4月财政数据点评：发债快慢之间的财政线索

Group 1: Fiscal Performance Overview - In April, general fiscal revenue increased by 2.7% year-on-year, compared to a decline of 1.7% in March[2] - General fiscal expenditure rose by 12.9% year-on-year in April, up from 10.1% in March[2] - From January to April, tax revenue decreased by 2.1% year-on-year, while land sales revenue fell by 11.4%[3] Group 2: Debt Issuance Insights - The government bond issuance has accelerated, with net financing expected to reach 13.9 trillion yuan this year, an increase of 2.2 trillion yuan from last year[3] - As of May 20, net financing reached 6.2 trillion yuan, achieving 44.9% of the annual target, compared to 22.5% during the same period last year[3] - The cumulative net financing of government bonds has increased by 3.6 trillion yuan year-on-year, exceeding the expected annual increase of 2.2 trillion yuan[4] Group 3: Investment and Spending Trends - Non-deficit bonds are catching up in issuance, indicating a shift towards investment support in fiscal policy[7] - Infrastructure spending showed a significant increase in April, with urban community spending rising by 6.8% and transportation spending by 10.6%[8] - The progress of fiscal spending from January to April was the fastest since 2020, with a completion rate of 31.5% of the budget[54] Group 4: Revenue and Expenditure Dynamics - Tax revenue growth turned positive in April at 1.9%, while non-tax revenue hit a new low for 2024[34] - The growth in government fund income was driven by a recovery in land sales revenue, which increased by 4.3% in April[64] - The expenditure growth rate for government funds surged to 44.7% in April, significantly up from 27.9% in March[64]