中国财政系列十四：支出靠前发力、收入温和修复

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The overall operation of general public budget revenue in the first half of 2025 was weak, with insufficient tax recovery momentum and limited support from non - tax revenue. The economic recovery foundation is still unstable, and the pressure on fiscal revenue growth remains significant. Meanwhile, the general public budget expenditure accelerated its expansion, focusing on people's livelihood and innovation, but the overall expenditure progress was slightly lower than the annual budget [3][4]. - The government - funded budget revenue in the first half of 2025 was under pressure, especially the land transfer revenue. In the context of the continuous adjustment of the real estate market, the growth of fund revenue lacks stable support. However, the government - funded budget expenditure accelerated, showing an active orientation of fiscal policies to stabilize growth and expand domestic demand [5]. 3. Summary by Related Catalogs General Public Budget Revenue - In the first half of 2025, the national general public budget revenue was 1.15566 trillion yuan, a year - on - year decrease of 0.3%. Tax revenue was 929.15 billion yuan, down 1.2% year - on - year, while non - tax revenue was 226.51 billion yuan, up 3.7% year - on - year. Central revenue was 485.89 billion yuan, down 2.8% year - on - year, and local revenue was 669.77 billion yuan, up 1.6% year - on - year [35]. - Main tax items: domestic VAT was 363.93 billion yuan, up 2.8% year - on - year; domestic consumption tax was 89.8 billion yuan, up 1.7% year - on - year; enterprise income tax was 249.1 billion yuan, down 1.9% year - on - year; personal income tax was 79.45 billion yuan, up 8% year - on - year; export tax rebates were 127.02 billion yuan, up 11.6% year - on - year; etc [36][37][38][39][40]. General Public Budget Expenditure - In the first half of 2025, the national general public budget expenditure was 1.41271 trillion yuan, a year - on - year increase of 3.4%. Central expenditure was 199.14 billion yuan, up 9% year - on - year, and local expenditure was 1.21357 trillion yuan, up 2.6% year - on - year [46]. - Main expenditure items: education expenditure was 214.83 billion yuan, up 5.9% year - on - year; science and technology expenditure was 47.9 billion yuan, up 9.1% year - on - year; social security and employment expenditure was 245.04 billion yuan, up 9.2% year - on - year; etc [47][48][50]. Government - Funded Budget Revenue - In the first half of 2025, the national government - funded budget revenue was 194.42 billion yuan, a year - on - year decrease of 2.4%. Central revenue was 21.73 billion yuan, up 4.8% year - on - year, and local revenue was 172.69 billion yuan, down 3.2% year - on - year. The state - owned land use right transfer income was 142.71 billion yuan, down 6.5% year - on - year [57]. Government - Funded Budget Expenditure - In the first half of 2025, the national government - funded budget expenditure was 462.73 billion yuan, a year - on - year increase of 30%. Central expenditure was 63.08 billion yuan, up 6.2 times year - on - year, and local expenditure was 399.65 billion yuan, up 15.1% year - on - year. The expenditure related to the state - owned land use right transfer income was 206.01 billion yuan, down 6.4% year - on - year [58][59].