炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：申万宏源宏观 摘要 中央经济工作会议后，中财办、相关部委及地方政府迅速推进会议精神的学习贯彻工作。其释放的增量 信息与政策信号有何深意？本文分析，可供参考。 中财办对中央经济工作会议的解读更具体，突出内需结构性变化与"反内卷"的三个层次等。 中央经济工作会议后，中财办、相关部委及地方政府围绕扩大内需、反内卷、新质生产力等方向，密集 开展会议精神的学习、解读与部署工作。各部门和地区部署亮点纷呈：中财办研判消费结构演变等，财 税部门聚焦财力保障，经济大省侧重开放布局，边疆地区强化安全建设。 综上，中央经济工作会议后，各部门及地方已贯彻会议部署。中财办聚焦内需结构优化与"反内卷"施 策，部委立足专业领域强化保障、培育新质生产力，地方因地制宜谋发展，形成央地协同、分层推进的 格局。2026 年步入后，相关部署或将逐步落地，后续需关注年初财政信贷资金到位及重大项目开工进 度，跟踪政策落地成效。 中财办解读中央经济工作会议精神，重点强调财政"为未来风险留有余地"与货币政策"前瞻性、科学性 调节"两大核心方向。融资条件方面，其提出"促进社会综合 ...

Group 1 - The article discusses the fiscal dimensions of China's economic growth miracle, highlighting various academic theories that explain this phenomenon [2][3][4] - Key theories include Lin Yifu's "Comparative Advantage Strategy," Sachs and Yang Xiaokai's "Industrialization Imitation," Cai Fang's "Demographic Dividend," Zhang Wuchang's "Local Government Competition," and Qian Yingyi's "Fiscal Incentive" [2][3][4][5] - The article emphasizes the importance of understanding China's fiscal system, which shapes government behavior and influences economic development, public goods provision, and regional balance [3][4][5] Group 2 - The evolution of China's fiscal system is divided into three stages: "Unified Collection and Expenditure," "Separate Stoves for Cooking," and "Tax Sharing System" [9][10][14] - The "Unified Collection and Expenditure" stage (1950-1979) was characterized by a highly centralized fiscal management system that limited local government incentives [10][12] - The "Separate Stoves for Cooking" stage (1980-1993) allowed local governments more autonomy but led to issues such as declining central fiscal authority and market fragmentation [11][12][13] Group 3 - The "Tax Sharing System" (1994-present) significantly altered the fiscal relationship between central and local governments, increasing central fiscal revenue's share of total revenue to around 47% [14][30] - This system incentivizes local governments to develop their economies by allowing them to retain a portion of tax revenues, particularly from value-added tax and corporate income tax [24][25][30] - The article argues that the flexibility of the tax-sharing system promotes local economic growth by aligning local government incentives with economic development goals [25][35] Group 4 - The article also discusses the role of transfer payments in balancing regional disparities and stimulating economic growth, particularly in underdeveloped areas [36][41] - Transfer payments have increased significantly since 2000, with general transfer payments rising from 13.44% to 54.03% of total transfers by 2017, indicating a focus on equalizing regional financial capabilities [37][40] - The effectiveness of transfer payments in promoting economic growth is linked to their ability to enhance the development capacity of less developed regions [41][42] Group 5 - The article concludes that the fiscal system's design, particularly the tax-sharing system and transfer payments, is crucial for stimulating local government initiatives in economic development and public service provision [43][44] - It suggests that as China's economy matures, the focus should shift from merely stimulating economic growth to enhancing public service delivery and governance [44]

1—11月中国财政收入同比增长0.8% 中新社北京12月17日电 (记者 赵建华)中国财政部17日公布的数据显示，1—11月，全国一般公共预算收 入200516亿元(人民币，下同)，同比增长0.8%。其中，全国税收收入164814亿元，同比增长1.8%；非税 收入35702亿元，同比下降3.7%。 1—11月，全国一般公共预算收入增幅与1—10月持平。税收收入继续增长，其中国内增值税、国内消费 税分别同比增长3.9%、2.5%，继续保持平稳增长；企业所得税增长1.7%；个人所得税增长11.5%，增幅 与1—10月持平。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 14.1%，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14.6%，文化体育 娱乐业税收收入增长6.3%。 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 同时，1—11月，全国政府性基金预算收入4.03万亿 ...

