8月财政数据点评：广义财政支出增速回落

Fiscal Performance - Cumulative broad fiscal expenditure from January to August decreased year-on-year to 8.9%, with August showing a decline to 6%[3] - National general public budget revenue reached 14.8 trillion yuan, growing by 0.3% year-on-year, while expenditure was 17.9 trillion yuan, increasing by 3.1%[7] Revenue Trends - Tax revenue in August continued to show positive growth for five consecutive months, with a year-on-year increase of 3.7%, while non-tax revenue fell by 3.8%[10] - The structure of tax revenue in August revealed significant contributions from securities transaction stamp duty, which surged by 226% year-on-year, contributing 1.4 percentage points to overall tax revenue growth[10] Expenditure Insights - August's broad fiscal expenditure fell by 5.8% year-on-year, with public fiscal expenditure down by 0.6% and government fund expenditure declining by 19.9%[10] - Key areas such as social security and education maintained high growth rates, with expenditures increasing by 10.9% and 4.0% respectively[10] Land Sales and Debt - Revenue from land sales turned negative again in August, decreasing by 5.4% year-on-year, although overall land transaction values showed a 2% increase compared to last year[10] - The issuance of special bonds and treasury bonds supported fund expenditures, with actual issuance from January to August reaching 4.8 trillion yuan, up by 1.6 trillion yuan year-on-year[10] Debt Management - The government debt showed negative growth in August, indicating potential downward pressure on fiscal expenditure growth due to last year's high base[10] - The net financing of government debt from January to August was 4.3 trillion yuan, with expectations of a decline of 1.4 trillion yuan from September to December[10]