——2026年1-2月财政数据点评：财政开年加力

Revenue Performance - In January-February 2026, the national general public budget revenue increased by 0.7% year-on-year, improving from a decline of 1.7% in the previous period[1] - The central government budget revenue decreased by 1.7%, but the decline was significantly narrowed compared to the previous month[3] - Local government budget revenue grew by 2.6%, maintaining positive growth despite a slowdown[3] Tax Revenue Insights - The four major tax categories showed mixed results, with individual income tax declining by 6.9% year-on-year, a significant drop from a previous increase of 11.38%[4] - Domestic value-added tax increased by 4.7%, reversing a three-month decline and improving by 6.85 percentage points from the previous month[5] - Corporate income tax saw a reduced decline of 3.9%, improving by 14.42 percentage points compared to the previous month[5] Expenditure Trends - General public budget expenditure grew by 3.6% year-on-year, a significant increase of 5.37 percentage points from the previous month[12] - Infrastructure-related expenditure increased by 2.41%, marking a positive turnaround with a rise of 3.51 percentage points from the previous month[12] - Government fund budget expenditure rose by 16.0%, a substantial increase of 14.5 percentage points from the previous month[24] Special Debt Issuance - New local special bond issuance reached 824.2 billion yuan in January-February 2026, with an issuance progress of 18.7%, surpassing the five-year average of 14%[31] - By March 19, 2026, the cumulative issuance of new local special bonds reached 1,091.4 billion yuan, completing 24.8% of the annual plan[31] Overall Economic Outlook - The fiscal situation at the beginning of 2026 appears positive, with rising main tax revenues and rapid special bond issuance supporting revenue growth[2] - The acceleration of fiscal expenditure is expected to provide fundamental support for maintaining positive momentum in infrastructure investment[2]