1-4月财政数据点评：4月土地收入同比增速有所回暖

Revenue and Expenditure Overview - In April, public fiscal revenue reached CNY 20,427.0 billion, a year-on-year increase of 1.9%, accelerating by 1.6 percentage points from March[6] - Tax revenue for April was CNY 18,106.0 billion, also up 1.9% year-on-year, improving by 4.1 percentage points compared to March[6] - Public fiscal expenditure in April amounted to CNY 20,766.0 billion, growing by 5.8% year-on-year, slightly faster than March's growth[11] Tax Contributions - Corporate income tax, being the highest contributing tax in April, saw a year-on-year growth of 4.0%, contributing 1.4 percentage points to the overall tax revenue growth[2] - Domestic value-added tax (VAT) increased by 0.9% year-on-year, contributing 0.3 percentage points to the tax revenue growth, although the growth rate narrowed by 4.0 percentage points from the previous month[8] Social Security and Infrastructure Spending - Social security and employment expenditures accounted for 15.8% of public fiscal spending in April, with a year-on-year increase of 9.6%, supporting resident income and domestic demand[14] - Infrastructure spending represented 17.1% of public fiscal expenditure, with year-on-year growth rates of 10.6% for transportation and 6.8% for urban community affairs[14] Government Fund Revenue and Expenditure - In the first four months of 2025, government fund budget revenue totaled CNY 12,586.0 billion, down 6.7% year-on-year, but the decline rate narrowed by 4.3 percentage points compared to the first quarter[19] - April's government fund expenditure reached CNY 6,367.0 billion, a significant year-on-year increase of 44.7%, with local government fund expenditure growing by 43.5%[22] Future Fiscal Policy Outlook - The political bureau meeting emphasized enhancing consumption's role in economic growth and increasing income for low- and middle-income groups, indicating potential fiscal support for these areas[24] - Fiscal policies are expected to focus on increasing transfer income for residents and promoting consumption through trade-in programs for appliances and vehicles, which could stimulate domestic demand[24]