8月财政支出增速放缓但企业所得税收入实现转正

Revenue and Expenditure Trends - Cumulative public fiscal revenue from January to August increased by 0.3% year-on-year, up from 0.1%[1] - Cumulative public fiscal expenditure for the same period rose by 3.1%, slightly down from 3.4%[1] - Government fund revenue decreased by 1.4% year-on-year, compared to a previous decline of 0.7%[1] - Government fund expenditure surged by 30.0%, down from 31.7%[1] Monthly Financial Data - In August, public fiscal revenue reached 1.24 trillion yuan, while expenditure was 1.86 trillion yuan[1] - Government fund revenue for August was 0.33 trillion yuan, with expenditures at 0.83 trillion yuan[1] Fiscal Structure Insights - From January to August, public fiscal expenditure totaled 179,324 billion yuan, with central government spending accounting for 14.8% (up 8.0% year-on-year) and local government spending at 85.2% (up 2.3% year-on-year)[2] - Social security and employment expenditures increased by 10.0% year-on-year, while environmental protection spending rose by 6.6%[2] Revenue Composition - Total public fiscal revenue for January to August was 148,198 billion yuan, with central revenue at 43.4% (down 1.7% year-on-year) and local revenue at 56.6% (up 1.8% year-on-year)[3] - Tax revenue constituted 81.7% of total revenue, with a year-on-year change of 0.0%[3] Investment Recommendations - The stabilization of corporate income tax revenue, which turned positive year-on-year, is seen as beneficial for fiscal policy continuity and stability[4]