中经记者 杜丽娟 北京报道 在经济回升向好态势支撑下，财政收入的稳步增长为高质量发展提供坚实财力保障。 和税收收入同比增长形成对比的是，2025年1—11月，非税收入35702亿元，同比下降3.7%。"临近年 底，非税收入同比下降主要受部分行政事业性收费规范调整影响，总体看，税收和非税收入一升一降说 明财政收入结构不断优化，未来发展也更趋健康可持续。"中国政法大学财税法研究中心主任施正文 说。 在税收收入项目中，主要税种表现呈现结构性亮点。国内增值税作为第一大税种，2025年前11个月收入 为63629亿元，同比增长3.9%。 《中国经营报》记者从国家税务总局获悉，今年以来，在减税降费等相关政策有力推动下，我国制造业 高质量发展态势良好。发票数据显示，1—11月，装备制造业销售收入同比增长8.3%，特别是计算机通 信设备制造业、仪器仪表制造业销售收入同比分别增长12.3%和10.3%，反映了制造业高端化加速推 进，也印证了实体经济复苏动能增强。 今年以来，财政支出保持适度增长，聚焦重点领域，保障民生与发展。1—11月全国一般公共预算支出 248538亿元，同比增长1.4%。分中央和地方看，中央一般公共预算本级 ...

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]

Core Insights - The fiscal revenue and expenditure data for the first ten months of the year shows a slight increase in public budget revenue and expenditure, indicating a continuation of improvement in fiscal conditions [1][2]. Revenue Analysis - From January to October, the total public budget revenue reached 186,490 billion yuan, a year-on-year increase of 0.8%. Tax revenue accounted for 153,364 billion yuan, growing by 1.7%, while non-tax revenue fell by 3.1% to 33,126 billion yuan [2][3]. - The central government's public budget revenue was 81,856 billion yuan, down 0.8%, while local government revenue increased by 2.1% to 104,634 billion yuan [2]. - Tax revenue growth has shown a recovery trend for eight consecutive months, with an October year-on-year growth rate of 8.6%. The overall tax revenue growth target for the year is set at 3.7% [2][3]. Expenditure Analysis - Total public budget expenditure for the same period was 225,825 billion yuan, reflecting a 2% increase year-on-year. Central government expenditure rose by 6.3% to 34,727 billion yuan, while local government expenditure increased by 1.2% to 191,098 billion yuan [5]. - Expenditure in social security and employment grew by 9.3%, education by 4.7%, and science and technology by 5.7%, indicating a focus on social welfare and development [5][6]. Sector-Specific Insights - The growth in tax revenue was particularly strong in personal income tax, which increased by 11.5%, and stamp duty, which surged by 29.5%, with securities transaction stamp duty rising by 88.1% [3]. - The analysis suggests that the recovery in tax revenue is linked to improved economic conditions, including a more active capital market and the implementation of new tax reporting regulations for internet platform enterprises [3][4]. Future Outlook - Analysts predict that the fiscal revenue growth target for the year is likely to be achieved, supported by a moderate recovery in prices and effective fiscal policies [4]. - There is a need for increased fiscal spending in the last two months of the year, especially in infrastructure and public welfare sectors, to counteract the slower spending observed in October [5][6].

