Revenue and Expenditure Trends - Public fiscal revenue from January to April decreased by 0.4% year-on-year, improving from a previous decline of 1.1%[1] - Public fiscal expenditure increased by 4.6% year-on-year, up from 4.2% previously[1] - Government fund revenue fell by 6.7% year-on-year, an improvement from a 11.0% decline[1] - Government fund expenditure surged by 17.7% year-on-year, compared to 11.1% previously[1] Government Fund Details - Total government fund revenue reached 12,586 billion yuan, down 6.7% year-on-year, with land use rights revenue at 9,340 billion yuan, down 11.4%[1] - Government fund expenditure totaled 26,136 billion yuan, up 17.7% year-on-year, with land use rights expenditure at 13,647 billion yuan, down 8.4%[1] Fiscal Structure Insights - Total public fiscal expenditure was 93,581 billion yuan, with central government expenditure accounting for 13.1% (up from 9.0%) and local government expenditure at 86.9% (up from 3.9%)[2] - Debt interest payments increased by 11.0% year-on-year, while social security and employment expenditures rose by 8.5%[2] Revenue Composition - Total public fiscal revenue was 80,616 billion yuan, with central revenue at 42.1% (down 3.8%) and local revenue at 57.9% (up 2.2%)[3] - Tax revenue constituted 81.3% of total revenue, with a year-on-year decline of 2.1%[3] - Personal income tax increased by 7.4% year-on-year, while corporate income tax decreased by 3.1%[3] Investment and Risk Considerations - The acceleration in government fund expenditure and a year-on-year increase of 20.9% in local government bond balances indicate a proactive fiscal stance[4] - Risks include the potential for intensified de-globalization and changes in policy rhythm[5]

Core Insights - The overall fiscal revenue and expenditure for the first four months of 2025 show a mixed trend, with total public budget revenue at 80,616 billion yuan, a year-on-year decrease of 0.4%, while total expenditure reached 93,581 billion yuan, an increase of 4.6% [1][4] Revenue Analysis - Tax revenue for the first four months was 65,556 billion yuan, down 2.1% year-on-year, while non-tax revenue increased by 7.7% to 15,060 billion yuan [2] - Central government budget revenue was 33,928 billion yuan, a decline of 3.8%, while local government revenue rose by 2.2% to 46,688 billion yuan [2] - The completion rate of public fiscal revenue for the first four months was 36.7%, higher than the same period in 2024 and in line with the five-year average [2] Tax Revenue Breakdown - Domestic value-added tax and consumption tax both grew by 1.8%, while corporate income tax fell by 3.1% and personal income tax rose by 7.4% [2][3] - Real estate-related taxes showed mixed results, with deed tax down 15.7% and property tax up 11.2% [2][3] Expenditure Analysis - Total public budget expenditure for the first four months was 93,581 billion yuan, with central government expenditure at 12,282 billion yuan (up 9%) and local government expenditure at 81,299 billion yuan (up 3.9%) [4] - Key expenditure areas included social security and employment (up 8.5%), education (up 7.4%), and health (up 3.9%), while spending on urban and rural communities and agriculture showed a decline [4] Fiscal Policy Outlook - The fiscal deficit target for the year is set at around 4%, allowing for flexibility in future policy adjustments [3] - The issuance of special bonds and long-term special treasury bonds is expected to support infrastructure spending, with a significant amount of local special bonds pending issuance [5]

新华社北京5月20日电财政部20日发布了全国财政收支运行的最新情况。数据显示，前4个月全国财政收 入降幅继续收窄，中央收入、税收收入4月份实现正增长；财政支出保持强度，支出进度加快，彰显更 加积极的财政政策靠前发力。 从主要支出科目来看，今年前4个月，社会保障和就业支出16852亿元，同比增长8.5%；教育支出14481 亿元，同比增长7.4%；科学技术支出2953亿元，同比增长3.9%；文化旅游体育与传媒支出1110亿元， 同比增长3.2%；卫生健康支出7462亿元，同比增长3.9%；节能环保支出1687亿元，同比增长6.2%。 "今年以来，财政支出进度明显加快，社保、就业、教育、科技等重点领域支出保障有力，彰显财政政 策靠前发力、更加给力。"何代欣说。 此外，数据显示，今年前4个月，全国政府性基金预算支出26136亿元，同比增长17.7%。 "今年以来，地方政府专项债券、超长期特别国债加快发行使用，推动了政府性基金预算支出增长。这 些'真金白银'不仅支持相关项目及早落地，也为地方落实更加积极的财政政策提供支撑。"何代欣说。 从主要税收收入来看，今年前4个月，国内增值税26254亿元，同比增长1.8%；国内 ...

这是前不久自治区人民政府新闻办公室召开的"实施更加积极的财政政策加力提效推动自治区经济社会 高质量发展"新闻发布会上释放出的积极信号。 今年一季度，新疆财政收支继续保持两位数增长，取得"开门红"。 刘艳介绍，今年新疆各级财政部门围绕重点保基本，聚焦补齐民生领域短板，进一步调整优化支出结 构，加大对就业、教育、医疗、社保等民生领域的投入力度，持续完善财政民生保障制度体系，让改革 发展成果更多更公平地惠及人民群众。 一季度，新疆一般公共预算收入累计完成684亿元，同比增长10.8%，增幅位居全国第二；一般公共预 算支出累计完成1681.2亿元，同比增长26.7%，增幅位居全国第一。政府性基金预算收入累计完成88.2 亿元，同比增长30.5%；政府性基金预算支出累计完成221.4亿元，同比增长57.9%。国有资本经营预算 收入累计完成16.5亿元，同比增长13.7%；国有资本经营预算支出累计完成3.6亿元，同比增长275.3%。 财政收支是反映经济运行情况的"晴雨表"。一季度，新疆财政"三本账"收支均实现两位数增长，为全疆 各项事业发展提供了坚实的财力保障，也反映出新疆经济发展向好态势。 财政收入总体平稳 小税种收 ...

