EBSCN·2025-03-25 12:52Revenue and Expenditure Trends - In January-February 2025, the cumulative year-on-year growth rate of general public budget revenue was -1.6%, down from 1.3% in December 2024[1] - Cumulative year-on-year growth rate of general public budget expenditure was 3.4%, slightly down from 3.6% in the previous month[1] - Government fund budget revenue saw a cumulative year-on-year decline of -10.7%, an improvement from -12.2% previously[1] Tax Revenue Insights - Tax revenue decreased by 3.9% year-on-year, marking a negative growth trend[3] - Corporate income tax fell by 10.4% year-on-year, significantly weaker than previous values[4] - Personal income tax recorded a growth of 26.7% year-on-year, primarily due to the timing of year-end bonuses[4] Government Fund Performance - Government fund budget expenditure grew by 1.2% year-on-year, up from 0.2% previously[22] - Land transfer income saw a cumulative year-on-year decline of -15.7%, continuing a downward trend for eleven months[22] - The issuance of new local special bonds reached 596.8 billion yuan, completing 13.6% of the annual plan[34] Fiscal Policy Outlook - The strong performance of public budget expenditure reflects a proactive fiscal policy at the beginning of the year[2] - The acceleration of local special bond issuance is expected to enhance local fiscal revenue and maintain strong fiscal expenditure momentum[39] - Risks include potential delays in policy implementation and major project commencements not meeting expectations[40]