12月财政数据点评：财政金融协同，蓄力“开门红”

Revenue Insights - In December 2025, general public budget revenue decreased by 18.5% year-on-year, marking a significant drop of 13.3 percentage points compared to November, the lowest level of the year[2] - General fiscal revenue for 2025 was 216,045 billion yuan, a decline of 1.7% from the previous year[6] - Non-tax revenue plummeted by 47.9% year-on-year in December, becoming the largest drag on overall revenue[9] Expenditure Trends - General public budget expenditure increased by 1% year-on-year, totaling 287,395 billion yuan in 2025[6] - In December 2025, general fiscal expenditure fell by only 0.7% year-on-year, a narrowing of the decline by 1 percentage point from November[4] - Urban and rural community expenditure surged by 12.8% year-on-year in December, indicating a shift towards increased investment in infrastructure and community services[12] Budget Performance - The budget completion rate for general fiscal revenue in December 2025 was 11.7%, lower than the 13.7% completion rate in December 2024 and the five-year average of 12.3%[4] - General fiscal expenditure budget completion in December was 14.1%, below the five-year average of 14.7%[27] Future Outlook - The first quarter of 2026 is expected to rely on fiscal-financial collaboration to stimulate economic growth, with a focus on expanding interest subsidies and new infrastructure investments[13] - The government plans to enhance fiscal policies by broadening the scope of consumption loans and equipment renewal subsidies to boost domestic demand[13]