中国财政系列十六：8月财政稳中有进，收入结构优化支撑后续发力

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - In 2025 from January to August, the progress of general public budget revenue was 67.4%, slightly lower than the average of the past five years, with nominal growth pressure still existing. The cumulative growth rate expanded, mainly relying on the recovery of personal income tax, value - added tax, and stamp duty, indicating an improvement in the fiscal revenue structure but the sustainability still needed to be observed. The progress of general public budget expenditure was 60.4%, also slightly lower than the average of the past five years, and fiscal expenditure expanded, mainly in areas such as debt interest payment, social security, and education expenditure. The government - funded budget revenue was in a contraction range with a 1.4% year - on - year decline, while the expenditure expanded significantly with a 30% year - on - year increase [2][3][4]. 3. Summary by Related Catalogs General Public Budget Revenue - From January to August 2025, the national general public budget revenue was 14.8198 trillion yuan, a year - on - year increase of 0.3%. Tax revenue was 12.1085 trillion yuan, with a slight year - on - year increase of 0.02%, and non - tax revenue was 2.7113 trillion yuan, a year - on - year increase of 1.5%. Central general public budget revenue was 6.4268 trillion yuan, a year - on - year decrease of 1.7%, and local general public budget revenue was 8.3930 trillion yuan, a year - on - year increase of 1.8% [35]. - Main tax revenue items: Domestic value - added tax was 4.7389 trillion yuan, a year - on - year increase of 3.2%; domestic consumption tax was 1.1523 trillion yuan, a year - on - year increase of 2%; enterprise income tax was 3.1477 trillion yuan, a year - on - year increase of 0.3%; personal income tax was 1.054 trillion yuan, a year - on - year increase of 8.9%; import VAT and consumption tax were 1.1770 trillion yuan, a year - on - year decrease of 6.7%, and customs duties were 152.7 billion yuan, a year - on - year decrease of 6.5%; export tax rebates were 1.5766 trillion yuan, a year - on - year increase of 9%; stamp duty was 284.4 billion yuan, a year - on - year increase of 27.4%, among which securities trading stamp duty was 118.7 billion yuan, a year - on - year increase of 81.7% [36][37][39][42]. General Public Budget Expenditure - From January to August 2025, the national general public budget expenditure was 17.9324 trillion yuan, a year - on - year increase of 3.1%. Central general public budget expenditure was 2.6570 trillion yuan, a year - on - year increase of 8%, and local general public budget expenditure was 15.2754 trillion yuan, a year - on - year increase of 2.3% [46]. - Main expenditure items: Education expenditure was 2.7078 trillion yuan, a year - on - year increase of 5.6%; science and technology expenditure was 587.4 billion yuan, a year - on - year increase of 3.1%; social security and employment expenditure was 3.0723 trillion yuan, a year - on - year increase of 10%; health expenditure was 1.3717 trillion yuan, a year - on - year increase of 5.1%; debt interest payment was 871.5 billion yuan, a year - on - year increase of 5.9%; while urban and rural community expenditure was 1.2319 trillion yuan, a year - on - year decrease of 4.9%, and agriculture, forestry and water expenditure was 1.3589 trillion yuan, a year - on - year decrease of 9.4% [47][48][50][53][54]. Government - Funded Budget Revenue - From January to August 2025, the national government - funded budget revenue was 264.49 billion yuan, a year - on - year decrease of 1.4%. Central government - funded budget revenue was 29.33 billion yuan, a year - on - year increase of 0.6%, and local government - funded budget revenue was 235.16 billion yuan, a year - on - year decrease of 1.6%. State - owned land use right transfer income was 192.63 billion yuan, a year - on - year decrease of 4.7% [57]. Government - Funded Budget Expenditure - From January to August 2025, the national government - funded budget expenditure was 626.02 billion yuan, a year - on - year increase of 30%. Central government - funded budget expenditure was 76.09 billion yuan, a year - on - year increase of 3.1 times, and local government - funded budget expenditure was 549.93 billion yuan, a year - on - year increase of 18.8%. State - owned land use right transfer income - related expenditure was 267.32 billion yuan, a year - on - year decrease of 4.1% [58][59].