经济大省河南晒政府账本，收支形势如何丨地方预算观察

Core Insights - Henan Province's public budget revenue reached 450.17 billion yuan in 2025, marking a 2.5% increase, although slightly below the initial forecast of 4% [2][3] - The province ranks eighth nationally in public budget revenue and first among central provinces, with a projected GDP of 6.66 trillion yuan in 2025, reflecting a 5.6% year-on-year growth [3] - Government fund revenue is expected to decline significantly, with a forecast of 158.33 billion yuan in 2025, a 14.8% decrease, primarily due to a sluggish real estate market [3] Financial Performance - The total public budget expenditure for Henan in 2025 is projected at 1.15161 trillion yuan, a modest increase of 0.5%, with 849.94 billion yuan allocated for public welfare, accounting for 73.8% of total expenditure [5] - The government plans to issue 517.82 billion yuan in bonds in 2025, with total government debt expected to reach 2.48843 trillion yuan, remaining below the limit set by the Ministry of Finance [4] Future Projections - For 2026, the expected public budget revenue is projected at 468.07 billion yuan, indicating a 4% growth, while government fund revenue is anticipated to rise by 57% to 248.46 billion yuan [6] - The budget for public welfare and education will continue to be a priority, with significant allocations planned for improving social security and educational funding [6]