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4月财政收支:政府性基金支出显著加速
Yong Xing Zheng Quan·2025-05-21 07:58

Revenue and Expenditure Trends - Public fiscal revenue from January to April decreased by 0.4% year-on-year, improving from a previous decline of 1.1%[1] - Public fiscal expenditure increased by 4.6% year-on-year, up from 4.2% previously[1] - Government fund revenue fell by 6.7% year-on-year, an improvement from a 11.0% decline[1] - Government fund expenditure surged by 17.7% year-on-year, compared to 11.1% previously[1] Government Fund Details - Total government fund revenue reached 12,586 billion yuan, down 6.7% year-on-year, with land use rights revenue at 9,340 billion yuan, down 11.4%[1] - Government fund expenditure totaled 26,136 billion yuan, up 17.7% year-on-year, with land use rights expenditure at 13,647 billion yuan, down 8.4%[1] Fiscal Structure Insights - Total public fiscal expenditure was 93,581 billion yuan, with central government expenditure accounting for 13.1% (up from 9.0%) and local government expenditure at 86.9% (up from 3.9%)[2] - Debt interest payments increased by 11.0% year-on-year, while social security and employment expenditures rose by 8.5%[2] Revenue Composition - Total public fiscal revenue was 80,616 billion yuan, with central revenue at 42.1% (down 3.8%) and local revenue at 57.9% (up 2.2%)[3] - Tax revenue constituted 81.3% of total revenue, with a year-on-year decline of 2.1%[3] - Personal income tax increased by 7.4% year-on-year, while corporate income tax decreased by 3.1%[3] Investment and Risk Considerations - The acceleration in government fund expenditure and a year-on-year increase of 20.9% in local government bond balances indicate a proactive fiscal stance[4] - Risks include the potential for intensified de-globalization and changes in policy rhythm[5]