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2025年18月财政数据解读:广义财政收入平稳支出增速小幅放缓
Yin He Zheng Quan·2025-09-17 13:25

Revenue and Expenditure Trends - From January to August 2025, the combined revenue growth rate of the first and second accounts was 0%, maintaining stability compared to the previous value of 0%[2] - The combined expenditure growth rate was 8.9%, slightly down from 9.3% in the previous period, indicating a small decline in expenditure growth[2] - The revenue growth was primarily supported by a significant increase in stamp duty, which contributed 0.8 percentage points to the overall tax revenue growth[5] Tax Revenue Insights - Stamp duty (including securities transaction stamp duty) saw a year-on-year growth of 27.4%, up from 20.7% previously, with securities transaction stamp duty increasing by 81.7% compared to 62.5% earlier[5] - The number of new A-share accounts opened in August reached 2.6503 million, representing a 165% increase year-on-year and a nearly 35% increase month-on-month[15] - Non-tax revenue growth declined to 1.5%, significantly lower than the five-year average growth rate of 10.4%[10] Government Debt and Expenditure - The issuance of government bonds slowed down, with a total of 10.46 trillion yuan issued from January to August, which is 1.9 percentage points lower than the same period last year[20] - The expenditure growth rate for the first account was 3.1%, down from 3.4%, while the monthly year-on-year growth rate was 0.8%, a decrease from 3%[20] - Infrastructure spending saw a decline, with a growth rate of -5% for the four major infrastructure categories, while social security and education expenditures maintained stable growth rates of 10% and 5.6%, respectively[20] Land Revenue and Market Conditions - Government fund revenue from land sales continued to show seasonal lows, with a cumulative growth rate of -1.4% from January to August, worsening from -0.7% previously[17] - In August, land transfer revenue was 231.3 billion yuan, down from 267.9 billion yuan, with a cumulative growth rate of -4.7%[17] - The land market's performance is expected to depend heavily on the recovery of the real estate market, which currently shows weak demand indicators[17]