非税收入则出现小幅下滑。财政部数据显示，今年前11个月全国非税收入约3.6万亿元，同比下降 3.7%。除了前些年非税收入大幅增长导致基数过高之外，或许也与今年国家加强对罚没收入监管，进 一步规范涉企执法专项行动等有关。此外，前些年地方加力盘活存量资产资源收入，使得非税收入较快 增长，如今盘活空间有限，非税收入也难以持续维持高增长。 广义财政收入除了全国一般公共预算收入之外，还有以卖地收入为主的政府性基金收入。 前11个月财政数据"出炉"，财政运行总体平稳，财政收入延续低增长态势。 财政部12月17日公布的数据显示，今年前11个月全国一般公共预算收入约20.1万亿元，同比增长0.8%， 这一增幅与前10个月持平，11月份这一收入与去年同期持平。 全国一般公共预算收入由税收收入和非税收入组成，税收收入被称为"经济晴雨表"。前11个月全国税收 收入约16.5万亿元，同比增长1.8%。其中11月份，全国税收收入约1.15万亿元，同比增长2.8%。 物价低迷等拉低了以现价计算的税收收入增速。不过，今年以来税收收入增速由负转正，并保持稳定增 长，折射经济运行稳定。 具体来看，前四大主体税种均保持稳定增长。财政部数据显示， ...

Fiscal Revenue and Expenditure - In November, public fiscal revenue was CNY 14,026.0 billion, remaining flat year-on-year, with tax revenue at CNY 11,450.0 billion, a 2.8% increase, but the growth rate slowed by 5.8 percentage points compared to October[2] - Non-tax revenue fell to CNY 2,576.0 billion, down 10.8% year-on-year, with the decline narrowing by 22.1 percentage points from the previous month[2] - Public fiscal expenditure in November was CNY 22,713.0 billion, a decrease of 3.7% year-on-year, although the decline rate improved by 6.1 percentage points from October[3] Government Fund Performance - From January to November, government fund budget revenue totaled CNY 40,274.0 billion, down 4.9% year-on-year, with a worsening decline rate of 2.1 percentage points compared to the previous month[17] - In November, central government fund revenue was CNY 320.0 billion, down 9.1%, while local government fund revenue was CNY 5,481.0 billion, down 16.1%, with the decline rate improving by 4.3 percentage points from October[5] - The revenue from state-owned land use rights fell to CNY 4,137.0 billion, a 26.8% decrease year-on-year, with the decline rate slightly narrowing by 0.4 percentage points from October[5] Fiscal Policy Outlook - The central economic work conference emphasized the continuation of a more proactive fiscal policy, aiming to maintain necessary fiscal deficits and total expenditure levels[4] - The actual deficit rate for this year has exceeded 5.0%, and fiscal spending and financing are expected to maintain necessary strength in the coming year[4] - Broad fiscal expenditure from January to November reached CNY 340,662 billion, a 4.5% increase year-on-year, with central fiscal expenditure at CNY 47,310.0 billion, growing by 21.0%[22]

根据财政部数据，今年前11个月全国一般公共预算收入约20.1万亿元，同比增长0.8%，这一增幅与 前10个月持平，11月份这一收入与去年同期持平。 全国一般公共预算收入由税收收入和非税收入组成，税收收入被称为"经济晴雨表"。前11个月全国税 收收入约16.5万亿元，同比增长1.8%。其中11月份，全国税收收入约1.15万亿元，同比增长 2.8%。 物价低迷等拉低了以现价计算的税收收入增速。不过，今年以来税收收入增速由负转正，并保持稳定 增长，折射经济运行稳定。 2025.12. 17 本文字数：1413，阅读时长大约2分钟 作者 | 第一财经 陈益刊 "真金白银"的前11月财政数据"出炉"，财政运行总体平稳。 12月17日，财政部公布2025年1-11月财政收支情况。从收入端来看，财政收入延续低增长态势。 财政部数据显示，今年前11月，全国政府性基金预算收入约4万亿元，同比下降4.9%。这一降幅较 前10月有所扩大。这主要是楼市持续低迷，卖地收入降幅扩大所致。今年前11个月，地方政府性基 金中的国有土地使用权出让收入约2.9万亿元，同比下降10.7%，这一降幅较前10月扩大了3个多百 分点。 尽管财政收入增幅 ...

