Core Insights - Beijing's fiscal revenue for the first four months reached 254.79 billion yuan, a year-on-year increase of 1.8% [1] - Total expenditure for the same period was 335.92 billion yuan, reflecting a year-on-year growth of 2.8% [2] Revenue Summary - The city's general public budget revenue completed 254.79 billion yuan, achieving 38.4% of the annual budget, exceeding the timeline by 5.1 percentage points [1] - Local tax revenue amounted to 220.77 billion yuan, with a year-on-year increase of 3.7% [1] - The three major tax categories contributed 165.32 billion yuan, a growth of 6.9%, accounting for 64.9% of total revenue [1] - Value-added tax reached 78.65 billion yuan, growing by 3.0% [1] - Corporate income tax totaled 59.39 billion yuan, with a significant increase of 12.7%, driven by profits from key information and technology enterprises [1] - Personal income tax was 27.28 billion yuan, up by 6.4%, influenced by stock option exercises and year-end bonuses [1] Expenditure Summary - General public budget expenditure was 335.92 billion yuan, completing 40.0% of the annual budget, exceeding the timeline by 6.7 percentage points [2] - Key expenditure areas included: - Science and technology spending of 30.68 billion yuan, up 9.0%, focusing on basic research and innovation [2] - Education expenditure of 45.66 billion yuan, increasing by 8.0%, aimed at supporting early childhood education and higher education [2] - Health spending of 27.59 billion yuan, a growth of 2.4%, ensuring stable operation of public medical institutions [2] - Social security and employment expenditure of 54.65 billion yuan, up 2.9%, enhancing the social security system [2] - Urban and community spending of 44.49 billion yuan, increasing by 3.6%, supporting infrastructure projects [2]

Revenue Insights - In the first four months of 2025, the national general public budget revenue was 80,616 billion yuan, a year-on-year decrease of 0.4%[6] - In April 2025, the monthly revenue growth rate was 1.9%, up from 0.3% in March[6] - Tax revenue for the same period was 65,556 billion yuan, with a year-on-year decline of 2.1%[8] Expenditure Insights - General public budget expenditure from January to April 2025 was 93,581 billion yuan, reflecting a year-on-year growth of 4.6%[9] - In April 2025, the expenditure growth rate was 5.8%, slightly higher than March's 5.7%[9] - Social security and education expenditures maintained high growth rates, indicating a focus on welfare[11] Government Fund Insights - Government fund budget revenue decreased by 6.7% year-on-year to 12,586 billion yuan in the first four months of 2025[17] - In April 2025, the revenue growth rate rebounded to 8.1%, compared to -11.7% in March[17] - Government fund budget expenditure grew by 17.7% year-on-year, with April's growth rate reaching 44.7%[17] Fiscal Policy Outlook - The fiscal policy is expected to accelerate, focusing on urban renewal projects and infrastructure improvements[22] - There is an emphasis on increasing local government special bonds and long-term special treasury bonds to support economic growth[22] - Risks remain due to uncertainties in overseas demand, which could impact future fiscal performance[23]

