财政数据点评（2024.6）：土地、内需持续拖累收入，特别国债腾挪促进更新换新

Revenue Trends - In June 2024, the national general public budget revenue decreased by 2.6% year-on-year, with a notable decline in tax revenue expanding by 2.4 percentage points to -8.5%[1] - Non-tax revenue significantly increased, contributing to a 3.9 percentage point rise compared to the previous month[1] - The overall fiscal revenue growth slowed down further in June, dropping 3 percentage points from May to -1.0%[1] Expenditure Insights - General public budget expenditure growth fell sharply by 5.6 percentage points in June to -3.0%, marking the lowest level since early 2022[1] - The main contributors to the negative growth in expenditure were health, education, and cultural sectors[1] - Government fund expenditure also saw a decline, with a year-on-year drop of 11.1% in June, continuing a trend of negative growth since the beginning of the year[1] Land and Property Market - Government fund income fell by 32.4% year-on-year in June, reaching a three-year low, with land transfer income decreasing by 35.3%[1] - The decline in land transfer income reflects a cautious attitude from developers despite recent policy relaxations aimed at boosting the real estate market[1] Debt and Financing - In June, local government debt financing increased significantly by 7.9 percentage points to 38.4%, although the pace of growth slowed compared to May[1] - The issuance of government bonds remained high, with an increase of 848.7 billion yuan year-on-year, but the growth rate has narrowed[1] Policy Implications - The report suggests that significant equipment upgrades and consumer product replacements are crucial for stimulating effective investment and domestic consumption[1] - There is a potential for expanding the general budget deficit in the second half of the year to further promote equipment upgrades and consumer product replacements[1]