2025年上半年财政数据解读：收入结构显著优化，广义支出回升上行

Revenue and Expenditure Trends - In the first half of 2025, total revenue growth for the fiscal accounts was -0.6%, an improvement from -1.3% previously, while total expenditure growth increased to 8.9% from 6.6%[2] - The revenue-expenditure gap reached a new high for 2023, indicating a proactive fiscal approach in the first half of the year[2] Structural Improvements in Revenue - General public budget revenue decreased by 0.3% year-on-year, with the decline narrowing by 0.8 percentage points compared to Q1[5] - Tax revenue showed signs of recovery, with a cumulative growth rate of -1.2%, improving from -1.6%[5] - Non-tax revenue growth fell to 3.7%, significantly below the five-year average of 10.8%[5] Land Revenue Recovery - Government fund revenue saw a cumulative growth rate of -2.4%, an improvement from -6.9% in the previous period, primarily driven by a rebound in land sales in June[19] - Local land revenue growth narrowed to -6.5%, compared to -11.9% previously, influenced by increased supply of quality land in core cities[19] Special Bonds and Expenditure Support - The issuance of special bonds accelerated, with a cumulative expenditure growth rate of 30% for the second fiscal account, up from 16% previously[23] - A total of 2.16 trillion yuan in new local government special bonds were issued in the first half of 2025, marking a 45% increase year-on-year[23]