12月财政数据点评：广义财政支出降幅有所收窄

Revenue Analysis - In December, the year-on-year decline in general fiscal revenue widened to 18.5%, compared to a 5.2% decline in November[5] - The general public budget revenue growth rate fell to -25% in December from 0% in November, with tax revenue decreasing from 3.2% to -11.6%[5] - Non-tax revenue continued to show negative growth, with a year-on-year decline of 48.1% in December, worsening from 10.8% in November[5] Expenditure Analysis - The year-on-year decline in general fiscal expenditure narrowed to 0.7% in December from 1.7% in November, while the adjusted month-on-month growth rate slowed to 10.9% from 33.8%[1] - The general public budget expenditure growth rate improved to -1.5% in December from -4.2% in November, with the overall budget completion rate for the year at 96.8%, lower than the average of 98.9% from 2020 to 2024[8] - Government fund expenditure growth rate slightly decreased to 1.5% in December from 2.8% in November, supported by increased issuance of special bonds[8] Future Outlook - The government is expected to maintain fiscal support to achieve a strong economic start in 2026, with a focus on the execution pace of fiscal policies[2] - The issuance of government bonds has increased year-on-year, indicating a proactive fiscal stance to support economic growth[2] - The marginal improvement in the real estate market is expected to positively influence related tax revenues, although overall fiscal revenue remains under pressure[5]