证券交易印花税增长1.1倍！前两个月财政运行平稳开局

Core Viewpoint - The fiscal revenue and expenditure data for January and February 2026 indicate a stable start to the fiscal year, with slight growth in revenue and accelerated expenditure [2][9]. Revenue Summary - In the first two months of 2026, the national general public budget revenue reached 4.42 trillion yuan, a year-on-year increase of 0.7% [1]. - Tax revenue increased by 0.1%, while non-tax revenue grew by 3.4% [3]. - The domestic value-added tax rose by 4.7%, while domestic consumption tax, corporate income tax, and individual income tax saw declines of 6.2%, 3.9%, and 6.9% respectively [3]. - The growth in value-added tax is attributed to the growth in industrial services and a narrowing decline in industrial producer prices [6]. - The increase in import value-added tax and consumption tax was 12.9%, and the export value-added tax and consumption tax increased by 9.7% [6]. - Securities transaction stamp duty revenue reached 49.9 billion yuan, reflecting a year-on-year increase of 110%, indicating active trading in the stock market [6]. Expenditure Summary - National general public budget expenditure increased by 3.6% in the first two months of 2026 [9]. - Key expenditure areas such as social security and employment, health care, housing security, and urban-rural community spending saw year-on-year increases of 8.6%, 17.3%, 9%, 7.7%, and 5.4% respectively [10]. - The proportion of spending on medical, education, social security and employment, and housing security has been increasing in the general public budget [10]. - Government bond issuance has accelerated, with a year-on-year increase of 12.2% for national bonds and 8.5% for local government bonds [10].