2025年1-2月财政数据点评：收入结构分化，支出积极加力

Revenue Analysis - In January-February 2025, the national general public budget revenue was 43,856 billion yuan, a year-on-year decrease of 1.6%[2] - Tax revenue decreased by 3.9% year-on-year, with corporate income tax revenue down 10.4%, indicating pressure on corporate profitability[3] - Non-tax revenue increased by 11% year-on-year, likely due to governments activating state-owned resources[3] Expenditure Insights - Public fiscal expenditure grew by 3.4% year-on-year, with a spending progress of 15.2%, higher than the average of the past five years[4] - Expenditure in the livelihood and technology sectors increased by 5.4% and 8.7% respectively, surpassing 2024 levels[4] - Infrastructure spending saw a decline, particularly in agriculture, forestry, and water affairs, which dropped by 10.5% year-on-year[4] Government Fund Performance - Government fund revenue fell by 10.7% year-on-year, significantly impacted by land transfer income[5] - Government fund expenditure showed a slight positive growth, with central government fund budget expenditure increasing by 74.2% year-on-year[5] - The share of central government in fund expenditure is rising, while local government share is decreasing[5] Risk Factors - Economic environment changes could significantly affect tax revenue bases[6] - Unexpected policy changes may alter the scale and pace of fiscal expenditures[6]