2025年12月财政数据点评

Revenue and Expenditure Trends - In 2025, public fiscal revenue decreased by 1.7% year-on-year, a drop of 2.5 percentage points compared to the previous month[1] - Public fiscal expenditure increased by 1.0% year-on-year, down 0.4 percentage points from the previous month[1] - The deficit utilization rate for the first account was 92.5%, which is 9.3 percentage points lower than the average of the past three years[1] Tax Revenue Performance - National tax revenue growth was 0.8%, a decline of 1.0 percentage points from the previous month[1] - Non-tax revenue fell by 11.3%, a decrease of 7.6 percentage points compared to the previous month, primarily due to a high base effect from last year[1] - Tax revenue growth ended an 8-month streak of positive growth, dropping 14.3 percentage points to -11.5% in December[1] Fiscal Spending Focus - Spending on science and technology decreased by 3.1 percentage points to 4.8% year-on-year, influenced by a high base from the previous year[1] - Expenditure in the livelihood sector grew by 4.5%, slightly down from the previous month but still outpacing overall fiscal expenditure growth[1] - Infrastructure spending saw a year-on-year decline of 6.6%, although it rebounded by 1.1 percentage points from the previous month[1] Government Fund Dynamics - Government fund revenue decreased by 7.0% year-on-year, while expenditure increased by 11.3%, both down from the previous month by 2.1 and 2.4 percentage points respectively[1] - In December, government fund revenue fell by 11.7%, while expenditure grew by 1.5%, narrowing the gap in growth rates[1] - Revenue from state land use rights dropped by 14.7%, with a slight improvement in the rate of decline compared to 2024[1] Overall Fiscal Outlook - The broad fiscal revenue growth rate was -2.9%, down 2.6 percentage points from the previous month[1] - Broad fiscal expenditure increased by 3.7%, a decrease of 0.8 percentage points from the previous month[1] - The focus of fiscal policy is shifting towards the 2026 "14th Five-Year Plan," with an emphasis on increased spending and coordinated fiscal-financial policies to stimulate domestic demand[1]