National General Public Budget Revenue - The national general public budget revenue from January to August reached 14,819.8 billion yuan, a year-on-year increase of 0.3% [1] - Tax revenue accounted for 12,108.5 billion yuan, showing a slight increase of 0.02% year-on-year, while non-tax revenue was 2,711.3 billion yuan, up by 1.5% [1] - Central government revenue was 6,426.8 billion yuan, down by 1.7% year-on-year, while local government revenue was 8,393.0 billion yuan, increasing by 1.8% [1] Major Tax Revenue Items - Domestic value-added tax generated 47,389 billion yuan, with a year-on-year growth of 3.2% [2] - Domestic consumption tax amounted to 11,523 billion yuan, reflecting a year-on-year increase of 2% [3] - Corporate income tax reached 31,477 billion yuan, showing a year-on-year growth of 0.3% [4] - Personal income tax was 10,547 billion yuan, with a significant year-on-year increase of 8.9% [5] - Import VAT and consumption tax totaled 11,770 billion yuan, down by 6.7% year-on-year, while customs duties were 1,527 billion yuan, decreasing by 6.5% [6] - Export tax rebates were 15,766 billion yuan, reflecting a year-on-year increase of 9% [7] - Stamp duty revenue was 2,844 billion yuan, with a notable year-on-year increase of 27.4%, including a remarkable 81.7% increase in securities transaction stamp duty [10] National General Public Budget Expenditure - National general public budget expenditure from January to August totaled 17,932.4 billion yuan, a year-on-year increase of 3.1% [19] - Central government expenditure was 26,570 billion yuan, up by 8% year-on-year, while local government expenditure was 152,754 billion yuan, increasing by 2.3% [19] Major Expenditure Items - Education expenditure reached 27,078 billion yuan, with a year-on-year growth of 5.6% [20] - Social security and employment expenditure was 30,723 billion yuan, reflecting a significant year-on-year increase of 10% [21] - Health expenditure amounted to 13,717 billion yuan, up by 5.1% year-on-year [22] - Urban and rural community expenditure decreased by 4.9% to 12,319 billion yuan [23] - Agricultural, forestry, and water expenditure fell by 9.4% to 13,589 billion yuan [23] Government Fund Budget Revenue and Expenditure - Government fund budget revenue from January to August was 26,449 billion yuan, a year-on-year decrease of 1.4% [23] - Local government fund budget revenue was 23,516 billion yuan, down by 1.6%, with land use rights transfer revenue at 19,263 billion yuan, decreasing by 4.7% [23] - Government fund budget expenditure totaled 62,602 billion yuan, a significant year-on-year increase of 30% [23] - Local government fund budget expenditure was 54,993 billion yuan, up by 18.8% [23]

National General Public Budget Revenue - The national general public budget revenue for January to August reached 14,819.8 billion yuan, with a year-on-year growth of 0.3% [1] - Tax revenue amounted to 12,108.5 billion yuan, showing a slight increase of 0.02% year-on-year, while non-tax revenue was 2,711.3 billion yuan, up by 1.5% [1] - Central government revenue was 6,426.8 billion yuan, down by 1.7% year-on-year, whereas local government revenue was 8,393.0 billion yuan, increasing by 1.8% [1] Major Tax Revenue Items - Domestic value-added tax generated 4,738.9 billion yuan, reflecting a year-on-year increase of 3.2% [2] - Domestic consumption tax totaled 1,152.3 billion yuan, with a growth of 2% [3] - Corporate income tax reached 3,147.7 billion yuan, up by 0.3% [4] - Personal income tax was 1,054.7 billion yuan, showing a significant increase of 8.9% [5] - Import VAT and consumption tax amounted to 1,177.0 billion yuan, down by 6.7%, while customs duties were 152.7 billion yuan, decreasing by 6.5% [6] - Export tax rebates were 1,576.6 billion yuan, increasing by 9% [7] - Urban maintenance and construction tax reached 347.1 billion yuan, up by 2.9% [8] - Vehicle purchase tax was 133.4 billion yuan, down by 17.7% [9] - Stamp duty totaled 284.4 billion yuan, with a notable increase of 27.4%, including a significant rise of 81.7% in securities transaction stamp duty [10] - Resource tax was 194.3 billion yuan, down by 2.8% [11] - Deed tax reached 301.2 billion yuan, decreasing by 15.3% [12] - Property tax was 330.7 billion yuan, up by 11.5% [13] - Urban land use tax totaled 170.4 billion yuan, increasing by 6.3% [14] - Land value increment tax was 296.7 billion yuan, down by 18.3% [15] - Cultivated land occupation tax reached 100.1 billion yuan, up by 4% [16] - Environmental protection tax was 