财政部：10月下达690亿“国补”资金，加快出台消费增量政策

Core Insights - The overall fiscal revenue in China for the first half of 2025 was approximately 11.56 trillion yuan, showing a year-on-year decline of 0.3%, with tax revenue decreasing by 1.2% and non-tax revenue increasing by 3.7% [1][3] - The fiscal expenditure for the same period reached 14.13 trillion yuan, reflecting a year-on-year growth of 3.4%, with central government expenditure growing by 9% and local government expenditure increasing by 2.6% [1][4] Revenue Breakdown - Major tax revenues included domestic value-added tax at 3.64 trillion yuan (up 2.8%), corporate income tax at 2.49 trillion yuan (down 1.9%), and personal income tax at 794.5 billion yuan (up 8%) [3][4] - Export tax rebates amounted to 1.27 trillion yuan, marking an increase of 11.6% [3] Expenditure Analysis - Key expenditure categories included social security and employment at 2.45 trillion yuan (up 9.2%), education at 2.15 trillion yuan (up 5.9%), and health spending at 1.1 trillion yuan (up 4.3%) [4][5] - The government accelerated the issuance and utilization of bond funds, with 2.43 trillion yuan spent on various government bonds, leading to a 30% increase in government fund budget expenditure [5] Debt Issuance - The issuance of national bonds reached 7.88 trillion yuan in the first half of 2025, a year-on-year increase of 35.28%, marking the highest issuance scale for the same period historically [7] - The average issuance interest rate was 1.52%, down by 43 basis points compared to the previous year [7] Special Bonds and Consumption Support - Special long-term bonds issued totaled 555 billion yuan, with a focus on supporting state-owned banks' core capital [7][9] - The central government allocated 300 billion yuan in special long-term bond funds to support consumption, with significant growth in retail sales of home appliances and communication equipment [8][9] Local Government Debt Management - The issuance of local special bonds reached 2.16 trillion yuan, a 45% increase year-on-year, with a portion allocated for existing projects [11] - The implementation of a new policy for special bonds allows for greater flexibility and efficiency in fund issuance and usage [11]