2024年6月财政数据解读：财政支出仍待发力

Revenue Trends - In June, the year-on-year decline in national general public budget revenue narrowed to -2.6%, compared to -3.2% previously[26] - For the first half of 2024, national general public budget revenue decreased by 2.8%, consistent with the previous value[38] - Central government revenue for the first six months fell by 7.2%, while local government revenue increased by 0.9%[38] Tax Revenue Analysis - In June, the year-on-year decline in corporate income tax, personal income tax, and value-added tax was -26.8%, -4.0%, and -2.5% respectively, with only consumption tax showing a positive growth of 4.5%[51] - Import VAT and consumption tax in June showed a year-on-year decline of -3.2%, while export tax rebates increased by 13.6%[9] - The contract tax revenue in June dropped by 21.1%, indicating a downturn in the real estate market[9] Fiscal Expenditure Insights - National general public budget expenditure for the first half of 2024 reached approximately 13.66 trillion yuan, growing by 2.0% year-on-year, down from 3.4% previously[10] - In June, public fiscal expenditure growth turned negative at -3.0%, compared to a positive growth of 2.6% in the previous month[10] - Expenditure on infrastructure and social welfare showed a general decline, with specific areas like environmental protection and transportation seeing reductions of -5.6% and -3.1% respectively[41] Government Fund Revenue - Government fund budget revenue for the first half of 2024 was 1.99 trillion yuan, down 15.3% year-on-year, with local government fund revenue declining by 17.4%[11] - The revenue from state-owned land use rights fell by 18.3%, continuing to be a significant drag on government income[11] Special Debt Issuance - In the first half of 2024, newly issued special bonds totaled 1.49 trillion yuan, accounting for only 38% of the annual quota of 3.9 trillion yuan, significantly lower than the issuance rates in 2023 and 2022[4] - The issuance of special bonds in June was approximately 332.7 billion yuan, indicating a slowdown in the issuance pace[44]