2025年5月财政数据快评：收支两端同时走弱，财政力度指数回落

Revenue Insights - National general public budget revenue for January to May 2025 was CNY 96,623 billion, a year-on-year decrease of 0.3%[2] - Tax revenue for the same period was CNY 79,156 billion, down 1.6% year-on-year, while non-tax revenue increased by 6.2% to CNY 17,467 billion[2] - In May, general public budget revenue showed a slight increase of 0.1% year-on-year, down from 1.9% in the previous month[3] Expenditure Trends - General public budget expenditure reached CNY 112,953 billion from January to May 2025, reflecting a year-on-year growth of 4.2%[2] - In May, general public expenditure growth slowed to 2.6%, down from 5.8% in the previous month[13] - Infrastructure-related expenditure saw a significant decline, with a year-on-year decrease of 7.7% in May, compared to a previous increase of 2.2%[14] Fiscal Policy Analysis - The fiscal policy strength index fell for the first time in 2025, indicating a simultaneous weakening of revenue and expenditure[4] - The broad expenditure growth rate was 4% in May, a sharp decline from 12.9% previously, while broad revenue growth was -1.2%, down from 2.7%[25] - Government fund budget revenue turned negative in May, with a year-on-year decrease of 8.1%, primarily due to a 14.6% drop in land transfer income[20]