19.7 billion yuan, increasing by 11.5% [17] - Other tax revenues combined were 83.8 billion yuan, with a growth of 0.7% [18] National General Public Budget Expenditure - National general public budget expenditure for January to August was 17,932.4 billion yuan, reflecting a year-on-year increase of 3.1% [19] - Central government expenditure was 2,657.0 billion yuan, up by 8%, while local government expenditure was 15,275.4 billion yuan, increasing by 2.3% [19] Major Expenditure Items - Education expenditure reached 2,707.8 billion yuan, with a growth of 5.6% [20] - Science and technology expenditure was 587.4 billion yuan, up by 3.1% [21] - Cultural, tourism, sports, and media expenditure totaled 227.2 billion yuan, increasing by 4.3% [22] - Social security and employment expenditure was 30,723.0 billion yuan, showing a significant increase of 10% [22] - Health expenditure reached 13,717.0 billion yuan, up by 5.1% [22] - Energy conservation and environmental protection expenditure was 3,315.0 billion yuan, increasing by 6.6% [22] - Urban and rural community expenditure was 12,319.0 billion yuan, down by 4.9% [22] - Agriculture, forestry, and water expenditure totaled 13,589.0 billion yuan, decreasing by 9.4% [22] - Transportation expenditure was 7,128.0 billion yuan, down by 1.3% [22] - Debt interest payment expenditure reached 8,715.0 billion yuan, increasing by 5.9% [22] National Government Fund Budget Revenue - National government fund budget revenue for January to August was 2,644.9 billion yuan, down by 1.4% [23] - Central government fund budget revenue was 293.3 billion yuan, up by 0.6%, while local government fund budget revenue was 2,351.6 billion yuan, down by 1.6%, with land use rights transfer revenue at 1,926.3 billion yuan, decreasing by 4.7% [23] National Government Fund Budget Expenditure - National government fund budget expenditure for January to August was 62,602.0 billion yuan, reflecting a significant year-on-year increase of 30% [23] - Central government fund budget expenditure was 7,609.0 billion yuan, up by 3.1 times, while local government fund budget expenditure was 54,993.0 billion yuan, increasing by 18.8%, with land use rights transfer-related expenditure at 26,732.0 billion yuan, down by 4.1% [23]

National General Public Budget Revenue and Expenditure - From January to July, the national general public budget revenue reached 135839 billion yuan, a year-on-year increase of 0.1% [2] - Tax revenue amounted to 110933 billion yuan, showing a year-on-year decline of 0.3%, while non-tax revenue was 24906 billion yuan, increasing by 2% [2] - Central government revenue was 58538 billion yuan, down 2% year-on-year, while local government revenue was 77301 billion yuan, up 1.8% [2] Major Tax Revenue Items - Domestic value-added tax collected was 42551 billion yuan, reflecting a year-on-year growth of 3% [3] - Domestic consumption tax totaled 10213 billion yuan, with a year-on-year increase of 2.1% [4] - Corporate income tax revenue was 30566 billion yuan, showing a slight decline of 0.4% year-on-year [5] - Personal income tax reached 9279 billion yuan, marking an increase of 8.8% year-on-year [6] - Import goods value-added tax and consumption tax were 10300 billion yuan, down 6.1% year-on-year [6] - Export tax rebates amounted to 14065 billion yuan, up 9.7% year-on-year [7] - Stamp duty revenue was 2559 billion yuan, with a significant increase of 20.7%, including a 62.5% rise in securities transaction stamp duty [10] National General Public Budget Expenditure - Total expenditure from January to July was 160737 billion yuan, a year-on-year increase of 3.4% [17] - Central government expenditure was 23327 billion yuan, up 8.8% year-on-year, while local government expenditure was 137410 billion yuan, increasing by 2.5% [17] Major Expenditure Items - Education expenditure reached 24438 billion yuan, reflecting a year-on-year growth of 5.7% [18] - Social security and employment expenditure was 27621 billion yuan, with a notable increase of 9.8% [20] - Health expenditure totaled 12402 billion yuan, up 5.3% year-on-year [21] - Expenditure on urban and rural community services decreased by 3.5% to 11185 billion yuan [21] National Government Fund Budget Revenue and Expenditure - Government fund budget revenue was 23124 billion yuan, down 0.7% year-on-year [21] - Central government fund budget revenue was 2596 billion yuan, increasing by 8.8% year-on-year, while local government fund budget revenue was 20528 billion yuan, down 1.8% [21] - Total government