Report Industry Investment Rating - Not provided in the content Core Viewpoints - In 2025 from January to July, the general public budget revenue showed a nominal growth pressure, with the progress at 61.8%, slightly lower than the average of the past five years. The cumulative growth rate turned positive for the first time this year, mainly relying on the high growth of stamp duty and the recovery of value - added tax and enterprise income tax, but the sustainability of the improvement in the fiscal revenue structure needs further observation. Meanwhile, the CPI in July was flat year - on - year, maintaining low - inflation characteristics [3]. - The general public budget expenditure accelerated its expansion. The progress from January to July was 54.1%, slightly lower than the average of the past five years by 0.6 percentage points. The expansion was mainly reflected in areas such as debt interest payments, social security, and education expenditures. Although infrastructure - related expenditures declined, the overall broad - based fiscal expenditure remained in an expansion trend driven by ultra - long - term special treasury bonds and special bonds [4]. - The government - funded budget revenue was in a contraction range, with the progress in the first half of 2025 at 37%, lower than the average of the past five years by 3.2 percentage points. From January to July, the national government - funded budget revenue decreased by 0.7% year - on - year. However, the decline in state - owned land use right transfer revenue narrowed significantly compared with the same period last year. The expenditure progress in the first half of 2025 accelerated to 86.9%, much higher than the average of the past five years. From January to July, the national government - funded budget expenditure increased by 31.7% year - on - year, with the funds mainly invested in major project construction and the "two new" fields, providing strong support for the economy [5]. Summary by Relevant Catalogs General Public Budget Revenue - From January to July 2025, the national general public budget revenue was 13.5839 trillion yuan, a year - on - year increase of 0.1% (previous value: - 0.3%). Tax revenue was 11.0933 trillion yuan, a year - on - year decrease of 0.3% (previous value: - 1.2%); non - tax revenue was 2.4906 trillion yuan, a year - on - year increase of 2% (previous value: 3.7%). Central revenue decreased by 2% year - on - year (previous value: - 2.8%), and local revenue increased by 1.8% year - on - year (previous value: 1.6%) [35]. - Main tax revenue items: domestic value - added tax was 4.2551 trillion yuan, a year - on - year increase of 3% (previous value: 2.8%); domestic consumption tax was 1.0213 trillion yuan, a year - on - year increase of 2.1% (previous value: 1.7%); enterprise income tax was 3.0566 trillion yuan, a year - on - year decrease of 0.4% (previous value: - 1.9%); personal income tax was 0.9279 trillion yuan, a year - on - year increase of 8.8% (previous value: 8%); import VAT and consumption tax decreased by 6.1% year - on - year (previous value: - 6.1%), and customs duties decreased by 6.5% year - on - year (previous value: - 7.7%); export tax rebates increased by 9.7% year - on - year (previous value: 11.6%); urban maintenance and construction tax increased by 2.7% year - on - year (previous value: 2.7%); vehicle purchase tax decreased by 18.4% year - on - year (previous value: - 19.1%); stamp duty increased by 20.7% year - on - year (previous value: 19.7%), among which securities trading stamp duty increased by 62.5% year - on - year (previous value: 54.1%); resource tax decreased by 1.6% year - on - year (previous value: - 2.4%); among land and real - estate - related taxes, deed tax decreased by 15% year - on - year (previous value: - 14.8%), property tax increased by 11.2% year - on - year (previous value: 12%), urban land use tax increased by 5.8% year - on - year (previous value: 5.8%), land value - added tax decreased by 17.8% year - on - year (previous value: - 17.6%), and arable land occupation tax increased by 3.1% year - on - year (previous value: 2.4%); environmental protection tax increased by 12.5% year - on - year (previous value: 16.4%); other tax revenues increased by 0.9% year - on - year (previous value: 0.7%) [36][42][43]. General Public Budget Expenditure - From January to July 2025, the national general public budget expenditure was 16.0737 trillion yuan, a year - on - year increase of 3.4% (previous value: 3.4%). Central expenditure increased by 8.8% year - on - year (previous value: 9%), and local expenditure increased by 2.5% year - on - year (previous value: 2.6%) [46]. - Main expenditure items: education expenditure was 2.4438 trillion yuan, a year - on - year increase of 5.7% (previous value: 5.9%); science and technology expenditure was 0.533 trillion yuan, a year - on - year increase of 3.2% (previous value: 9.1%); culture, tourism, sports, and media expenditure was 0.2012 trillion yuan, a year - on - year increase of 5.3% (previous value: 5%); social security and employment expenditure was 2.7621 trillion yuan, a year - on - year increase of 9.8% (previous value: 9.2%); health expenditure was 1.2402 trillion yuan, a year - on - year increase of 5.3% (previous value: 4.3%); energy conservation and environmental protection expenditure was 0.2949 trillion yuan, a year - on - year increase of 4.3% (previous value: 5.9%); urban and rural community expenditure decreased by 3.5% year - on - year (previous value: - 4.2%); agricultural, forestry, and water expenditure decreased by 7.7% year - on - year (previous value: - 7.8%); transportation expenditure decreased by 3.3% year - on - year (previous value: 3.1%); debt interest payment was 0.7573 trillion yuan, a year - on - year increase of 6.4% (previous value: 6.1%) [47][55][56]. Government - Funded Budget Revenue - From January to July 2025, the national government - funded budget revenue was 2.3124 trillion yuan, a year - on - year decrease of 0.7% (previous value: - 2.4%). Central revenue increased by 8.8% year - on - year (previous value: 4.8%), and local revenue decreased by 1.8% year - on - year (previous value: - 3.2%). The state - owned land use right transfer revenue was 1.695 trillion yuan, a year - on - year decrease of 4.6% (previous value: - 6.5%) [57]. Government - Funded Budget Expenditure - From January to July 2025, the national government - funded budget expenditure was 5.4287 trillion yuan, a year - on - year increase of 31.7% (previous value: 30%). Central expenditure increased by 4.5 times year - on - year (previous value: 6.2 times), and local expenditure increased by 18.1% year - on - year (previous value: 15.1%). The expenditure related to state - owned land use right transfer revenue was 2.3572 trillion yuan, a year - on - year decrease of 6.1% (previous value: - 6.4%) [58][59].
中国财政系列十五：财政收入边际改善，支出保持高增
Hua Tai Qi Huo·2025-08-20 02:29