放大波动；二是卖地高集中，强化 城市微观逻辑， 客观放大波动 （详见下文）。 （二）地产相关税的观察：和卖地收入关联度较弱的非交易环节税增长，导致背离 地产相关税，可以进一步分为交易环节税（土地增值税、契税）和非交易环节税（城镇土地使用税、耕地占 用税、房产税），其中，交易环节税和卖地收入直接相关 （土地增值税，对土地使用权转让的增值额征税； 契税，计税依据包含土地出让金）， 而非交易环节税和卖地收入关联度较弱 （城镇土地使用税，对持有土地 的行为按年征收，与一次性的卖地收入不直接相关；耕 ...

人民财讯11月17日电，财政部发布2025年1—10月财政收支情况，1—10月，印花税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%。 ...

分析人士认为，如果《金融时报》报道属实，将动摇市场对英国政府改善财政状况的信心。英国预算责 任办公室7月初发布报告说，英国公共债务正处于上世纪60年代初以来最高水平，预计中长期会进一步 增加。英国政府亟需进一步增加财政收入，以实现财政目标。 （文章来源：新华社） 人民财讯11月14日电，英国工党政府定于本月26日发布2025年秋季预算案，是否提高所得税税率备受关 注。英国媒体14日报道，财政大臣蕾切尔·里夫斯已取消这一增税计划。该消息引发市场负面反应，英 国股市、汇市和债券市场出现"三杀"。 英国《金融时报》援引知情人士消息报道，里夫斯本周决定，将不会提高所得税税率，转而通过其他一 些税种增税。里夫斯已就此和政府支出监督机构预算责任办公室沟通。 ...

Core Insights - The report highlights the implementation of China's fiscal policy in the first half of 2025, emphasizing increased investment in social welfare and measures to control local government hidden debt [1][2]. Group 1: Social Welfare Investments - The fiscal policy has increased investment in social welfare, with a 2% rise in basic pension levels for retirees and a 20 yuan increase in the minimum standard for urban and rural residents' basic pensions [1]. - The central government allocated 1.1 trillion yuan in subsidies to support timely and full payment of basic pension benefits [1]. Group 2: Control of Hidden Debt - The report indicates effective measures to curb new hidden debt, prohibiting government expenditures and investment projects not included in the budget [2]. - A lifelong accountability system for government borrowing has been established, along with a mechanism for tracing debt issues, ensuring that any new hidden debt is identified and addressed promptly [2]. Group 3: Tax Reforms - The report mentions ongoing tax reforms, particularly the adjustment of consumption tax collection to enhance local revenue sources and improve the consumption environment [3]. - The specifics of which tax items will be shifted to the wholesale and retail stages and how the revenue will be distributed between central and local governments remain to be clarified [3]. Group 4: Future Fiscal Policy Outlook - The report outlines six key tasks for future fiscal policy, including the use of more proactive fiscal measures, support for employment and foreign trade, and improvement of social welfare [3]. - Emphasis is placed on enhancing services for the elderly and children, providing subsidies for elderly care, and implementing free preschool education [3]. - The Ministry of Finance will continue to enforce policies to manage hidden debt and strengthen financial monitoring and emergency response [3].

Core Insights - The Ministry of Finance reported that the general public budget revenue for the first three quarters of 2025 reached 16.39 trillion yuan, a year-on-year increase of 0.5% [2][3] - Tax revenue, which constitutes the main source of fiscal income, amounted to 13.27 trillion yuan, growing by 0.7%, while non-tax revenue decreased by 0.4% [2][4] - The fiscal revenue growth reflects a stable and improving economic environment, with the third quarter showing a significant increase of 2.5% in revenue [2][3] Revenue Breakdown - Central government budget revenue was 7.1 trillion yuan, down 1.2%, while local government budget revenue was 9.3 trillion yuan, up 1.8% [3] - The increase in third-quarter revenue indicates a recovery trend, with monthly growth observed [3] - Tax revenue from the domestic value-added tax, the largest tax category, grew by 3.6%, indicating improved performance in the industrial and service sectors [4] Expenditure Insights - Total general public budget expenditure for the first three quarters was 20.81 trillion yuan, a year-on-year increase of 3.1% [3] - Central government expenditure was 3.1 trillion yuan, up 7.3%, while local government expenditure was 17.7 trillion yuan, up 2.4% [3] - Key areas of expenditure such as social security and employment saw a growth of 10%, education increased by 5.4%, and health spending rose by 4.7%, marking the highest growth rates in three years for these categories [3] Government Fund Budget - Government fund budget revenue was 3.07 trillion yuan, down 0.5%, but the decline was less severe than in the first half of the year [5] - Fund budget expenditure reached 7.49 trillion yuan, a significant increase of 23.9%, driven by accelerated use of bond funds [5] Local Government Debt Management - The central government allocated 500 billion yuan from the local government debt limit to support local fiscal capacity, an increase of 100 billion yuan compared to 2024 [6] - This allocation aims to assist local governments in managing existing debts and supporting project construction in economically significant provinces [6][7] - The early issuance of new local government debt limits is intended to ensure the progress of key projects and stabilize the government bond market [7]