fund budget expenditure was 54287 billion yuan, a significant increase of 31.7% year-on-year [21] - Central government fund budget expenditure was 7109 billion yuan, up 4.5 times year-on-year, while local government fund budget expenditure was 47178 billion yuan, increasing by 18.1% [21]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - In 2025 from January to July, the general public budget revenue showed a nominal growth pressure, with the progress at 61.8%, slightly lower than the average of the past five years. The cumulative growth rate turned positive for the first time this year, mainly relying on the high growth of stamp duty and the recovery of value - added tax and enterprise income tax, but the sustainability of the improvement in the fiscal revenue structure needs further observation. Meanwhile, the CPI in July was flat year - on - year, maintaining low - inflation characteristics [3]. - The general public budget expenditure accelerated its expansion. The progress from January to July was 54.1%, slightly lower than the average of the past five years by 0.6 percentage points. The expansion was mainly reflected in areas such as debt interest payments, social security, and education expenditures. Although infrastructure - related expenditures declined, the overall broad - based fiscal expenditure remained in an expansion trend driven by ultra - long - term special treasury bonds and special bonds [4]. - The government - funded budget revenue was in a contraction range, with the progress in the first half of 2025 at 37%, lower than the average of the past five years by 3.2 percentage points. From January to July, the national government - funded budget revenue decreased by 0.7% year - on - year. However, the decline in state - owned land use right transfer revenue narrowed significantly compared with the same period last year. The expenditure progress in the first half of 2025 accelerated to 86.9%, much higher than the average of the past five years. From January to July, the national government - funded budget expenditure increased by 31.7% year - on - year, with the funds mainly invested in major project construction and the "two new" fields, providing strong support for the economy [5]. Summary by Relevant Catalogs General Public Budget Revenue - From January to July 2025, the national general public budget revenue was 13.5839 trillion yuan, a year - on - year increase of 0.1% (previous value: - 0.3%). Tax revenue was 11.0933 trillion yuan, a year - on - year decrease of 0.3% (previous value: - 1.2%); non - tax revenue was 2.4906 trillion yuan, a year - on - year increase of 2% (previous value: 3.7%). Central revenue decreased by 2% year - on - year (previous value: - 2.8%), and local revenue increased by 1.8% year - on - year (previous value: 1.6%) [35]. - Main tax revenue items: domestic value - added tax was 4.2551 trillion yuan, a year - on - year increase of 3% (previous value: 2.8%); domestic consumption tax was 1.0213 trillion yuan, a year - on - year increase of 2.1% (previous value: 1.7%); enterprise income tax was 3.0566 trillion yuan, a year - on - year decrease of 0.4% (previous value: - 1.9%); personal income tax was 0.9279 trillion yuan, a year - on - year increase of 8.8% (previous value: 8%); import VAT and consumption tax decreased by 6.1% year - on - year (previous value: - 6.1%), and customs duties decreased by 6.5% year - on - year (previous value: - 7.7%); export tax rebates increased by 9.7% year - on - year (previous value: 11.6%); urban maintenance and construction tax increased by 2.7% year - on - year (previous value: 2.7%); vehicle purchase tax decreased by 18.4% year - on - year (previous value: - 19.1%); stamp duty increased by 20.7% year - on - year (previous value: 19.7%), among which securities trading stamp duty increased by 62.5% year - on - year (previous value: 54.1%); resource tax decreased by 1.6% year - on - year (previous value: - 2.4%); among land and real - estate - related taxes, deed tax decreased by 15% year - on - year (previous value: - 14.8%), property tax increased by 11.2% year - on - year (previous value: 12%), urban land use tax increased by 5.8% year - on - year (previous value: 5.8%), land value - added tax decreased by 17.8% year - on - year (previous value: - 17.6%), and arable land occupation tax increased by 3.1% year - on - year (previous value: 2.4%); environmental protection tax increased by 12.5% year - on - year (previous value: 16.4%); other tax revenues increased by 0.9% year - on - year (previous value: 0.7%) [36][42][43]. General Public Budget Expenditure - From January to July 2025, the national general public budget expenditure was 16.0737 trillion yuan, a year - on - year increase of 3.4% (previous value: 3.4%). Central expenditure increased by 8.8% year - on - year (previous value: 9%), and local expenditure increased by 2.5% year - on - year (previous value: 2.6%) [46]. - Main expenditure items: education expenditure was 2.4438 trillion yuan, a year - on - year increase of 5.7% (previous value: 5.9%); science and technology expenditure was 0.533 trillion yuan, a year - on - year increase of 3.2% (previous value: 9.1%); culture, tourism, sports, and media expenditure was 0.2012 trillion yuan, a year - on - year increase of 5.3% (previous value: 5%); social security and employment expenditure was 2.7621 trillion yuan, a year - on - year increase of 9.8% (previous value: 9.2%); health expenditure was 1.2402 trillion yuan, a year - on - year increase of 5.3% (previous value: 4.3%); energy conservation and environmental protection expenditure was 0.2949 trillion yuan, a year - on - year increase of 4.3% (previous value: 5.9%); urban and rural community expenditure decreased by 3.5% year - on - year (previous value: - 4.2%); agricultural, forestry, and water expenditure decreased by 7.7% year - on - year (previous value: - 7.8%); transportation expenditure decreased by 3.3% year - on - year (previous value: 3.1%); debt interest payment was 0.7573 trillion yuan, a year - on - year increase of 6.4% (previous value: 6.1%) [47][55][56]. Government - Funded Budget Revenue - From January to July 2025, the national government - funded budget revenue was 2.3124 trillion yuan, a year - on - year decrease of 0.7% (previous value: - 2.4%). Central revenue increased by 8.8% year - on - year (previous value: 4.8%), and local revenue decreased by 1.8% year - on - year (previous value: - 3.2%). The state - owned land use right transfer revenue was 1.695 trillion yuan, a year - on - year decrease of 4.6% (previous value: - 6.5%) [57]. Government - Funded Budget Expenditure - From January to July 2025, the national government - funded budget expenditure was 5.4287 trillion yuan, a year - on - year increase of 31.7% (previous value: 30%). Central expenditure increased by 4.5 times year - on - year (previous value: 6.2 times), and local expenditure increased by 18.1% year - on - year (previous value: 15.1%). The expenditure related to state - owned land use right transfer revenue was 2.3572 trillion yuan, a year - on - year decrease of 6.1% (previous value: - 6.4%) [58][59].

Group 1 - In July, national general public budget revenue showed a significant recovery, with a year-on-year growth of 2.6%, marking the highest monthly growth rate of the year [1] - For the first seven months, the total general public budget revenue reached 135,839 billion yuan, with a year-on-year growth of 0.1%, indicating a positive turnaround compared to the previous period [1] - Tax revenue in July increased by 5%, the highest growth rate of the year, contributing to a significant narrowing of the revenue decline in the first seven months [2] Group 2 - The corporate income tax decreased by 0.4% in the first seven months, but the decline was significantly narrowed by 1.5 percentage points compared to the first half of the year, which was a key factor in the growth of tax revenue in July [2] - The growth in tax revenue in July was supported by a narrowing decline in the Producer Price Index (PPI), highlighting the strong correlation between price factors and tax revenue [2] - The securities transaction stamp duty saw a remarkable year-on-year growth of 62.5% in the first seven months, reflecting a recovery in market confidence [2] Group 3 - The equipment manufacturing and modern service industries showed strong tax revenue performance, with specific sectors like railway, shipbuilding, and aerospace equipment seeing tax revenue growth of 33% [3] - General public budget expenditure for the first seven months reached 160,737 billion yuan, with a year-on-year growth of 3.4%, maintaining a focus on social welfare spending [3] - Expenditure in social security and employment grew by 9.8%, indicating a continued emphasis on improving public welfare [3] Group 4 - Local government special bonds and other financial instruments contributed to a government fund budget expenditure growth of 31.7% in the first seven months, amounting to 2.89 trillion yuan [4] - With the reduction of disruptions from extreme weather, infrastructure investment growth is expected to rebound in the second half of the year due to sufficient project and funding support [4]

