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点评2024年12月财政收支数据:非税收入明显提升
中泰证券·2025-01-25 08:00

Revenue Insights - In December 2024, the total public budget revenue reached approximately CNY 21,970.2 billion, with a year-on-year growth of 1.3%, recovering by 1.9 percentage points from a previous decline of 0.6%[5] - The value-added tax (VAT) accumulated to CNY 66,672 billion for the year, with a year-on-year decrease of 3.8%, narrowing from a previous decline of 4.7%[7] - The consumption tax totaled CNY 16,532 billion, showing a year-on-year growth of 2.6%, an increase from the previous growth of 2.2%[10] Tax Performance - Corporate income tax for the year was approximately CNY 40,887 billion, with a year-on-year decline of 0.5%, while personal income tax accumulated to CNY 14,522 billion, showing a decline of 1.7%[11] - Vehicle purchase tax increased significantly by 15.1% year-on-year, reaching CNY 23.3 billion, marking the highest value since March[14] - Non-tax revenue surged to CNY 7,642 billion, reflecting a year-on-year growth of 92.5%, a notable increase from the previous growth of 41.7%[15] Expenditure Trends - Total public budget expenditure reached CNY 28,461.2 billion, with a year-on-year growth of 3.6%, up from a previous growth of 2.8%[5] - Government fund revenue in December was CNY 19,472 billion, with a year-on-year growth of 4.9%, recovering from a previous decline of 15.2%[18] - Expenditure in education, technology, and urban-rural affairs showed significant year-on-year growth, with education increasing by 11.7% and technology by 21.2%[18] Risks - Potential risks include policy changes and unexpected economic fluctuations[19]