前7个月广义财政支出超21万亿更加积极财政政策落地

Core Viewpoint - The article highlights the implementation of more proactive fiscal policies in China, which are contributing to stable economic performance, as evidenced by the fiscal data for the first seven months of the year [1][4]. Fiscal Revenue and Expenditure - In the first seven months of this year, the total general fiscal revenue was approximately 15.9 trillion yuan, remaining stable compared to the same period last year [1]. - General fiscal expenditure reached about 21.5 trillion yuan, showing a year-on-year increase of approximately 9.3% [1]. - The fiscal expenditure exceeded revenue by about 5.6 trillion yuan, marking a year-on-year increase of approximately 47% [1]. Tax Revenue Trends - Tax revenue, often referred to as the "economic barometer," has shown improvement, with stable growth in VAT and significant increases in securities transaction stamp duty due to active stock market trading [2]. - The decline in tax revenue has narrowed, with a year-on-year decrease of only 0.3% for the first seven months, compared to a 3.5% decline in the first quarter [1][2]. Land Sales and Local Government Revenue - The revenue from land sales, a component of local government funds, was approximately 1.7 trillion yuan in the first seven months, reflecting a year-on-year decline of 4.6% [3]. - Major cities have increased the supply of quality land to stabilize the real estate market, contributing to a recovery in land sale revenues [2]. Government Debt and Financing - The net financing of government bonds reached 8.9 trillion yuan in the first seven months, an increase of 4.88 trillion yuan year-on-year [4]. - The government is accelerating bond issuance to maintain fiscal expenditure levels, particularly in social welfare sectors such as social security, education, and healthcare [4]. Future Fiscal Policy Outlook - The central government plans to continue implementing proactive fiscal policies and moderate monetary policies to support economic growth and social stability [6]. - Despite concerns about potential reductions in fiscal spending in the second half of the year, estimates suggest that the adjusted fiscal expenditure growth rate could remain between 4.1% and 6.7% [5].