2024年5月财政数据点评：非税收入继续高增

Revenue Insights - In the first five months of 2024, the national general public budget revenue decreased by 2.8% year-on-year, with May's revenue growth at -3.2%, a slight improvement from April's -3.7%[29] - Non-tax revenue showed a significant increase of 10.3% year-on-year, with May's monthly growth at 15.8%, up from April's 5.8%[59] Expenditure Trends - General public budget expenditure grew by 3.4% year-on-year in the first five months of 2024, with May's monthly growth at 2.6%, down from April's 6.1%[40] - The expenditure completion rate for the first five months was 39.4%, higher than the average of the past three years[40] Government Fund Performance - Government fund budget revenue fell by 10.8% year-on-year in the first five months, with May's monthly decline at 22.2%, worsening from April's -18.2%[67] - Government fund expenditure decreased by 19.3% year-on-year, with May's monthly decline at 14.2%, an improvement from April's -35.9%[68] Real Estate Impact - Land transfer income in May saw a year-on-year decline of 27.4%, indicating ongoing pressure in the real estate sector[67] - Recent real estate support policies have been introduced, but sales remain below historical levels, necessitating ongoing monitoring of recovery[44]