2025年1-2月财政数据点评：开年财政表现：支出前置注重投资于人，收入承压仍待政策发力

Revenue Performance - General public budget revenue decreased by 1.6% year-on-year, while government fund budget revenue fell by 10.7%[2] - Overall, broad fiscal revenue declined by 2.9% year-on-year, with a significant gap from the annual budget target of 0.2%[2] - Central revenue dropped by 5.8%, while local revenue increased by 2.0%[5] Expenditure Trends - General public budget expenditure grew by 3.4%, and government fund budget expenditure increased by 1.2%[2] - Broad fiscal expenditure rose by 2.9% year-on-year, but still fell short of the annual budget target of 9.3%[2] - Social security and livelihood expenditure surged by 6.4 percentage points to 43.08% of total expenditure[6] Debt and Fiscal Pressure - Debt interest payments increased by 19.7%, marking the highest growth rate among major expenditure types, reaching 3.48% of general public budget revenue[7] - Estimated local government bond interest payments may exceed 1.4 trillion yuan, reflecting a year-on-year growth of over 7%[7] - Broad fiscal revenue faced pressure, with total revenue at 43,856 billion yuan, down 2.9% year-on-year[11]