2024年11月财政数据点评：11月财政收入端继续改善，支出端边际放缓

Revenue Insights - In November 2024, national general public budget revenue increased by 11.0% year-on-year, up from 5.5% in October[1] - Tax revenue showed a positive growth of 5.3% year-on-year, accelerating by 3.5 percentage points compared to October[28] - Non-tax revenue continued to grow significantly, with a year-on-year increase of 40.4%, up by 0.8 percentage points from October[28] Expenditure Trends - National general public budget expenditure grew by 3.8% year-on-year in November, a slowdown of 6.6 percentage points from October[1] - Cumulative expenditure from January to November increased by 2.8% year-on-year, slightly up by 0.1 percentage points from the previous value[22] - Government fund expenditure in November saw a significant slowdown, with a year-on-year growth rate dropping from 47.9% in October to 6.3%[9] Fund Revenue and Expenditure - Cumulative government fund revenue from January to November decreased by 18.4%, a slight improvement from the -19.0% recorded in January to October[16] - In November, government fund revenue fell by 14.9% year-on-year, with the decline primarily driven by a significant drop in land transfer income, which decreased from -10.5% to -19.7%[16] Overall Fiscal Performance - From a broad fiscal perspective, the year-on-year growth rate of total fiscal revenue slowed from 2.4% in October to 0.9% in November, while total fiscal expenditure growth also decreased from 20.4% to 4.6%[17] - Despite the slowdown in both revenue and expenditure growth, they remained at relatively high levels for the year, indicating the continued impact of stable growth policies implemented since September[18]