去年广义财政支出首次突破40万亿，今年支出如何扩大

Core Viewpoint - In 2025, China will implement a more proactive fiscal policy for the first time, with total fiscal spending exceeding 40 trillion yuan, marking a 3.7% year-on-year increase, while fiscal revenue is expected to decline by approximately 2.9% [2][4]. Fiscal Spending and Revenue - The total fiscal spending in 2025 is projected to be around 40.03 trillion yuan, with a significant increase in the fiscal deficit, which will exceed revenue by approximately 12.65 trillion yuan, reflecting a 21.3% year-on-year growth [2][4]. - The general public budget expenditure is estimated at 28.74 trillion yuan, growing by 1%, while government fund expenditure is expected to reach 11.29 trillion yuan, increasing by 11.3% [4]. - The expenditure growth rate of the general public budget is 2.7 percentage points higher than the revenue growth rate, indicating active fiscal policy measures to counter economic downturns [4]. Focus on Social Welfare - Key areas of spending related to social welfare, education, and health are expected to grow at rates of 6.7%, 3.2%, and 5.7% respectively, significantly above the average expenditure growth rate of 1% [4]. - The combined share of these three areas in the general public budget expenditure will reach 38%, an increase of 1.3 percentage points from 2024, highlighting the enhanced focus on social welfare [4]. Challenges in Revenue Generation - Despite the increase in fiscal spending, the revenue is expected to decline due to factors such as insufficient domestic demand and ongoing adjustments in the real estate market [5][9]. - The general public budget revenue is projected to be around 21.61 trillion yuan, a decrease of 1.7% from the previous year, with tax revenue slightly increasing by 0.8% while non-tax revenue is expected to drop by 11.3% [9][10]. Debt Financing - The widening gap between fiscal revenue and expenditure will primarily be addressed through government debt issuance, with net financing expected to reach a record high of 13.84 trillion yuan in 2025 [11][12]. - The government is anticipated to continue increasing its debt levels in 2026, with a projected deficit rate of around 4% and new special bond quotas potentially reaching 5 trillion yuan [17]. Future Fiscal Policy Directions - The fiscal policy for 2026 is expected to further enhance support for social welfare and consumption, with potential increases in spending on pensions and childcare subsidies [17]. - The government aims to optimize the fiscal expenditure structure, focusing more on residents' needs and enhancing the effectiveness of fiscal and financial collaboration [15][17].