4月财政总体宽松，环比扩张高位放缓

Fiscal Performance - In April, the general fiscal expenditure increased by 12.9% year-on-year, indicating a moderate expansion of fiscal policy, although the growth momentum has slowed seasonally compared to previous months[1] - The general public budget expenditure growth rate slightly rebounded to 5.8% in April, while government fund expenditure surged to 44.7% due to a low base effect[1] - The fiscal deficit in April reached 336.7 billion yuan, an increase of 247.9 billion yuan compared to the same period last year, reflecting a continued loose fiscal policy[1] Revenue Insights - April's general public budget revenue grew by 1.9% year-on-year, improving from a decline of 1.1% in the first quarter[5] - Tax revenue in April turned positive with a growth of 1.8%, compared to a decline of 2.2% in March, while non-tax revenue growth slowed to 2%[5] - Government fund revenue increased by 8.1% year-on-year, significantly recovering from declines in previous months, driven by rising land transfer income in first- and second-tier cities[5] Expenditure Analysis - The growth of general fiscal expenditure in April outpaced the nominal GDP growth of 4.6% in the first quarter, maintaining a loose fiscal stance[6] - Infrastructure-related expenditures showed mixed results, with transportation spending rebounding to 10.6% growth, while spending on agriculture and environmental protection declined[6] - Health and social security expenditures increased, reflecting ongoing efforts to stabilize growth and support livelihoods[6] Market Outlook - The export demand index showed a year-on-year decline of 1.5% in early May, indicating uncertainty in external demand despite a temporary boost from tariff reductions[2] - The issuance of local special bonds has improved, with 33.5% of the annual quota issued by mid-May, faster than last year's 26.8%[2] - Risks remain from potential escalations in US-China trade tensions and weaker-than-expected domestic demand recovery[3]