17省披露前5月财政数据：吉林增速最高，多地加快盘活存量资产资源

Core Insights - Local fiscal revenue has shown slow growth while expenditures continue to expand, leading to significant fiscal imbalances [1][6] - As of June, 17 provinces have disclosed their general public budget revenue and expenditure for the first five months of 2025, with 15 provinces reporting revenue growth [1][2] Revenue Growth Analysis - Among the 17 provinces, Jilin Province reported the highest revenue growth at 15%, significantly above the national average of -0.3% [2][3] - Non-tax revenue in Jilin increased by 30.6%, driven by a 104.6% rise in income from the paid use of state-owned resources [3] - Qinghai Province followed Jilin with a revenue growth rate of 7.4%, attributed to a 60.2% increase in non-tax revenue [4] Expenditure Trends - Expenditure growth among the 17 provinces remains robust, with Shanghai leading at 14.2%, while other provinces show single-digit growth [6] - Despite the overall increase in expenditures, 16 out of 17 provinces reported expenditures exceeding revenues, a trend consistent with previous years [6][7] Land Sales and Fiscal Health - The revenue from land sales, a crucial source of income for local governments, has declined, with a 11.9% drop in the first five months of the year [7][8] - Specific provinces like Shaanxi and Jilin experienced significant declines in land sale revenues, with drops of approximately 42.3% and 33.5% respectively [8] Conclusion - The combination of slow revenue growth, rising expenditures, and declining land sale revenues indicates ongoing fiscal challenges for local governments, necessitating adjustments in budget strategies [6][7]