前5月财政数据详解

Core Viewpoint - The article discusses the fiscal revenue and expenditure situation in China for the first five months of 2025, highlighting a stable fiscal income but an expansion in fiscal expenditure to support economic stability and demand growth [1]. Fiscal Revenue - National general public budget revenue for January to May reached 96,623 billion yuan, a year-on-year decrease of 0.3%, which is a slight improvement from the previous four months' decline of 0.4% [1]. - Government fund budget revenue was 15,483 billion yuan, showing a year-on-year decline of 6.9%, which is a slight increase in the decline compared to the previous four months' 6.7% [1]. - Tax revenue, which is a key component of fiscal income, totaled 79,156 billion yuan, down 1.6% year-on-year, but this decline is less severe than the previous four months' 2.1% [1]. - Corporate income tax revenue for the first five months was 21,826 billion yuan, down 2.5% year-on-year, although the decline is narrowing as industrial profits have turned positive [1][2]. Factors Affecting Revenue - The real estate market remains sluggish, leading to a decline in related tax revenues, such as deed tax and land value-added tax, which experienced double-digit decreases [2]. - Complex foreign trade conditions, including trade wars, negatively impacted fiscal revenue, with significant declines in import VAT, consumption tax, and customs duties [2]. - Low prices have also reduced nominal fiscal income, with the Producer Price Index (PPI) falling by 3.3% year-on-year in May 2025, affecting tax bases like VAT [3]. Tax Revenue Performance - Despite overall tax revenue declines, certain sectors showed strong performance, particularly in manufacturing and services. For instance, tax revenue from railway, shipbuilding, and aerospace manufacturing grew by 28.8%, while computer and communication equipment manufacturing increased by 11.9% [4]. - In the service sector, tax revenue from cultural, sports, and entertainment industries rose by 7.8%, and the information transmission and software services sector saw a 10% increase [4]. Non-Tax Revenue - Non-tax revenue for the general public budget reached 17,467 billion yuan, a year-on-year increase of 6.2%, primarily driven by asset activation [5]. Fiscal Expenditure - Total general public budget expenditure for January to May was 112,953 billion yuan, a year-on-year increase of 4.2%, which is significantly higher than the revenue growth rate [6]. - Key expenditure areas such as social security and employment saw growth rates of 9.2% and 6.7%, respectively, indicating strong support for public welfare [6]. - Government fund budget expenditure increased by 16% to 32,125 billion yuan during the same period [7]. Government Bond Financing - Net financing from government bonds reached 631 billion yuan in the first five months, an increase of 381 billion yuan year-on-year, supporting fiscal expenditure expansion [8].