税收收入改善 重点领域支出有保障

Core Insights - The Ministry of Finance reported that from January to July, the national general public budget revenue reached 135,839 billion yuan, a year-on-year increase of 0.1%, marking the first positive growth of the year [1] - Public budget expenditure during the same period was 160,737 billion yuan, up 3.4% year-on-year, with strong support for key areas [1] Revenue Analysis - Tax revenue showed signs of recovery, with total tax revenue from January to July at 110,933 billion yuan, a year-on-year decline of 0.3%, but the decline narrowed compared to the first half of the year [2] - In July, tax revenue increased by 5.0% year-on-year, driven primarily by personal income tax and corporate income tax, which grew by 13.9% and 6.4% respectively [2] - The growth in personal income tax was attributed to low base effects, regulatory upgrades, and stock market performance, while the decline in value-added tax growth from 5.0% to 4.3% was linked to a slowdown in industrial value-added growth [2] Non-Tax Revenue Insights - Non-tax revenue for the first seven months was 24,906 billion yuan, a year-on-year increase of 2%, but the growth rate slowed down significantly in July, dropping from -3.7% to -12.9% [3] - The decline in non-tax revenue was attributed to a high base effect from the previous year and the effectiveness of enhanced management of confiscated income [3] Expenditure Focus - Public budget expenditure from January to July was 160,737 billion yuan, with significant increases in social security and employment (9.8%), education (5.7%), and health (5.3%) [4] - The acceleration of expenditure in key areas aligns with macroeconomic counter-cyclical policy adjustments, with social security and employment, health, and education expenditures progressing faster than the overall budget expenditure [4][5] July Expenditure Trends - In July, public budget expenditure grew by 3.0%, with notable increases in spending on education, culture, sports, and health, while technology spending saw a decline of 30.5% due to high base effects [5] - Local government special bonds and other financial instruments contributed to a significant increase in government fund budget expenditure, which grew by 31.7% [5]