2026年1-2月财政数据解读：财政更加积极，支出快于收入

Revenue Insights - In January-February 2026, the national general public budget revenue reached 44,154 billion yuan, with a year-on-year growth of 0.7%[3] - Tax revenue showed significant structural differentiation, with VAT growing at 4.7%, while consumption tax, corporate income tax, and personal income tax experienced negative growth of -6.2%, -3.9%, and -6.9% respectively[4] - Non-tax revenue amounted to 7,761 billion yuan, reflecting a year-on-year increase of 3.4%[3] Expenditure Trends - National general public budget expenditure in January-February 2026 was 46,706 billion yuan, showing a year-on-year growth of 3.6%[5] - Expenditure on social security and employment reached 9,279 billion yuan, growing by 8.6%, while health spending surged by 17.3% to 4,119 billion yuan[6] - The expenditure accounted for 15.6% of the total budget for 2026, indicating a typical pre-expenditure characteristic[6] Fiscal Policy Overview - The broad fiscal deficit rate for 2026 is projected at approximately 8.1%, a decrease from 2025, indicating a slight slowdown in fiscal spending relative to GDP[2] - The broad fiscal budget revenue completion rate was 17.8%, with a year-on-year decline of 1.4%, while the expenditure completion rate was 14.3%, reflecting a year-on-year increase of 6.1%[2] - The government aims to enhance the efficiency of fund utilization and promote policy coordination among various departments[9] Government Fund Budget - Government fund budget revenue in January-February 2026 was 5,363 billion yuan, down 16% year-on-year, primarily due to weak real estate market conditions[7] - Government fund budget expenditure rose to 13,174 billion yuan, marking a year-on-year increase of 16%[7]