上半年广义财政收支差5.3万亿，中央定调下半年财政政策|财税益侃

Core Viewpoint - Despite a slight decline in general fiscal revenue in the first half of the year, general fiscal expenditure reached a historical high, indicating a proactive fiscal policy aimed at stabilizing economic growth [1][3][4]. Fiscal Revenue and Expenditure - In the first half of the year, general fiscal revenue was approximately 135,008 billion yuan, showing a year-on-year decrease of about 0.6% [3]. - General fiscal expenditure amounted to nearly 188,800 billion yuan, with a year-on-year growth of approximately 8.9%, significantly higher than the economic growth rate of 5.3% [2][3]. - The fiscal expenditure exceeded revenue by 52,536 billion yuan, reflecting a year-on-year increase of about 45% [3]. Policy Measures and Economic Impact - The central government has emphasized the need for sustained and timely fiscal policy adjustments to support economic stability, particularly in the second half of the year [2][4]. - The Ministry of Finance reported that the fiscal policy has been more aggressive, contributing to a stable economic environment despite pressures [2][4]. - The government plans to accelerate the issuance of bonds and enhance the efficiency of fund utilization to address the fiscal gap [7][11]. Tax Revenue Trends - Tax revenue in the first half of the year was 92,915 billion yuan, down 1.2% year-on-year, indicating a mismatch with nominal GDP growth [4][6]. - Non-tax revenue grew by 3.7% to 22,700 billion yuan, but the growth rate has slowed compared to previous quarters [7]. - The decline in tax revenue is attributed to factors such as tax cuts and changes in the tax base, particularly in traditional industries [6]. Future Outlook - The fiscal space for the second half of the year is estimated to be 60,700 billion yuan, with significant remaining quotas for deficits and special bonds [9]. - The issuance of special bonds has accelerated, with a record monthly issuance of approximately 6,169 billion yuan in July [10]. - The government aims to enhance the management and efficiency of special bonds to ensure effective fund allocation for key projects [11].