Revenue Insights - General public budget revenue decreased by 2.6% year-on-year in July, with a narrowing decline compared to previous months[2] - Non-tax revenue grew by 12.0% year-on-year, reaching a historical high of 18.0% of total public budget revenue[4] - Tax revenue fell by 5.4% year-on-year, with major taxes like corporate income tax and value-added tax showing declines[3] Expenditure Trends - General public budget expenditure increased by 2.0% year-on-year, but the completion rate was only 54.45%, the lowest in three years[5] - Social security and livelihood expenditures remained a focus, accounting for over 40% of total expenditures, despite a slight decline of 0.5%[6] - Infrastructure and technology spending saw an increase, with growth rates of 8.2% and 3.8% respectively[5] Fiscal Challenges - Overall fiscal revenue fell by 5.3% year-on-year, with a completion rate of 53.9%, indicating significant pressure to meet annual budget targets[7] - Government fund budget revenue dropped by 18.5% year-on-year, with land transfer income at a historical low of 84.95%[5] - Debt servicing costs accounted for 4.58% of total expenditures, highlighting ongoing fiscal sustainability concerns[6]
2024年7月财政数据点评：经济承压非税收入占比达历史新高 广义支出边际改善财政加力可期？
Zhong Cheng Xin Guo Ji·2024-08-31 03:21