1-2月财政数据点评：财政支出再提速

Revenue Insights - In January-February 2026, the national general public budget revenue was 44,154 billion yuan, a year-on-year increase of 0.7%[6] - The broad fiscal revenue showed a year-on-year decline of 1.4%, but improved significantly by 17.1 percentage points compared to December 2025[2] - Tax revenue turned positive with a year-on-year growth of 0.1%, indicating signs of stabilization in micro-enterprise profits and industrial production[9] Expenditure Trends - General fiscal expenditure in January-February 2026 increased by 3.6% year-on-year, reflecting a significant recovery compared to December 2025[3] - Broad fiscal expenditure grew by 6.1% year-on-year, marking a notable acceleration in spending[4] - Government fund expenditure surged by 16%, benefiting from accelerated government bond issuance and pre-allocated funds[3] Structural Changes - Expenditure on health care rose by 17.3% and social security and employment by 8.6%, indicating a focus on public welfare[12] - Infrastructure spending, particularly in transportation and agriculture, saw a significant narrowing of decline, suggesting enhanced fiscal support for key sectors[12] - The budget completion rate for general fiscal expenditure reached 14.1%, higher than the five-year average of 13.2%[4] Future Outlook - The first quarter is expected to continue with accelerated fiscal funding, with a focus on the effectiveness of fiscal-financial collaboration[14] - The expansion momentum of broad fiscal policy in the second quarter may rely on the net issuance of government bonds and financial leverage effects[14] - Continued emphasis on new infrastructure and green transformation is anticipated, with close monitoring of fund allocation in these areas[14]