财政部：今年以来财政运行总体平稳 财政支出力度持续加大

Core Viewpoint - The Ministry of Finance reported a stable overall fiscal operation in the first half of 2025, with a slight decline in general public budget revenue but an increase in expenditure, particularly in key areas such as social security and employment [1][2]. Revenue Summary - National general public budget revenue reached 11.5566 trillion yuan, a year-on-year decrease of 0.3%, with tax revenue at 9.2915 trillion yuan, down 1.2%, and non-tax revenue at 2.2651 trillion yuan, up 3.7% [1]. - Central government revenue was 4.8589 trillion yuan, down 2.8%, while local government revenue increased by 1.6% to 6.6977 trillion yuan [1]. Expenditure Summary - National general public budget expenditure totaled 14.1271 trillion yuan, a year-on-year increase of 3.4%, with central government expenditure rising by 9% to 1.9914 trillion yuan and local government expenditure increasing by 2.6% to 12.1357 trillion yuan [1][2]. - Key areas of expenditure included social security and employment (up 9.2%), education (up 5.9%), and science and technology (up 9.1%) [2]. Fiscal Policy Implementation - The Ministry of Finance emphasized the implementation of a more proactive fiscal policy, focusing on enhancing expenditure intensity and optimizing expenditure structure to support key areas [2][3]. - Measures included accelerating budget issuance, effectively utilizing bond funds, and ensuring basic livelihood support [2][3]. Bond Issuance and Support - In the first half of the year, 2.6 trillion yuan in new local government bonds were issued to support major projects, along with 658.3 billion yuan in long-term special bond funds [3]. - Special bonds totaling 500 billion yuan were issued to enhance the capital of four major state-owned banks, improving their ability to serve the real economy [3]. Consumer Support Initiatives - The Ministry of Finance allocated 162 billion yuan in special bond funds to promote consumption through initiatives like trade-in subsidies for consumer goods [3]. - Additional measures included providing subsidies for elderly care services to enhance consumer capacity and willingness [3].