收支两端传递积极信号 上半年财政政策效果明显

Revenue Summary - National general public budget revenue for the first half of the year reached 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] - Tax revenue amounted to 9.29 trillion yuan, down 1.2% year-on-year, but showed a positive trend with three consecutive months of growth starting from April [1] - Key tax categories such as domestic VAT, domestic consumption tax, and personal income tax exhibited stable growth, with significant increases in tax revenue from the equipment manufacturing and modern service industries [1] Expenditure Summary - Total national general public budget expenditure was 14.13 trillion yuan, reflecting a year-on-year increase of 3.4% [1] - Social security and employment expenditures grew by 9.2%, education expenditures by 5.9%, health expenditures by 4.3%, and science and technology expenditures by 9.1%, indicating a strong focus on improving living standards [2] - The increase in expenditures is aligned with the government's commitment to enhance residents' consumption capacity and promote social equity [2] Debt and Investment Summary - The issuance of special government bonds has played a crucial role in stabilizing investment and promoting consumption, with 658.3 billion yuan allocated for special long-term bonds to support key projects [3] - A total of 26 billion yuan in new local government general and special bonds was issued to support major project construction [3] - The management of local government debt has shown positive results, with 1.8 trillion yuan of the 2 trillion yuan replacement bonds issued by the end of June, effectively alleviating liquidity pressure [3] Overall Fiscal Performance - The fiscal performance for the first half of 2025 is characterized by a robust balance between revenue and expenditure, reflecting the effectiveness of proactive fiscal policies [4] - Despite the positive indicators, challenges remain due to complex domestic and international economic conditions, necessitating continued proactive fiscal measures [4] - The government aims to enhance the efficiency of fiscal fund utilization and adapt policies to support consumer spending and living standards [4]