Summary of Key Points Core Viewpoint - The overall fiscal operation in China is stable in the first half of the year, with increased fiscal spending and good performance in certain industries' tax revenues [1][2]. Revenue - National general public budget revenue reached 115,566 billion 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 showed a gradual recovery, totaling 92,900 billion yuan, down 1.2% year-on-year, but monthly tax revenue has been growing for three consecutive months since April [1]. - Central general public budget revenue was 48,589 billion yuan, down 2.8%, while local general public budget revenue was 66,977 billion yuan, up 1.6%, with 27 out of 31 provinces reporting revenue growth [1]. Expenditure - National general public budget expenditure was 141,271 billion yuan, an increase of 3.4% year-on-year [2]. - Key areas of expenditure included: - Education: 21,483 billion yuan, up 5.9% - Science and technology: 4,790 billion yuan, up 9.1% - Social security and employment: 24,504 billion yuan, up 9.2% - Health: 11,004 billion yuan, up 4.3% [2]. - The central government allocated 667.4 billion yuan for employment subsidies and 1,566.8 billion yuan for assistance to vulnerable groups [2]. Government Fund Budget - National government fund budget revenue was 19,442 billion yuan, down 2.4%, while expenditure was 46,273 billion yuan, up 30% [2]. - The issuance and use of special bonds by local governments accelerated, with 24,300 billion yuan spent from special bonds in the first half of the year, contributing to the 30% growth in government fund budget expenditure [3]. - New local government special bonds issued amounted to 21,600 billion yuan, a 45% increase year-on-year, with 1,917 billion yuan used as project capital, up 16% [3].
中国经济半年报｜运行总体平稳 支出力度加大——详解上半年全国财政收支运行
Xin Hua Wang·2025-08-12 06:21