3月财政数据解读：中央支出继续发力，地方支出节奏待提升

Revenue and Budget Performance - In the first three months of 2024, the national general public budget revenue was CNY 6.08 trillion, with a year-on-year growth rate of -2.3%[23] - The general public budget revenue's two-year compound growth rate was -0.94%, indicating a narrowing decline compared to previous periods[34] - Government fund revenue showed a negative growth rate, with land transfer income down by 17.5% year-on-year, reflecting a sluggish real estate market[13] Tax Revenue Insights - Tax revenue in the first quarter of 2024 had a year-on-year growth rate of -4.9%, with a two-year compound growth rate of -3.2%[34] - Domestic value-added tax grew by 7.1% year-on-year, but the two-year compound growth rate was only 2.1%, indicating a recovery trend[27] - Corporate income tax showed a year-on-year growth of 1% and a two-year compound growth rate of 5.06%, suggesting improvement in corporate operations[27] Expenditure Trends - General public budget expenditure in the first quarter increased by 2.9% year-on-year, with a completion rate of 24.6%[35] - Central government expenditure grew by 10.5%, while local government expenditure only increased by 1.9%, indicating a disparity in spending growth rates[35] - Infrastructure spending remains robust, reflecting ongoing fiscal policy support for the economy[35] Fiscal Policy Outlook - The government work report emphasizes an active fiscal policy, with plans for increased deficit and special bond issuance to stimulate the economy[16] - The issuance of local special bonds is expected to accelerate in the second quarter, as the current pace is slower than anticipated[16]