财政部详解上半年财政数据：税收收入逐步回升，支出加力

Group 1: Fiscal Performance Overview - The overall fiscal performance in the first half of 2025 is stable, with increased fiscal spending supporting economic stability [1] - National general public budget revenue reached 11.5566 trillion yuan, a year-on-year decrease of 0.3%, while general public budget expenditure was 14.1271 trillion yuan, an increase of 3.4% [1] - The broad fiscal expenditure (including general public budget and government fund budget) grew by 8.9%, significantly higher than the broad fiscal revenue growth of -0.6% [1] Group 2: Tax Revenue Trends - National tax revenue for the first half of 2025 was approximately 9.29 trillion yuan, down 1.2% year-on-year, which is lower than the economic growth rate of 5.3% [2] - The decline in tax revenue is attributed to multiple factors, including falling industrial product prices, economic downturn, and tax reduction policies [2] - Tax revenue decline has been narrowing since April, with major tax categories showing stable growth, including domestic value-added tax and personal income tax [3] Group 3: Government Fund Revenue - Local government land transfer revenue was 1.4271 trillion yuan, down 6.5%, but this decline is less severe compared to earlier months [4] - The narrowing decline in land sales revenue reflects improvements in the real estate market due to various supportive policies [5] Group 4: Debt Issuance and Financing - The issuance of government bonds reached a record high of 7.88 trillion yuan in the first half of 2025, an increase of 35.28% year-on-year [5] - Net financing from government bonds was 7.66 trillion yuan, up 4.32 trillion yuan year-on-year [6] Group 5: Social Spending and Policy Focus - Social security and employment spending reached 2.4504 trillion yuan, growing by 9.2%, indicating a strong focus on social welfare [7] - The government is committed to increasing the "people's livelihood" content in fiscal spending and improving the efficiency of fund usage [8] Group 6: Debt Management and Risk Mitigation - The implementation of debt replacement policies has alleviated liquidity pressure on local governments and promoted economic development [9] - The fiscal department is focused on ensuring the effective implementation of various debt support policies to sustain economic stability [9]