1至2月财政收支分析：财政支出逆周期增长

Group 1: Fiscal Revenue and Expenditure - Fiscal revenue pressure remains, with public fiscal revenue in January-February 2025 down by 1.6% year-on-year, compared to a 1.3% increase in 2024[3] - Public fiscal expenditure increased by 3.4% year-on-year in January-February 2025, slightly down from 3.6% in 2024[3] - Government fund revenue decreased by 10.7% year-on-year, while government fund expenditure increased by 1.2%[3] Group 2: Expenditure Structure - In January-February 2025, public fiscal expenditure totaled 450.96 billion yuan, with central government expenditure accounting for 11.6% and local government expenditure 88.4%[4] - The highest growth rates in public fiscal expenditure were seen in debt interest payments (19.7%), science and technology (10.6%), and education (7.7%) compared to 2024[4] - Expenditure on social security and employment grew by 6.7%, while spending on cultural tourism and health showed modest increases[4] Group 3: Revenue Structure - Total public fiscal revenue was 438.56 billion yuan, with central fiscal revenue down by 5.8% year-on-year and local fiscal revenue up by 2.0%[5] - Tax revenue accounted for 82.9% of total revenue, with a year-on-year decline of 3.9%, while non-tax revenue increased by 11.0%[5] - Major tax categories showed varied performance, with personal income tax increasing by 26.7%, while corporate income tax fell by 10.4%[5] Group 4: Land Use Rights and Government Fund - Government fund revenue from land use rights decreased by 15.7% year-on-year, while government fund expenditure related to land use rights fell by 19.2%[6] - Despite declining land use rights revenue, government fund expenditure maintained positive growth, indicating a focus on counter-cyclical fiscal policy[7]