Fiscal Revenue and Expenditure - In October, public fiscal revenue was CNY 22,614.0 billion, a year-on-year increase of 3.2%, with tax revenue at CNY 20,700.0 billion, up 8.6%[6] - Non-tax revenue fell to CNY 1,914.0 billion, down 33.0% year-on-year, a significant decline of 21.5 percentage points compared to the previous month[6] - Public fiscal expenditure in October was CNY 17,761.0 billion, down 9.8% year-on-year, marking a negative growth shift from September[16] Tax Contributions - Domestic value-added tax increased by 7.2% in October, contributing 3.0 percentage points to the overall tax revenue growth[8] - Corporate income tax rose by 7.3%, contributing 0.7 percentage points to the tax revenue growth, while personal income tax surged by 27.3%, contributing 2.9 percentage points[8] - Consumption tax revenue grew by 4.4%, with an increase of 0.5 percentage points to the overall tax revenue growth[8] Government Fund Performance - From January to October, government fund budget revenue totaled CNY 34,473.0 billion, a year-on-year decrease of 2.8%[19] - Land use rights transfer revenue was CNY 24,982.0 billion, down 7.4% year-on-year, indicating a worsening decline trend[19] - Government fund expenditure for the same period reached CNY 80,892.0 billion, a year-on-year increase of 15.4%[22] Economic Outlook - The fiscal expenditure and financing pace in 2025 supported a GDP growth of 5.2% in the first three quarters[25] - Incremental policies are anticipated at the end of this year and early next year to bolster economic growth, with a focus on the upcoming central economic work conference and the "Two Sessions" for fiscal and policy financial tools[25] - Risks include increasing overseas recession risks and heightened geopolitical uncertainties[26]

Core Insights - The article highlights a recovery in fiscal revenue, with a steady increase in public budget income and a slowdown in expenditure growth, while maintaining high growth in social welfare-related spending [2][4]. Fiscal Revenue Recovery - In the first ten months of 2025, the national general public budget revenue reached 18.65 trillion yuan, growing by 0.8%, an increase of 0.3 percentage points compared to the first nine months [2]. - Tax revenue amounted to 15.34 trillion yuan, with a growth rate of 1.7%, up by 1 percentage point from the previous nine months [2]. - Non-tax revenue decreased by 3.1% to 3.31 trillion yuan [2]. Tax Revenue Growth - Major tax categories showed significant 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 [4]. - The securities transaction stamp duty saw a remarkable increase of 88.1%, totaling 162.9 billion yuan, driven by a recovery in market confidence and A-share trading volume [4]. Sector Performance - The equipment manufacturing and modern service industries demonstrated strong tax revenue performance, with notable increases in specific sectors: computer and communication equipment manufacturing by 12.7%, electrical machinery and equipment manufacturing by 7.9%, scientific research and technical services by 14.8%, and cultural, sports, and entertainment industries by 5.7% [5]. Fiscal Expenditure Trends - Total public budget expenditure for the first ten months was 22.58 trillion yuan, reflecting a year-on-year growth of 2%, although the growth rate decreased by 1.1 percentage points compared to the previous nine months [7]. - Key areas such as social security and employment, education, health, science and technology, energy conservation and environmental protection, and cultural tourism saw substantial increases in spending, with growth rates of 9.3%, 4.7%, 2.4%, 5.7%, 7%, and 2.5% respectively [7]. Infrastructure Spending Outlook - Infrastructure-related spending in agriculture, forestry, and water management declined by 9%, although the rate of decline narrowed by 2.1 percentage points compared to the previous nine months [8]. - Analysts expect a rebound in fiscal infrastructure spending, supported by new policy financial tools and additional allocations for project construction [8].

