Workflow
2025年1-4月财政收支数据解读:4月财政:广义收支两端共振改善
ZHESHANG SECURITIES·2025-05-21 13:10

Revenue Insights - In April 2025, the national general public budget revenue reached 20,427 billion yuan, a year-on-year increase of 1.9%[3] - Tax revenue for April was 18,106 billion yuan, also up by 1.9% year-on-year, marking a recovery from a 2.2% decline in March[3] - Non-tax revenue increased by 1.7% year-on-year, totaling 2,321 billion yuan, reflecting a high base effect from the previous year[3] Expenditure Trends - National general public budget expenditure in April was 20,766 billion yuan, growing by 5.8% year-on-year[4] - For the first four months of 2025, total expenditure completed 31.5% of the annual budget, the fastest pace since 2020[4] - Key areas of expenditure included social security and employment (8.5% growth), education (7.4% growth), and health (3.9% growth), all exceeding the overall expenditure growth rate[4] Fiscal Policy and Market Outlook - The broad fiscal budget revenue completion rate for January-April was 25.5%, with a year-on-year growth of 2.7%[2] - The government is prepared to issue special bonds to address potential uncertainties, focusing on large-scale equipment updates and consumer goods replacement programs[2] - The bond market is expected to maintain a loose monetary policy, with a potential 50 basis points reserve requirement ratio cut and a 20 basis points interest rate reduction[2] Government Fund Budget Performance - In April, the government fund budget revenue grew by 8.1%, marking the first positive growth of the year[7] - Land use rights transfer income in April increased by 4.3% year-on-year, indicating a gradual recovery in the real estate market[7] - For the first four months, government fund budget expenditure totaled 26,136 billion yuan, a year-on-year increase of 17.7%[10]