2025年7月财政数据点评：7月财政收入端有所改善，支出端继续发力

Revenue Insights - In July 2025, the national general public budget revenue increased by 2.7% year-on-year, improving from a decline of -0.3% in June[1] - Tax revenue grew by 5.0% in July, significantly higher than the previous month's growth of 1.0%, while non-tax revenue fell by 12.9%[5] - The cumulative general public budget revenue from January to July showed a slight increase of 0.1% year-on-year, compared to a decline of -0.3% previously[7] Expenditure Trends - General public budget expenditure in July rose by 3.0% year-on-year, accelerating by 2.6 percentage points from May[8] - Cumulative expenditure from January to July grew by 3.4%, slightly below the average progress of 54.4% over the past five years, completing 54.1% of the annual budget[9] Government Fund Performance - In July, government fund revenue increased by 8.9% year-on-year, although this was a decrease of 11.9 percentage points from the previous month[10] - Government fund expenditure in July surged by 42.4% year-on-year, despite a slowdown of 36.8 percentage points from the previous month[11] - From January to July, government fund expenditure grew by 31.7%, significantly outpacing the revenue growth due to accelerated issuance of local government special bonds, totaling 2.78 trillion yuan, an increase of 1 trillion yuan compared to the same period last year[11]