财政部最新数据！这两项，由负转正！

Core Viewpoint - The article highlights the trends in China's public finance for the first four months of 2025, indicating a narrowing decline in public fiscal revenue and a significant increase in public fiscal expenditure, with a focus on the recovery of tax revenues and the role of non-tax revenues in supporting fiscal income [1][2][3]. Fiscal Revenue Summary - In the first four months of 2025, the total public fiscal revenue reached 80,616 billion yuan, a year-on-year decrease of 0.4%, with the decline narrowing by 0.7 percentage points compared to the first quarter [1]. - Central government revenue fell by 3.8%, but April saw a growth of 1.6%, marking the first month of positive growth this year [1]. - Local government revenue increased by 2.2%, consistent with the first quarter [1]. - Tax revenue totaled 65,556 billion yuan, down 2.1%, with April showing a 1.9% year-on-year increase, the first positive monthly growth this year [1][2]. - Non-tax revenue reached 15,060 billion yuan, up 7.7%, driven by asset activation [1]. Tax Revenue Breakdown - Key tax categories showed varied performance: domestic VAT and consumption tax grew by 1.8%, while personal income tax increased by 7.4% [2]. - Import VAT and consumption tax fell by 6.5% and 12.1%, respectively, while corporate income tax decreased by 3.1% [2]. - Manufacturing and service sectors exhibited strong tax revenue performance, with equipment manufacturing and digital economy sectors showing significant growth [2]. Fiscal Expenditure Summary - Total public fiscal expenditure reached 93,581 billion yuan, a year-on-year increase of 4.6%, achieving 31.5% of the budget, the fastest pace since 2020 [3]. - Major expenditure areas included social security and employment (up 8.5%), education (up 7.4%), and health (up 3.9%) [3]. - Cultural, tourism, and media expenditures grew by 3.2%, while commercial services surged by 29.5% [3]. - The issuance of special government bonds has accelerated, supporting early project implementation and boosting demand [3].