2024年6月财政数据点评：6月财政收支两端均偏弱，下半年财政政策要更好发力见效

Revenue Insights - In June 2024, the national general public budget revenue decreased by 2.6% year-on-year, an improvement from May's decline of 3.2%[1] - The cumulative government fund revenue from January to June 2024 fell by 15.3%, compared to a 10.8% decline from January to May[1] - Tax revenue in June dropped by 8.5%, worsening from May's decline of 6.1%[4] Expenditure Trends - General public budget expenditure in June 2024 decreased by 3.0%, a significant drop from the 2.6% increase in May[1] - Cumulative expenditure from January to June 2024 grew by 2.0%, down from 3.4% in the previous five months[6] - By the end of June, public budget expenditure completed 47.8% of the annual budget, below the five-year average of 49.0%[6] Government Fund Dynamics - In June, government fund income fell by 32.4%, a decline that expanded by 10.2 percentage points from the previous month[7] - Land transfer revenue in June decreased by 35.3%, worsening from May's decline of 27.4%[7] - Cumulative government fund expenditure from January to June 2024 decreased by 17.5%, exceeding the revenue decline[7] Future Fiscal Policy Outlook - The government plans to accelerate the issuance of special bonds and utilize ultra-long-term special treasury bonds in the second half of 2024[9] - The political bureau meeting emphasized the need for proactive fiscal policies to support economic growth, aiming for a GDP growth target of 5%[9]