前5月财政支出增4.2%，超长期特别国债和专项债加快发行

Summary of Key Points Core Viewpoint - The Ministry of Finance reported a slight decline in national public budget revenue for the first five months of the year, with a total revenue of approximately 9.66 trillion yuan, reflecting a year-on-year decrease of 0.3% [1]. Revenue Breakdown - Tax revenue amounted to about 7.92 trillion yuan, down 1.6% year-on-year, but the decline has narrowed compared to the previous months [1][2]. - Non-tax revenue reached 1.75 trillion yuan, showing a year-on-year increase of 6.2%, although this growth has slowed compared to earlier months [1][6]. Tax Categories - Domestic value-added tax (VAT) was approximately 3.09 trillion yuan, with a year-on-year growth of 2.4%, aligning with stable growth in industrial output and service production [2]. - Corporate income tax totaled 2.18 trillion yuan, down 2.5% year-on-year, indicating a trend of "increased revenue without increased profit" among businesses [2]. - Export tax rebates were 1.08 trillion yuan, up 11.6% year-on-year, reflecting resilient export performance [2]. - Personal income tax reached 657.2 billion yuan, with an 8.2% year-on-year increase, indicating strong growth in individual earnings [2][4]. Sector Performance - The equipment manufacturing sector showed significant tax revenue growth, with railway, shipbuilding, and aerospace manufacturing increasing by 28.8%, and computer and communication equipment manufacturing by 11.9% [6]. - The cultural, sports, and entertainment sectors saw a tax revenue increase of 7.8%, driven by recovering consumer demand [6]. - The digital economy and related sectors also performed well, with tax revenue from information transmission and software services growing by 10%, and scientific research and technical services by 12.7% [6]. Expenditure Insights - Total public budget expenditure for the first five months was approximately 11.3 trillion yuan, reflecting a year-on-year increase of 4.2%, indicating strong government spending despite declining revenue [6]. - The issuance of local special bonds accelerated, with 1.6 trillion yuan issued, accounting for 37% of the annual quota [7].