市财政局表示，一季度，在首都经济延续回升向好态势、各项存量政策和增量政策加力实施显效的带动 下，全市一般公共预算收入完成1839.2亿元、同比增长2.8%；完成年度预算的27.8%，超时间进度2.8个 百分点，实现良好开局。 其中，一季度全市地方级税收收入完成1520.0亿元、同比增长4.4%；税收收入占比82.6%，收入质量继 续保持较高水平。从三大主体税种来看，增值税、企业所得税、个人所得税合计完成1257.4亿元、同比 增长9.0%。 支出方面，一季度，本市认真落实更加积极的财政政策，不断加强各类财政资金资源统筹，加大支出强 度，增强对重点领域资金保障能力。全市一般公共预算支出完成2817.6亿元、同比增长4.0%；完成年度 预算的33.5%，超时间进度8.5个百分点。 从主要支出领域看，教育支出367.0亿元、同比增长7.2%，主要用于优化普惠托育服务供给，促进基础 教育均衡发展，支持市属高校双一流建设、教学科研设备更新以及新校区开办等。科学技术支出290.3 亿元、同比增长6.4%，主要用于基础研究、科技创新成果研发与应用等，推动新质生产力发展。 本报讯（记者 孙杰）北京市2025年一季度财政收支情 ...

以下文章来源于申万宏源宏观 ，作者赵伟 贾东旭 等 申万宏源宏观 . 申万宏源证券研究所 | 宏观研究部 作者： 赵 伟 申万宏源证券首席经济学家 贾东旭 高级宏观分析师 侯倩楠 宏观分析师 联系人： 常规跟踪：广义财政收支增速均有提升，一季度预算完成度均高于过去五年同期平均 一般财政收入有所修复，推动广义财政收入回暖。 3月广义财政收入同比-1.7%，较2月同比提升1.2个百 分点；其中，政府性基金收入同比-11.7%，一般财政收入同比0.3%。从预算完成度看，3月广义财政收入 预算完成6.8%，略高于2024年同期及过去五年平均的6.6%；一季度广义财政收入预算完成24.6%，高于 过去五年平均24.1%。 侯倩楠 宏观分析师 摘要 事件： 4月18日，财政部公布2025年一季度财政收支情况。一季度，全国一般公共预算收入60189亿元， 同比下降1.1%；全国一般公共预算支出72815亿元，同比增长4.2%。 点评：财政"续力"正当时，储备政策推出节奏值得重点关注 广义财政收支增速均有提升，一季度预算完成度均高于过去五年同期平均。 2025年3月，广义财政收入 同比-1.7%，广义财政支出同比10.1%， ...

贾东旭 高级宏观分析师 侯倩楠 宏观分析师 联系人： 侯倩楠 宏观分析师 摘要 一般财政收入有所修复，推动广义财政收入回暖。 3月广义财政收入同比-1.7%，较2月同比提升1.2个百 分点；其中，政府性基金收入同比-11.7%，一般财政收入同比0.3%。从预算完成度看，3月广义财政收入 预算完成6.8%，略高于2024年同期及过去五年平均的6.6%；一季度广义财政收入预算完成24.6%，高于 过去五年平均24.1%。 一般财政、政府性基金支出均加快，推动广义财政支出明显提速。 3月广义财政支出同比10.1%，较2月 增速提升7.2个百分点；一般财政支出同比5.7%，政府性基金支出同比27.9%。从预算完成度看3月广义财 政支出预算完成8.6%，略低于过去五年平均支出进度8.8%。一季度广义财政支出预算完成21.9%，略高 于过去五年平均21.8%。 风险提示 事件： 4月18日，财政部公布2025年一季度财政收支情况。一季度，全国一般公共预算收入60189亿元， 同比下降1.1%；全国一般公共预算支出72815亿元，同比增长4.2%。 点评：财政"续力"正当时，储备政策推出节奏值得重点关注 广义财政收支增速均 ...

Core Viewpoint - The fiscal revenue and expenditure data for January-February 2025 indicates a need for increased fiscal support through financing, as both revenue and expenditure growth rates are slowing down compared to previous years [2][8][13]. Group 1: Fiscal Revenue and Expenditure Overview - In January-February 2025, the national general public budget revenue was 43,856 billion yuan, a year-on-year decrease of 1.6% [7]. - The national general public budget expenditure was 45,096 billion yuan, a year-on-year increase of 3.4% [7]. - The broad fiscal revenue decreased by 2.9% year-on-year, while the budget completion rate was 17.8%, higher than the five-year average of 17.5% [4][8]. Group 2: Fiscal Support and Debt Issuance - The broad fiscal expenditure growth was 2.9% year-on-year, with a budget completion rate of 13.4%, consistent with the five-year average [5][21]. - New general bonds and carryover funds provided effective support for early fiscal expenditures, with a fiscal revenue shortfall of 0.6 trillion yuan, higher than the average of 0.1 trillion yuan from 2020-2024 [10][11]. - The issuance of new local bonds and special refinancing bonds reached nearly 1.8 trillion yuan in January-February 2025, with special refinancing bonds issued at a faster pace [11][13]. Group 3: Sector-Specific Expenditure Trends - Expenditure in science and technology, education, and social security showed relatively high growth rates of 10.6%, 7.7%, and 6.7% respectively [23]. - Government fund expenditure grew by 1.2% year-on-year, significantly slowing down due to a 15.7% decrease in land transfer income [28]. - The budget completion rate for government fund expenditure was 9.1%, lower than the five-year average of 9.7% [28].