2025年3月财政数据点评：一季度财政收入表现偏弱，财政支出力度大幅提升

Revenue Performance - In March 2025, national general public budget revenue increased by 0.3% year-on-year, an improvement from a decline of 1.6% in January-February[1] - Cumulative general public budget revenue for Q1 2025 decreased by 1.1% year-on-year, lower than the full-year growth rate of the previous year[2] - Cumulative government fund revenue for Q1 2025 fell by 11.0% year-on-year, compared to a decline of 10.7% in January-February[1] Expenditure Trends - Cumulative general public budget expenditure for Q1 2025 grew by 4.2% year-on-year, an acceleration of 0.6 percentage points compared to the previous year[6] - In March 2025, general public budget expenditure increased by 5.7% year-on-year, up 2.3 percentage points from January-February[8] - Cumulative government fund expenditure for Q1 2025 rose by 11.1% year-on-year, significantly higher than the 1.2% growth in January-February[1] Tax Revenue Insights - In Q1 2025, tax revenue decreased by 3.5% year-on-year, while non-tax revenue increased by 8.8%[3] - In March 2025, corporate income tax revenue surged by 16.0% year-on-year, a significant increase of 26.4 percentage points compared to January-February[4] - Personal income tax revenue in March 2025 plummeted by 58.5% year-on-year, contrasting with a 26.7% increase in January-February, primarily due to the timing of the Spring Festival[4] Land Market and Special Bonds - Cumulative land use rights transfer revenue in Q1 2025 fell by 15.9% year-on-year, indicating ongoing weakness in the real estate market[9] - The issuance of special bonds in Q1 2025 was significantly high, contributing to a substantial increase in government fund expenditure[9] - Future issuance of special bonds and long-term special treasury bonds in April 2025 is expected to enhance investment and consumption stability[9]