Revenue and Expenditure Overview - In the first two months of 2025, the national general public budget revenue was 43,856 billion CNY, a year-on-year decrease of 1.6%[3] - National general public budget expenditure reached 45,096 billion CNY, showing a year-on-year increase of 3.4%[3] - Government fund budget revenue fell to 6,381 billion CNY, down 10.7% year-on-year, while expenditure was 11,358 billion CNY, up 1.2%[3] Tax Revenue Insights - Among the four major tax categories, three showed positive growth: domestic VAT increased by 1.1%, domestic consumption tax by 0.3%, and personal income tax surged by 26.7%[4] - Corporate income tax saw a decline of 10.4%, primarily due to reduced tax payments from certain central financial enterprises[4] - Export tax rebates increased by 16.9%, influenced by potential trade protectionism[4] Fiscal Policy and Spending - The expenditure growth rate of 3.4% significantly outpaced the revenue growth rate, with expenditure progress at 15.2%, exceeding the five-year average by 0.8 percentage points[5] - The government plans to enhance fiscal policies, focusing on consumption and technology innovation, with a budget of 3,000 billion CNY for consumer subsidies, doubling from the previous year[7][8] Support for Key Sectors - Fiscal spending on science and technology reached 11,505 billion CNY last year, growing by 5.7%, and increased by 10.6% in the first two months of 2025[8] - Social security, education, and health-related expenditures rose by 5.4%, outpacing general public fiscal spending growth[8] Risks and Challenges - Potential risks include macroeconomic fluctuations, global economic downturns, geopolitical tensions, and uncertainties in policy and trade relations[8]
财政支出前置促经济回升