—— 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 Insights - National general public budget expenditure reached 46,706 billion yuan in January-February 2026, reflecting a year-on-year growth of 3.6%[6] - Broad fiscal expenditure accelerated significantly to a year-on-year increase of 6.1%, recovering from previous declines[2] - Government fund expenditure surged by 16% year-on-year, primarily due to accelerated issuance of government bonds and pre-allocated funds[11] Structural Changes - Expenditure on health care increased by 17.3% and social security and employment by 8.6%, indicating a focus on public welfare[11] - Infrastructure spending, particularly in transportation and agriculture, showed a significant narrowing of previous declines, reflecting enhanced fiscal support for key areas[11] - The completion rate for broad fiscal expenditure was 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[13] - The expansion momentum of broad fiscal policy in the second quarter may still rely on the net issuance of government bonds and financial leverage effects[13] - Continued emphasis on new infrastructure and green transformation is anticipated, with close monitoring of fund allocation in these areas[13]