Core Insights - The Ministry of Finance reported the fiscal revenue and expenditure situation for January to October 2025, indicating a slight increase in overall public budget revenue and a modest growth in expenditure [1] General Public Budget Revenue - Total public budget revenue reached 18.649 trillion yuan, a year-on-year increase of 0.8% [1] - Tax revenue accounted for 15.336 trillion yuan, growing by 1.7% year-on-year, while non-tax revenue was 3.3126 trillion yuan, declining by 3.1% [1] - Central government revenue was 8.1856 trillion yuan, down 0.8%, while local government revenue was 10.4634 trillion yuan, up 2.1% [1] Major Tax Revenue Items - Domestic VAT generated 5.8858 trillion yuan, increasing by 4% [2] - Domestic consumption tax totaled 1.4390 trillion yuan, up 2.4% [3] - Corporate income tax reached 3.9182 trillion yuan, growing by 1.9% [4] - Personal income tax saw significant growth at 1.3363 trillion yuan, up 11.5% [5] - Import VAT and consumption tax amounted to 1.5007 trillion yuan, down 4.9%, while customs duties were 195.4 billion yuan, down 3.3% [6] - Export tax rebates were 1.8121 trillion yuan, increasing by 6.9% [7] - Stamp duty revenue was 378.1 billion yuan, with securities transaction stamp duty rising by 88.1% to 162.9 billion yuan [10] General Public Budget Expenditure - Total public budget expenditure was 22.5825 trillion yuan, a year-on-year increase of 2% [19] - Central government expenditure was 3.4727 trillion yuan, up 6.3%, while local government expenditure was 19.1098 trillion yuan, increasing by 1.2% [19] Major Expenditure Items - Education expenditure reached 3.4117 trillion yuan, growing by 4.7% [20] - Social security and employment expenditure was 3.7742 trillion yuan, up 9.3% [24] - Expenditure on agriculture, forestry, and water resources was 1.7627 trillion yuan, down 11.7% [26] - Urban and rural community expenditure decreased by 7.3% to 1.5253 trillion yuan [25] Government Fund Budget Revenue - Government fund budget revenue totaled 3.4473 trillion yuan, a decline of 2.8% [22] - Local government fund budget revenue was 3.0855 trillion yuan, down 3.3%, with land use rights transfer income at 2.4982 trillion yuan, decreasing by 7.4% [22] Government Fund Budget Expenditure - Total government fund budget expenditure was 8.0892 trillion yuan, increasing by 15.4% [23] - Local government fund budget expenditure was 7.2328 trillion yuan, up 7.3%, with related expenditures for land use rights transfer income at 3.3752 trillion yuan, down 6.5% [23]

Group 1 - The core viewpoint of the articles highlights the resilience and vitality of China's economy, supported by positive macroeconomic policies and improved fiscal revenue and expenditure performance in the first three quarters of the year [1][2]. - National general public budget revenue reached 163,876 billion yuan, with a year-on-year growth of 0.5%, while tax revenue was 132,664 billion yuan, growing by 0.7%, and non-tax revenue was 31,212 billion yuan, declining by 0.4% [1][2]. - The fiscal revenue growth rate showed a recovery trend, with a notable increase in the third quarter, where July, August, and September saw growth rates of 2.6%, 2%, and 2.6% respectively, indicating a significant improvement [1][2]. Group 2 - The increase in fiscal revenue reflects a stable and improving economic operation, with the revenue structure showing a quality enhancement as tax revenue grew while non-tax revenue declined [2][3]. - Major tax categories showed positive growth, with domestic value-added tax reaching 52,271 billion yuan (up 3.6%), personal income tax at 11,799 billion yuan (up 9.7%), and stamp duty at 3,142 billion yuan (up 34.5%), indicating increased capital market activity [2][3]. - General public budget expenditure reached 208,064 billion yuan, growing by 3.1%, with central and local expenditures both maintaining growth, reflecting strong support for key areas such as livelihood and technology [3].

Group 1 - The core viewpoint of the articles highlights the improvement in tax revenue as a sign of economic recovery, with national public budget revenue showing a year-on-year growth of 0.3% in the first eight months of the year, marking the first positive growth in tax revenue after 17 months of decline [1][2] - The main tax categories showed varied growth rates, with domestic value-added tax revenue at 47,389 billion yuan, up 3.2% year-on-year, and corporate income tax revenue at 31,477 billion yuan, up 0.3%, indicating a shift from negative to positive growth for corporate income tax [1][2] - Personal income tax revenue led the growth among major tax categories, increasing by 8.9% year-on-year, attributed to last year's tax incentives and improved income levels for some residents [1] Group 2 - The general public budget revenue has shown signs of recovery, with the cumulative year-on-year growth rate turning positive for the first time in July, reaching 0.3% in August, exceeding the initial budget target growth rate of 0.1% [2] - By the end of August, the general public budget revenue had completed 67.4% of the annual budget progress, which is 1.4 percentage points higher than the same period last year and slightly above the average level of the past three years [2] - The government plans to implement a more proactive fiscal policy in 2025, with an increase in special local government debt limits and a significant expansion in fiscal expenditure, indicating a strong commitment to counter-cyclical adjustments [2] Group 3 - Market participants emphasize the need for continuous optimization of expenditure structure and improved efficiency in fund utilization, balancing between social welfare and constructive spending to enhance the effectiveness of fiscal policy in promoting growth and benefiting the public [3]

