下半年“国补”资金地方额度已定，提振消费增量政策蓄势待发

Group 1 - In the first half of 2025, China's general public budget revenue was approximately 11.56 trillion yuan, a year-on-year decrease of 0.3%, with the decline narrowing by 0.8 percentage points compared to the first quarter [1] - National general public budget expenditure reached 14.13 trillion yuan, showing a year-on-year growth of 3.4%, indicating strong fiscal spending [1] - The issuance of government bonds and local bonds increased significantly, with 7.88 trillion yuan in national bonds issued, a year-on-year increase of 35.28% [1][3] Group 2 - The fiscal policy has been notably proactive, with a planned deficit rate of 4%, corresponding to a deficit scale of 5.66 trillion yuan, and a total of 11.86 trillion yuan in new government bonds to be issued, which is an increase of 2.9 trillion yuan compared to last year [3][4] - The issuance of special bonds and local government bonds totaled 2.6 trillion yuan, supporting major projects in local areas [4] - The retail sales of consumer goods increased by 5% year-on-year, significantly supported by the consumption upgrade policy [6] Group 3 - The export tax rebate reached 1.27 trillion yuan, a year-on-year increase of 11.6%, which positively supported foreign trade but negatively impacted fiscal revenue [2][3] - The fiscal revenue quality is improving, with tax revenue showing positive growth for three consecutive months starting from April [2][3] - The government plans to accelerate the implementation of policies to boost consumption, including support for new consumption models and enhancing the consumer environment [7]