Core Insights - The Ministry of Finance reported that from January to July 2025, the national general public budget revenue reached 135,839 billion yuan, showing a year-on-year growth of 0.1% [1] - Tax revenue totaled 110,933 billion yuan, reflecting a year-on-year decline of 0.3%, while non-tax revenue increased by 2% to 24,906 billion yuan [1] - General public budget expenditure for the same period was 160,737 billion yuan, marking a year-on-year increase of 3.4% [1] Revenue Breakdown - Central government revenue was 58,538 billion yuan, down 2% year-on-year, while local government revenue was 77,301 billion yuan, up 1.8% [1] - Major tax categories included domestic value-added tax at 42,551 billion yuan (up 3%), domestic consumption tax at 10,213 billion yuan (up 2.1%), personal income tax at 9,279 billion yuan (up 8.8%), and stamp duty at 2,559 billion yuan (up 20.7%) [1] - Notably, the securities transaction stamp duty reached 936 billion yuan, a significant increase of 62.5% year-on-year [1] Expenditure Breakdown - Total general public budget expenditure was 160,737 billion yuan, with central government expenditure at 23,327 billion yuan (up 8.8%) and local government expenditure at 137,410 billion yuan (up 2.5%) [1] - Key expenditure categories included education at 24,438 billion yuan (up 5.7%), social security and employment at 27,621 billion yuan (up 9.8%), and health care at 12,402 billion yuan (up 5.3%) [2] Government Fund Budget - Government fund budget revenue was 23,124 billion yuan, down 0.7% year-on-year, with central government revenue at 2,596 billion yuan (up 8.8%) and local government revenue at 20,528 billion yuan (down 1.8%) [2] - Land use rights transfer revenue was 16,950 billion yuan, reflecting a decline of 4.6% [2] - Government fund budget expenditure reached 54,287 billion yuan, a substantial increase of 31.7%, with central government expenditure at 7,109 billion yuan (up 4.5 times) and local government expenditure at 47,178 billion yuan (up 18.1%) [2]

Group 1 - In July, the national general public budget revenue reached 202.73 billion yuan, a year-on-year increase of 2.6%, marking the highest monthly growth this year [1] - From January to July, the total general public budget revenue was 1,358.39 billion yuan, with a growth rate of 0.1%, improving by 0.4 percentage points compared to the first half of the year [1] - Tax revenue showed a significant narrowing of decline, with July tax revenue at 180.18 billion yuan, a year-on-year increase of 5%, continuing to recover since April [1] Group 2 - National general public budget expenditure grew by 3.4% year-on-year, totaling 1,607.37 billion yuan from January to July, with key areas such as social security and employment seeing a 9.8% increase [2] - Expenditure on education grew by 5.7%, while health and wellness spending increased by 5.3% [2] - Local government special bonds and other financial instruments contributed to a 31.7% increase in government fund budget expenditure, with 2.89 trillion yuan spent in the first seven months [2]

National General Public Budget Revenue - In the first seven months of 2025, the national general public budget revenue reached 135839 billion yuan, a year-on-year increase of 0.1% [1] - Tax revenue amounted to 110933 billion yuan, showing a year-on-year decline of 0.3%, while non-tax revenue was 24906 billion yuan, increasing by 2% [1] - Central government revenue was 58538 billion yuan, down 2% year-on-year, while local government revenue was 77301 billion yuan, up 1.8% [1] Major Tax Revenue Items - Domestic value-added tax generated 42551 billion yuan, with a year-on-year growth of 3% [2] - Domestic consumption tax totaled 10213 billion yuan, increasing by 2.1% [3] - Corporate income tax was 30566 billion yuan, reflecting a decline of 0.4% [4] - Personal income tax reached 9279 billion yuan, showing a significant increase of 8.8% [5] - Import VAT and consumption tax amounted to 10300 billion yuan, down 6.1%, while customs duties were 1316 billion yuan, decreasing by 6.5% [6] - Export tax rebates were 14065 billion yuan, up 9.7% [7] - Other notable taxes included urban maintenance and construction tax at 3105 billion yuan (up 2.7%) [8], and stamp duty at 2559 billion yuan (up 20.7%), with securities transaction stamp duty at 936 billion yuan (up 62.5%) [10] National General Public Budget