Core Viewpoint - The overall fiscal revenue in China has shown stability and growth in the first eight months of 2025, reflecting a positive economic trend, with tax revenue turning from negative to positive for the first time this year [3][4]. Fiscal Revenue - The total general public budget revenue reached 148,198 billion yuan, a year-on-year increase of 0.3% [3]. - Tax revenue amounted to 121,085 billion yuan, with a slight increase of 0.02% year-on-year, marking the first positive growth in tax revenue this year [3][4]. - The four major tax categories all experienced growth: - Domestic VAT: approximately 47,000 billion yuan, up 3.2% [5]. - Corporate income tax: approximately 32,000 billion yuan, up 0.3%, indicating a potential improvement in corporate profitability [5]. - Domestic consumption tax: approximately 12,000 billion yuan, up 2% [5]. - Personal income tax: approximately 11,000 billion yuan, up 8.9%, linked to increased property income for certain demographics [5]. Non-Tax Revenue - Non-tax revenue reached 27,113 billion yuan, growing by 1.5%, significantly lower than the 11.7% growth seen in the same period last year [6]. Government Fund Revenue - Government fund budget revenue totaled 26,449 billion yuan, a year-on-year decrease of 1.4%, with land use rights transfer income at 19,263 billion yuan, down 4.7% [7]. Government Debt and Expenditure - Net financing of government bonds reached 10.27 trillion yuan, an increase of 4.63 trillion yuan year-on-year, indicating increased government borrowing to support fiscal spending [9]. - General public budget expenditure was 179,324 billion yuan, up 3.1%, with significant investments in social security, education, and healthcare [11]. - Government fund budget expenditure was 62,602 billion yuan, a substantial increase of 30%, primarily directed towards major project construction to stabilize the economy [11].

Core Viewpoint - The overall fiscal revenue in China has shown stability and growth in the first eight months of 2025, reflecting a positive economic trend, with tax revenue growth turning from negative to positive for the first time this year [2][3]. Group 1: Fiscal Revenue Overview - National general public budget revenue reached 148198 billion yuan, a year-on-year increase of 0.3% [2]. - National tax revenue totaled 121085 billion yuan, with a slight year-on-year increase of 0.02%, marking the first positive growth in tax revenue this year [2]. - The four major tax categories (domestic VAT, corporate income tax, domestic consumption tax, and individual income tax) all maintained growth in the first eight months [2]. Group 2: Tax Revenue Breakdown - Domestic VAT, the largest tax source, generated approximately 47000 billion yuan, with a year-on-year growth of 3.2% [2]. - Corporate income tax, the second-largest source, amounted to about 32000 billion yuan, with a year-on-year increase of 0.3%, indicating a potential improvement in corporate profitability [2]. - Domestic consumption tax generated around 12000 billion yuan, with a year-on-year growth of 2% [2]. - Individual income tax reached approximately 11000 billion yuan, showing a significant year-on-year increase of 8.9%, attributed to rising property income among certain demographics [2]. Group 3: Non-Tax Revenue and Government Fund Income - Non-tax revenue for the first eight months was 27113 billion yuan, reflecting a year-on-year growth of 1.5%, significantly lower than the previous year's growth rate of 11.7% [3]. - Government fund budget revenue, primarily from land sales, was 26449 billion yuan, a year-on-year decrease of 1.4%, with land use rights transfer income at 19263 billion yuan, down 4.7% [4]. Group 4: Fiscal Expenditure and Debt Financing - National general public budget expenditure reached 179324 billion yuan, a year-on-year increase of 3.1%, with a focus on social welfare and employment, education, and health care [6]. - Social security and employment expenditure exceeded 30000 billion yuan, growing by 10% year-on-year [6]. - Government bond net financing for the first eight months was 102700 billion yuan, an increase of 46300 billion yuan year-on-year, supporting a more proactive fiscal policy [6].