2025年12月财政数据解读：财政支出降幅收窄

Revenue and Expenditure Overview - In 2025, the general public budget revenue was CNY 21.6 trillion, with a year-on-year growth of -1.7%, falling short of the target growth of 0.1%[4] - The general fiscal revenue and expenditure growth rates for 2025 were -2.9% and 3.7%, respectively[3] - In December 2025, general fiscal revenue dropped by 13.3 percentage points to -18.5% compared to the previous month[3] Tax Revenue Performance - Tax revenue growth turned negative in December 2025, with a decline of 11.5%[4] - Central government revenue saw a significant drop of 50.3% year-on-year, while local revenue remained stable at 4.1%[4] - In December 2025, the growth rate of corporate income tax fell sharply by 13.1 percentage points, influenced by a high base effect from the previous year[4] Fiscal Expenditure Insights - Total fiscal expenditure in 2025 was CNY 28.7 trillion, with a growth rate of 1%, below the target of 4.4%[5] - The expenditure completion rate for 2025 was 96.8%, slightly lower than the average of 98.9% over the past five years[5] - Infrastructure-related expenditure showed significant improvement, with growth rates in agriculture and community sectors rising by 17% and 29.4%, respectively, in December 2025[5] Future Outlook - The general public budget deficit rate is expected to remain stable in 2026, with plans to expand fiscal spending to ensure necessary expenditures[4] - The issuance of government bonds in January 2026 is projected to be significantly higher than the same period in 2025, indicating continued fiscal support[4] - The government aims to mitigate the constraints on fiscal expenditure as prices are expected to stabilize and recover[4]