2025年12月财政数据点评：年末公共财政预算仍保持一定的支出力度
Bank of China Securities·2026-02-01 06:01

Revenue and Income Trends - In December 2025, total public finance revenue was CNY 15,529.0 billion, a year-on-year decrease of 25.0%, with the decline expanding by 24.9 percentage points compared to November[4] - Tax revenue for December was CNY 11,549.0 billion, down 11.5% year-on-year, marking a negative growth shift of 14.3 percentage points[4] - Non-tax revenue fell to CNY 3,980.0 billion, a significant decline of 47.9%, with the drop widening by 37.1 percentage points from the previous month[4] Expenditure Insights - Public finance expenditure in December was CNY 38,857.0 billion, down 1.8% year-on-year, with the decline narrowing by 1.9 percentage points from November[4] - Local public finance expenditure was CNY 34,055.0 billion, decreasing by 2.3% year-on-year, with the decline narrowing by 2.9 percentage points compared to November[4] - The share of expenditure on social security and employment fell to 9.5%, with a year-on-year decrease of 7.4%[2] Sector-Specific Expenditure - Expenditure on health, energy conservation, and cultural tourism increased by 12.1%, 3.1%, and 5.3% year-on-year, respectively[2] - Infrastructure spending accounted for 25.0% of the public finance budget in December, an increase of 5.9 percentage points from the previous month, indicating a continued focus on "stabilizing growth"[2] Government Fund Revenue and Expenditure - Central government fund revenue in December was CNY 1,118.0 billion, up 36.5% year-on-year, while local government fund revenue was CNY 16,312.0 billion, down 13.8%[5] - The revenue from state land use rights fell to CNY 12,399.0 billion, a decrease of 22.9% year-on-year, contributing to the decline in local government fund revenue[5] Overall Fiscal Performance - For the entire year of 2025, general public budget revenue was CNY 216,045.0 billion, a year-on-year decrease of 1.7%[7] - General public budget expenditure for the year was CNY 287,395.0 billion, showing a modest increase of 1.0% year-on-year[12] - The central budget expenditure for the year increased by 19.0%, indicating a significant contribution to overall fiscal performance[22]