Group 1 - The Central Reservoir Resettlement Support Fund includes three funds: the Large and Medium-sized Reservoir Resettlement Support Fund, the Inter-provincial Large and Medium-sized Reservoir Fund, and the Three Gorges Reservoir Fund, established based on various regulations to support the livelihoods of reservoir resettlers and infrastructure development in resettlement areas [3][4] - The fund is collected from electricity users or those with power generation income from inter-provincial large and medium-sized reservoirs, aimed at addressing the economic development and other issues faced by reservoir resettlers [3][4] Group 2 - The collection scope of the Large and Medium-sized Reservoir Resettlement Support Fund applies nationwide, excluding the Tibet Autonomous Region, and is charged to provincial grid enterprises based on the total electricity sold within their respective regions [5] - The Inter-provincial Large and Medium-sized Reservoir Fund is collected from power generation facilities with a capacity of 25,000 kW or more, while the Three Gorges Reservoir Fund is based on the actual electricity sold by the Three Gorges power station [6] Group 3 - The collection standards for the Large and Medium-sized Reservoir Resettlement Support Fund vary by region, ranging from 1.425 cents to 6.225 cents per kWh, while the Inter-provincial Large and Medium-sized Reservoir Fund and the Three Gorges Reservoir Fund are both capped at 8 cents per kWh [7] Group 4 - The application for the Central Reservoir Resettlement Support Fund is standardized using the "General Non-tax Revenue Declaration Form," with payers required to declare and pay through self-declaration, while relevant grid enterprises handle the collection on behalf of the tax authorities [8] - The fund is collected monthly, with declarations and payments due by the 15th of each month [8] Group 5 - Annual reconciliation of the Central Reservoir Resettlement Support Fund is to be completed by the end of March of the following year based on actual electricity sales [9] Group 6 - The fund provides exemptions for distributed photovoltaic power generation self-consumed electricity, as per the relevant notification from the Ministry of Finance [10] Group 7 - The Central Reservoir Resettlement Support Fund is classified as a government fund, with revenues fully allocated to the central treasury under specific budget categories [11]

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 overall fiscal situation shows signs of recovery, with broad fiscal revenue and expenditure growth rates rebounding to -1.3% and 7.2% respectively for January-April, and April figures improving to 2.7% and 12.9% [1][3] - Tax revenue recovery and a slight rebound in the land market have contributed to the improvement in revenue, while special bond issuance and the initiation of special treasury bonds have supported expenditure growth [1][3] - The fiscal space for further stimulus remains, as economic growth shows resilience despite external shocks, although uncertainties in exports may pose challenges to fiscal balance [1] Group 2 - National general public budget revenue for January-April reached 8.06 trillion yuan, with a year-on-year growth of -0.4%, below the target growth of 0.1%, while April's revenue growth rose to 1.9% [3] - Central revenue turned positive with a growth rate of 1.6%, while local revenue decreased to 2.1%; tax revenue growth improved to 1.9% [3] - National fiscal expenditure for January-April was 9.4 trillion yuan, with a year-on-year growth of 4.6%, exceeding the target growth of 4.4% [4] Group 3 - In April, the growth rates of value-added tax and consumption tax revenues declined, while corporate income tax growth significantly fell, and personal income tax saw a large increase of 67.5 percentage points [6] - Real estate-related tax revenues weakened, with both property tax and deed tax growth rates declining, although land value-added tax growth saw a slight narrowing of decline [6] Group 4 - In April, major expenditure categories showed mixed results, with transportation and technology spending growth exceeding 10 percentage points, while infrastructure spending's proportion continued to decline [8] - Government fund income growth narrowed to -6.7% for January-April, with April's growth turning positive at 8.1%, and land use rights transfer income growth rebounding to 4.3% [9] - Government fund expenditure growth increased to 17.7% for January-April, but remained below the target of 23.1%, with April's growth rising to 44.7% [9]

Core Viewpoint - The article analyzes the changes in local fiscal reports, highlighting the income structure and expenditure situation for 2024 and the budget expectations for 2025, providing insights into potential fiscal "bottlenecks" and revenue expectations for local governments [1][24]. Group 1: 2024 Local General Fiscal Situation - In 2024, local general fiscal revenue growth reached 1.7%, higher than the national average of 1.3%, primarily due to increased efforts in asset disposal and resource mobilization [2][8]. - Local general fiscal expenditure growth was 3.2%, lower than the national rate of 3.6%, attributed to sufficient central carryover funds supporting national fiscal spending [2][8]. - Local non-tax revenue saw a significant increase of approximately 12.5%, while tax revenue experienced an average decline of about 2% [2][9]. Group 2: 2024 Local Government Fund Performance - Local government fund revenue decreased by 13.5% in 2024, with a slight expenditure growth of 0.4% [3][12]. - The decline in land transfer income, which fell by 16%, significantly impacted government fund revenues, with 19 out of 25 provinces reporting decreases [13][12]. - Some regions compensated for the decline in land transfer income through project construction and investment revenues, with notable increases in specific funds in provinces like Guizhou [14][12]. Group 3: 2025 Local Fiscal Budget Goals - Local governments have raised their 2025 general fiscal revenue growth target to 3%, up from 1.7% in 2024, mainly due to expected tax recovery [5][18]. - Tax revenue is projected to grow by an average of 3.9%, while non-tax revenue is expected to decline by 11.6% [5][18]. - Local government fund revenue is anticipated to increase by 1.6%, while expenditure is expected to decrease by 6.5% [5][20].