Group 1 - The Ministry of Finance reported an improvement in fiscal revenue for April 2025, with total public budget revenue reaching 80,616 billion yuan, a year-on-year decrease of 0.4%, but the decline rate narrowed by 0.7 percentage points compared to the first quarter [1] - Tax revenue amounted to 65,556 billion yuan, down 2.1% year-on-year, with a narrowing decline of 1.4 percentage points from the first quarter. Notably, tax revenue grew by 1.9% in April, marking a positive monthly growth [1] - The overall public budget revenue in April showed a year-on-year increase of 1.9%, up from 0.3% in March, indicating a marginal improvement in the revenue structure [1] Group 2 - Among the four major tax categories, corporate income tax, value-added tax, and consumption tax saw significant declines in year-on-year growth rates in April, with growth rates of 4.0%, 0.9%, and 0.5% respectively, compared to previous values of 16.0%, 4.9%, and 9.6% [2] - The personal income tax experienced a notable increase of 67.5 percentage points year-on-year, reaching 9.0%, attributed to a low base from the previous year [2] Group 3 - In terms of fiscal expenditure, the general public budget expenditure grew by 5.8% year-on-year in April, surpassing the revenue growth rate, indicating a continued focus on stable growth in fiscal spending [4] - By the end of April, the general public budget expenditure completed 31.5% of the annual budget, higher than the average of 30.7% over the past five years [4] - Infrastructure-related expenditures showed a year-on-year growth of 2.2%, with significant increases in urban and rural community affairs and transportation spending, while expenditures in agriculture, forestry, water affairs, and energy conservation showed a slowdown [4]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the fiscal situation in China for April 2025, focusing on government spending, revenue, and infrastructure investment trends. Core Insights and Arguments - **Fiscal Spending Growth**: In April 2025, fiscal spending growth accelerated, primarily due to government debt financing support. The issuance of central ordinary and special government bonds has increased, with local governments shifting focus towards project investments, especially in infrastructure [3][5][8]. - **Local Government Investment**: Local governments have actively engaged in infrastructure investments through special bonds, with significant increases in government fund budget expenditures corresponding to local infrastructure investments. Social welfare-related expenditures have also risen, indicating increased pressure to maintain employment [5][6]. - **Revenue Improvement**: There was a marginal improvement in fiscal revenue in April 2025, although it remained in negative growth territory overall. Corporate income tax and export-related taxes provided some support, with corporate income tax improvements likely linked to corporate profit growth [6][9]. - **Structural Changes in Public Finance**: Public finance expenditures have shown structural changes, with a slight recovery in transportation spending and a decline in agricultural and forestry-related expenditures. This indicates a more proactive approach by local governments towards infrastructure investments [7][8]. - **Land Sale Revenue**: Land sale revenue growth remained negative in the first quarter of 2025, but micro-level data showed a recovery in land transaction prices across 330 cities. Fiscal confirmation of revenue lagged behind, only showing improvement in April [10]. - **Future Policy Outlook**: The future policy outlook suggests a preference for utilizing existing policies before considering any new measures. The second quarter will see continued acceleration in the implementation of existing policies, with potential new policies dependent on external pressures and upcoming political meetings [4][11][12]. Other Important but Potentially Overlooked Content - **Export Tax Revenue**: The first quarter of 2025 saw historically low export-related tax revenues, primarily due to high export tax rebates. This situation is linked to the "rush to export" phenomenon [9]. - **Monitoring Future Developments**: The upcoming political meetings in July and August will be critical in determining whether additional fiscal measures will be introduced, especially if export growth approaches zero [13].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - In 2025 from January to April, the general public budget revenue showed marginal improvement with economic recovery, but structural pressure remained, and subsequent policies were needed to stabilize revenue. The general public budget expenditure accelerated expansion, reflecting active fiscal policy and continuous efforts to stabilize growth. The government - funded budget revenue was still in negative growth but improved, and the expenditure accelerated, continuing to play a key role in stabilizing investment [3][4][5] Summary by Relevant Catalogs General Public Budget Revenue - From January to April 2025, the national general public budget revenue was 8.0616 trillion yuan, a year - on - year decrease of 0.4%. Tax revenue was 6.5556 trillion yuan, down 2.1% year - on - year, and non - tax revenue was 1.506 trillion yuan, up 7.7% year - on - year. Central revenue decreased by 3.8% year - on - year, and local revenue increased by 2.2% year - on - year [35] - Main tax revenue items: domestic VAT was 2.6254 trillion yuan, up 1.8% year - on - year; domestic consumption tax was 650.2 billion yuan, up 1.8% year - on - year; enterprise income tax was 1.7341 trillion yuan, down 3.1% year - on - year; personal income tax was 537.6 billion yuan, up 7.4% year - on - year; etc. [36][37][38] General Public Budget Expenditure - From January to April 2025, the national general public budget expenditure was 9.3581 trillion yuan, a year - on - year increase of 4.6%. Central expenditure increased by 9% year - on - year, and local expenditure increased by 3.9% year - on - year [46] - Main expenditure items: education expenditure was 1.4481 trillion yuan, up 7.4% year - on - year; science and technology expenditure was 1.1505 trillion yuan, up 3.9% year - on - year; social security and employment expenditure was 4.2114 trillion yuan, up 8.5% year - on - year; etc. [47][48][50] Government - Funded Budget Revenue - From January to April 2025, the national government - funded budget revenue was 1.2586 trillion yuan, a year - on - year decrease of 6.7%. Central revenue increased by 7.2% year - on - year, and local revenue decreased by 8% year - on - year. State - owned land use right transfer income was 934 billion yuan, down 11.4% year - on - year [57] Government - Funded Budget Expenditure - From January to April 2025, the national government - funded budget expenditure was 2.6136 trillion yuan, a year - on - year increase of 17.7%. Central expenditure increased by 75% year - on - year, and local expenditure increased by 16.6% year - on - year. Expenditure related to state - owned land use right transfer income was 1.3647 trillion yuan, down 8.4% year - on - year [58][59]

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 ...