In October, the national fiscal revenue increased by 5.5%, and efforts were made to increase the guarantee of basic livelihood and key areas-瞭望新时代网-瞭望时代，放眼世界

In October, the national fiscal revenue increased by 5.5%, and efforts were made to increase the guarantee of basic livelihood and key areas

2024-11-19

On November 18th, the Ministry of Finance released statistical data showing that the national general public budget revenue in October increased by 5.5% year-on-year, and the growth rate continued to rebound. At the same time, maintain the intensity of fiscal expenditure and increase funding support for basic livelihood and key areas. In addition, the replacement of existing implicit debt has been orderly promoted, and the 6 trillion yuan debt limit has been issued to various regions, and some provinces have already started the issuance work. Statistics show that for the first time this year, the national general public budget revenue increased by 5.5% year-on-year in October. Among them, tax revenue increased by 1.8% year-on-year, marking the first positive growth of the year. There have been a series of positive changes in the operation of tax revenue: the decline in domestic value-added tax (-1.2%) has significantly narrowed compared to the previous September (-5.6%); Personal income tax increased by 5.5%, marking the first positive growth since April; The significant increase in stock trading volume has led to a significant increase of 1.53 times in stamp duty on securities trading. Yang Zhiyong, President and Researcher of the Chinese Academy of Fiscal Sciences, believes that the fiscal revenue situation reflects the further consolidation of the foundation for economic recovery and improvement. In October, the growth rate of national general public budget revenue further rebounded, and the highlights of tax revenue data were prominent. The role of fiscal policy in promoting macroeconomic stability is being effectively utilized, especially in stabilizing expectations, where the reverse adjustment of fiscal policy plays a more significant role. In the first ten months, the national general public budget revenue was 1.84981 trillion yuan, a year-on-year decrease of 1.3%, and the cumulative decline continued to narrow. After deducting special factors such as the increase in the tax base for small and medium-sized enterprises in the same period last year and the implementation of tax reduction policies in the middle of last year, the national income maintained steady growth. Among them, the national tax revenue in the first ten months was 1.50782 trillion yuan, a year-on-year decrease of 4.5%, mainly affected by the above-mentioned special factors and the continuous decline in industrial producer ex factory prices. Luo Zhiheng, Chief Economist and Dean of the Research Institute at Yuekai Securities, believes that the fiscal situation reflects the operation of the economy. The narrowing of the decline in tax revenue and land transfer revenue reflects that the economy is bottoming out and recovering. The fiscal revenue data for the month of October has significantly improved, which is consistent with the recovery of economic data. This reflects that a package of incremental policies and previous stock policies are gradually taking effect, reflected in expected improvements, the recovery of real estate and capital markets, and the rebound of consumption and investment. In terms of fiscal expenditure, various regions have strengthened the coordination of fiscal resources, maintained a certain intensity, and effectively guaranteed basic livelihood and key areas. Statistics show that in the first ten months, the national general public budget expenditure was 2.21465 trillion yuan, a year-on-year increase of 2.7%. The general public budget expenditure continues to rebound, actively leveraging the countercyclical adjustment role of fiscal policy. In terms of expenditure structure, it mainly leans towards projects such as livelihood security and addressing shortcomings Luo Zhiheng said. This year, China has allocated 300 billion yuan of ultra long-term special treasury bond bonds to support equipment renewal in key areas and improve the ability of local consumers to trade in old products for new ones. The Ministry of Finance, in conjunction with relevant departments, has issued detailed rules for implementing policies in different fields, effectively managing the use of funds, clarifying the negative list of "two new" fund use, consolidating local main responsibilities, and ensuring that policies are implemented and effective early on. In terms of investment, driven by the large-scale equipment renewal policy, the investment in equipment and tools procurement increased by 16.1% year-on-year in the first ten months, driving a total investment growth of 2.1 percentage points and contributing more than 60% to investment growth; From the perspective of consumption, driven by the policy of exchanging old for new consumer goods, the total retail sales of consumer goods in October increased by 4.8% year-on-year, 1.6 percentage points faster than in September. Special bonds are an important tool for implementing proactive fiscal policies. Statistics show that as of the end of October, a total of 3.9 trillion yuan had been issued in various regions, with a issuance progress of 98%. Among them, 2.1 trillion yuan was issued from August to October, exceeding the total amount issued in the first seven months. Since the deployment of the Central Political Bureau meeting on July 30th to accelerate the issuance and use of special bonds, the Ministry of Finance has guided local governments to accelerate the issuance and use of special bonds, strengthen scheduling, and report the progress of special bond issuance and use every ten days. Special bonds focus on supporting a series of major projects. In the first ten months, more than 30000 special bonds were invested in projects, supporting the construction of a large number of projects that need to be done sooner or later and have strong economic and social benefits, effectively playing a positive role in promoting the stable development of local economy and society. At the same time, it has a significant impact on driving investment. In the first ten months, more than 300 billion yuan of project capital was used in various regions, mainly concentrated in the field of transportation infrastructure, with a focus on major national strategic projects, effectively leveraging the role of government investment. The relevant person in charge of the Ministry of Finance stated that the next step will be to study and expand the scope of special bond use, improve management mechanisms, maintain government investment intensity and pace, reasonably reduce financing costs, and effectively promote high-quality development in accordance with the decisions and arrangements of the Party Central Committee and the State Council. Accelerating the implementation of implicit debt replacement is an important measure for implementing incremental fiscal policies. The reporter learned that after the Standing Committee of the National People's Congress approved the relevant proposal on November 8, the Ministry of Finance issued a debt limit of 6 trillion yuan to local governments on November 9 to guide and urge local governments to implement legal procedures, do a good job in issuance and properly arrange bond funds. At present, the Ministry of Finance is organizing and implementing policies in accordance with the decisions and arrangements of the Party Central Committee and the State Council, strengthening policy guidance for local governments, making good use of the 6 trillion yuan local government debt limit, and better leveraging the incremental policy effects. Some provinces have already initiated issuance work to accelerate policy implementation and implementation. Yang Zhiyong believes that debt swap will liberate local governments from the pressure of debt fund payments, and local governments will focus on promoting high-quality development and improving people's livelihoods. At the same time, debt swap means that the quality of financial assets will be further improved, which has a positive effect on preventing and resolving financial risks. The market will receive more funds, some debt problems will be resolved due to the injection of funds, and the vitality of operating entities will be further released. Further implementing the incremental fiscal policy and aligning it with the existing fiscal policy will fully unleash market potential, promote the expansion of consumption and investment, and more effectively drive sustained economic recovery Yang Zhiyong said. (New Society)

Edit：Yao jue Responsible editor：Xie Tunan

Source：Economic Daily

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