Expenditure - Total expenditure for the first seven months was 160737 billion yuan, a year-on-year increase of 3.4% [19] - Central government expenditure was 23327 billion yuan, up 8.8%, while local government expenditure was 137410 billion yuan, increasing by 2.5% [19] Major Expenditure Items - Education expenditure reached 24438 billion yuan, growing by 5.7% [20] - Social security and employment expenditure was 27621 billion yuan, up 9.8% [24] - Health expenditure totaled 12402 billion yuan, increasing by 5.3% [25] - Expenditure on urban and rural community services decreased by 3.5% to 11185 billion yuan [26] - Expenditure on agriculture, forestry, and water resources fell by 7.7% to 12323 billion yuan [27] Government Fund Budget Revenue - Government fund budget revenue for the first seven months was 23124 billion yuan, a year-on-year decline of 0.7% [22] - Central government fund revenue was 2596 billion yuan, up 8.8%, while local government fund revenue was 20528 billion yuan, down 1.8% [22] - Revenue from the transfer of state-owned land use rights was 16950 billion yuan, decreasing by 4.6% [22] Government Fund Budget Expenditure - Total government fund budget expenditure was 54287 billion yuan, a significant year-on-year increase of 31.7% [23] - Central government fund expenditure was 7109 billion yuan, up 4.5 times, while local government fund expenditure was 47178 billion yuan, increasing by 18.1% [23] - Expenditure related to state-owned land use rights transfer was 23572 billion yuan, down 6.1% [23]

Group 1 - The core point of the article highlights that in the first seven months of the year, local government special bonds, ultra-long-term special treasury bonds, and special treasury bonds for central financial institution capital injection amounted to 2.89 trillion yuan, leading to a 31.7% increase in government fund budget expenditures [1] Group 2 - The expenditure of 2.89 trillion yuan is a significant driver for the growth in government fund budget spending [1] - The increase in government fund budget expenditures indicates a strong fiscal response to economic conditions [1] - The data reflects the government's strategy to utilize special bonds to stimulate economic activity [1]

National General Public Budget Revenue and Expenditure - In the first seven months of 2025, the national general public budget revenue reached 135,839 billion yuan, a year-on-year increase of 0.1% [2] - Tax revenue amounted to 110,933 billion yuan, showing a decline of 0.3% year-on-year, while non-tax revenue was 24,906 billion yuan, increasing by 2% [2] - Central government budget revenue was 58,538 billion yuan, down 2% year-on-year, while local government budget revenue was 77,301 billion yuan, up 1.8% [2] Major Tax Revenue Items - Domestic value-added tax generated 42,551 billion yuan, an increase of 3% year-on-year [2] - Domestic consumption tax totaled 10,213 billion yuan, rising by 2.1% [3] - Corporate income tax was 30,566 billion yuan, reflecting a decrease of 0.4% [4] - Personal income tax reached 9,279 billion yuan, with an increase of 8.8% [5] - Import VAT and consumption tax amounted to 10,300 billion yuan, down 6.1%, while customs duties were 1,316 billion yuan, decreasing by 6.5% [6] - Export tax rebates were 14,065 billion yuan, increasing by 9.7% [7] - Stamp duty revenue was 2,559 billion yuan, with a significant increase of 20.7%, including a 62.5% rise in securities transaction stamp duty [9] National General Public Budget Expenditure - Total expenditure for the first seven months was 160,737 billion yuan, a year-on-year increase of 3.4% [16] - Central government expenditure was 23,327 billion yuan, up 8.8%, while local government expenditure was 137,410 billion yuan, increasing by 2.5% [17] - Key expenditure areas included education (24,438 billion yuan, +5.7%), social security and employment (27,621 billion yuan, +9.8%), and health (12,402 billion yuan, +5.3%) [17] Government Fund Budget Revenue and Expenditure - Government fund budget revenue was 23,124 billion yuan, a decline of 0.7% year-on-year [21] - Central government fund budget revenue was 2,596 billion yuan, increasing by 8.8%, while local government fund budget revenue was 20,528 billion yuan, down 1.8% [21] - Government fund budget expenditure reached 54,287 billion yuan, a significant increase of 31.7% [22] - Central government fund budget expenditure was 7,109 billion yuan, up 4.5 times, while local government fund budget expenditure was 47,178 billion yuan, increasing by 18.1% [22]