Core Insights - Beijing's general public budget revenue reached 452.88 billion yuan from January to August, showing a year-on-year growth of 3.2% [1] Revenue Analysis - Local tax revenue amounted to 397.86 billion yuan, with a year-on-year increase of 5.3%, accounting for 87.9% of total revenue, indicating the highest revenue quality nationwide [1] - Value-added tax generated 139.38 billion yuan, growing by 3.3%, driven mainly by the growth in internet wholesale and key enterprises in the new energy vehicle sector [1] - Corporate income tax totaled 124.66 billion yuan, reflecting a robust year-on-year growth of 13.6%, supported by improved operational efficiency in key information technology enterprises [1] - Personal income tax reached 54.56 billion yuan, with a year-on-year increase of 7.2%, maintaining a growth rate of around 7% since the second quarter, influenced by an active capital market and dividends from listed companies [1] Expenditure Analysis - Total general public budget expenditure was 545.66 billion yuan, marking a year-on-year increase of 1.7%, with a focus on optimizing expenditure structure and ensuring financial support for key projects and public welfare initiatives [1]

Revenue and Budget Analysis - In August, general public budget revenue reached 1.24 trillion, with a year-on-year increase of 0.3%, but the monthly growth rate fell by 0.6 percentage points to 2.0%[3] - Tax revenue decreased by 1.6 percentage points to 3.4%, marking the second-highest decline since the beginning of the year, with significant drops in stamp duty and consumption tax on imported products[3] - The contribution of major taxes like VAT, corporate income tax, and personal income tax showed slight improvements, but their contributions remained limited due to low domestic inflation[3] Expenditure and Fiscal Gap - In August, general public budget expenditure growth fell by 2.2 percentage points to 0.8%, the second-lowest monthly figure of the year[4] - The fiscal gap from January to August expanded by 500.4 billion to 3.11 trillion, indicating increased pressure on government debt financing[4] - Government fund budget revenue turned negative in August, dropping by 14.6 percentage points to -5.7%, with land transfer revenue declining by 12.9 percentage points to -5.8%[5] Government Financing and Policy Implications - The cumulative fiscal deficit from January to August increased by 1.98 trillion, with government debt financing progress reaching 80.2% of the annual plan, significantly higher than previous years[7] - The ongoing economic structure optimization and cooling demand suggest a potential for increased fiscal stimulus and monetary easing to stabilize the real estate market and boost consumption[7] - Risks include the possibility that the extent of fiscal expansion may fall short of expectations[7]

Core Insights - The Ministry of Finance reported that from January to August, the national general public budget revenue reached nearly 15 trillion yuan, while expenditure was close to 18 trillion yuan [1] - In August, the national general public budget revenue was 1.24 trillion yuan, showing a year-on-year growth of 2%, continuing the growth trend [3] - For the first eight months, the national general public budget revenue was 14.82 trillion yuan, an increase of 0.3%, with the growth rate improving by 0.2 percentage points compared to January to July [5] - Notably, the cumulative growth rate of tax revenue turned positive for the first time [5] Revenue Analysis - In August, national tax revenue grew by 3.4% year-on-year, maintaining positive growth for five consecutive months [7] - From January to August, national tax revenue totaled 12.11 trillion yuan, which is 2.6 billion yuan more than the same period in 2024, reflecting a slight increase of 0.02% [7] - By tax type, domestic value-added tax, domestic consumption tax, and individual income tax showed stable growth, while the cumulative growth of corporate income tax turned positive [9] Expenditure Analysis - From January to August, national general public budget expenditure was 17.93 trillion yuan, a year-on-year increase of 3.1%, with key areas of expenditure well-supported [13] - Expenditures in education, social security and employment, and health care all grew by over 5% year-on-year [13] - Additionally, local government special bonds and other long-term bonds contributed to a significant increase in government fund budget expenditure, which grew by 30% [15]