经济结构转型期的阵痛、征管体系的适应性滞后以及省以下财政管理体制不完善等是造成困境的深 层次原因。 第一，经济转型期的结构性矛盾制约财政增收基础。传统产业增长动能减弱与新兴产业培育不足并 存。房地产、建筑业等传统产业增长放缓、税收贡献显著下滑，而新能源、人工智能等新兴产业规 模相对较小，短期内难以形成有效税收替代。 第二，传统税收征管模式难以有效覆盖新经济业态。比如，对直播带货、微商等跨区域、隐匿性强 的经营行为，税务机关难以准确掌握税源信息，存在税收流失风险。同时，部分地区产业结构单一 加剧财政收入波动。部分地区经济增长和财政收入对房地产、资源等行业依赖度过高，当面临市场 需求结构性调整、环保政策收紧等外部冲击时，财政收入容易出现大幅波动。 当前，我国地方财政运行正处于深刻的转型与承压期。在外部 环境复杂多变、经济增长放缓、产业转型升级压力大、房地产 市场深度调整等多重因素叠加影响下，地方财政收支矛盾日益 凸显，风险压力积聚，亟待落实二十届四中全会精神，深化改 革，多措并举构建地方财政可持续运行机制，以地方财政可持 续助力经济持续健康发展。 作者：刘薇 封图：图虫创意 《中共中央关于制定国民经济和社会发展第 ...

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、 ...

Group 1 - The core viewpoint of the articles highlights the steady recovery in China's general public budget revenue and expenditure, with a notable increase in tax revenue and targeted spending in key areas [1][2][3] Group 2 - 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 18.65 trillion yuan, reflecting a growth of 0.8%, which is an increase of 0.3 percentage points compared to the previous nine months [1] - Tax revenue in October amounted to 2.07 trillion yuan, growing by 8.6%, maintaining a similar rate to the previous month [1] - For the first ten months, tax revenue totaled 15.34 trillion yuan, with a year-on-year growth of 1.7%, an increase of 1 percentage point from the previous nine months [1] - Key tax categories showed varied growth: domestic value-added tax increased by 4%, domestic consumption tax by 2.4%, corporate income tax by 1.9%, and individual income tax by 11.5% [1] - The equipment manufacturing and modern service industries demonstrated strong tax performance, with computer and communication equipment manufacturing tax revenue growing by 12.7% and electrical machinery tax revenue by 7.9% [1] Group 3 - From January to October, national general public budget expenditure reached 22.58 trillion yuan, a year-on-year increase of 2% [2] - Specific areas of expenditure growth included social security and employment at 9.3%, education at 4.7%, health at 2.4%, and science and technology at 5.7% [2] - Government fund budget revenue for the same period was 3.45 trillion yuan, a decline of 2.8%, while government fund budget expenditure rose by 15.4% to 8.09 trillion yuan [2]

Group 1 - The core observation is the divergence between land sales revenue and real estate-related taxes, with land sales revenue declining by 27.3% year-on-year in October, marking the lowest growth since August of the previous year, while real estate-related taxes remained relatively stable, decreasing by only 1.4% year-on-year [3][10][11] - The divergence is attributed to the growth of non-transaction taxes, which are less correlated with land sales revenue, and the inherent volatility of land sales revenue itself, influenced by structural factors such as the withdrawal of city investment platforms and the concentration of land sales in major cities [3][4][10][12] - City investment platforms have historically contributed 30% to 40% of land sales revenue, but their role is shifting as they exit unsustainable support mechanisms, with projections indicating a decrease in their contribution to 24.8% by 2024 [5][13][14] Group 2 - In October, tax revenue continued to show high growth, driven primarily by price-related taxes and personal income tax, with notable contributions from sectors such as computer communication equipment and scientific research [21][22][23] - The government’s fiscal income saw a year-on-year increase of 3.2% in October, with a budget revenue progress of 84.8% for the first ten months, indicating a faster pace compared to the average of the past three years [21][22] - On the expenditure side, public fiscal spending saw a significant decline of 9.8% year-on-year in October, primarily due to high base effects and continued pressure from infrastructure spending [33][37]