4月财政数据点评：中央支出增速维持高位，超长期国债助力财政发力

Revenue Insights - From January to April 2024, the general public budget revenue reached CNY 8.09 trillion, with a year-on-year growth rate of -2.7% due to high base effects from previous tax relief policies[32] - Tax revenue saw a year-on-year decline of 4.9%, primarily influenced by the high base from last year's tax deferrals for small and micro enterprises[110] - Land transfer revenue continued to decline, with a year-on-year growth rate of -10.4%, indicating ongoing weakness in the real estate market[46] Expenditure Trends - General public budget expenditure increased by 3.5% year-on-year, with central government expenditure growing at 10.5%, while local government expenditure rose by only 2.6%[105] - The expenditure completion rate for the general public budget was 31.3%, reflecting a neutral performance over the past five years[105] - The deficit utilization rate reached 13.9%, indicating a high level of fiscal pressure compared to historical data[105] Government Fund Performance - Government fund revenue recorded a year-on-year decline of 7.7%, marking 23 consecutive months of negative growth[46] - Government fund expenditure also fell by 20.5% year-on-year, continuing a trend of negative growth for 15 months[46] - The completion rate for new local government special bonds was only 19%, suggesting slow progress in funding initiatives[46] Policy Implications - The issuance of special long-term bonds is expected to support fiscal policy, with plans for 20-year, 30-year, and 50-year bonds announced for 2024[68] - The central bank has introduced measures to support housing market recovery, including lowering down payment ratios for first and second homes[68]