(一)一般公共预算收入情况。 中新网9月17日电 据财政部网站消息，财政部公布2025年1—8月财政收支情况。 一、全国一般公共预算收支情况 1—8月，全国一般公共预算收入148198亿元，同比增长0.3%。其中，全国税收收入121085亿元，同比 微增0.02%；非税收入27113亿元，同比增长1.5%。分中央和地方看，中央一般公共预算收入64268亿 元，同比下降1.7%；地方一般公共预算本级收入83930亿元，同比增长1.8%。 主要税收收入项目情况如下： 1.国内增值税47389亿元，同比增长3.2%。 2.国内消费税11523亿元，同比增长2%。 3.企业所得税31477亿元，同比增长0.3%。 4.个人所得税10547亿元，同比增长8.9%。 5.进口货物增值税、消费税11770亿元，同比下降6.7%。关税1527亿元，同比下降6.5%。 6.出口退税15766亿元，同比增长9%。 7.城市维护建设税3471亿元，同比增长2.9%。 8.车辆购置税1334亿元，同比下降17.7%。 (二)一般公共预算支出情况。 9.印花税2844亿元，同比增长27.4%。其中，证券交易印花税1187亿元，同比增长 ...

新京报讯 9月17日，2025年1—8月财政收支情况发布，详情： 一、全国一般公共预算收支情况 （一）一般公共预算收入情况。 1—8月，全国一般公共预算收入148198亿元，同比增长0.3%。其中，全国税收收入121085亿元，同比 微增0.02%；非税收入27113亿元，同比增长1.5%。分中央和地方看，中央一般公共预算收入64268亿 元，同比下降1.7%；地方一般公共预算本级收入83930亿元，同比增长1.8%。 主要税收收入项目情况如下： 6.出口退税15766亿元，同比增长9%。 7.城市维护建设税3471亿元，同比增长2.9%。 8.车辆购置税1334亿元，同比下降17.7%。 9.印花税2844亿元，同比增长27.4%。其中，证券交易印花税1187亿元，同比增长81.7%。 10.资源税1943亿元，同比下降2.8%。 1.国内增值税47389亿元，同比增长3.2%。 2.国内消费税11523亿元，同比增长2%。 3.企业所得税31477亿元，同比增长0.3%。 4.个人所得税10547亿元，同比增长8.9%。 5.进口货物增值税、消费税11770亿元，同比下降6.7%。关税1527亿元，同比下 ...

财政部公布2025年1—8月财政收支情况。 1.国内增值税 47389 亿元， 同比增长 3.2 % 。 2.国内消费税 11523 亿元， 同比增长 2 %。 3.企业所得税 31477 亿元， 同比增长 0.3 %。 4.个人所得税 10547 亿元， 同比增长 8.9 %。 5.进口货物增值税、消费税 11770 亿元， 同比下降 6.7 %。关税 1527 亿元， 同比下降 6.5 %。 6.出口退税 15766 亿元， 同比增长 9 %。 7.城市维护建设税 3471 亿元， 同比增长 2.9 %。 8.车辆购置税 1334 亿元， 同比下降 17.7 %。 9.印花税 2844 亿元， 同比增长 27.4 %。其中，证券交易印花税 1187 亿元， 同比增长 81.7 %。 10.资源税 1943 亿元， 同比下降 2.8 %。 11.契税 3012 亿元， 同比 下降 15.3 % 。 12. 房产税 3307 亿元， 同比增长 11.5% 。 13. 城镇土地使用税 1704 亿元， 同比增长 6.3 % 。 14. 土地增值税 2967 亿元， 同比下降 18.3 % 。 15. 耕地占用税 ...

9月17日，财政部公布2025年1—8月财政收支情况： 一、全国一般公共预算收支情况 （一）一般公共预算收入情况。 1—8月，全国一般公共预算收入148198亿元，同比增长0.3%。其中，全国税收收入121085亿元，同比 微增0.02%；非税收入27113亿元，同比增长1.5%。分中央和地方看，中央一般公共预算收入64268亿 元，同比下降1.7%；地方一般公共预算本级收入83930亿元，同比增长1.8%。 主要税收收入项目情况如下： 1.国内增值税47389亿元，同比增长3.2%。 2.国内消费税11523亿元，同比增长2%。 3.企业所得税31477亿元，同比增长0.3%。 4.个人所得税10547亿元，同比增长8.9%。 5.进口货物增值税、消费税11770亿元，同比下降6.7%。关税1527亿元，同比下降6.5%。 6.出口退税15766亿元，同比增长9%。 7.城市维护建设税3471亿元，同比增长2.9%。 8.车辆购置税1334亿元，同比下降17.7%。 9.印花税2844亿元，同比增长27.4%。其中，证券交易印花税1187亿元，同比增长81.7%。 主要支出科目情况如下： 10.资源税194 ...

Core Insights - The Ministry of Finance reported the fiscal revenue and expenditure situation for January to August 2025, indicating a slight growth in public budget revenue [1] Revenue Breakdown - National general public budget revenue reached 14,819.8 billion yuan, reflecting a year-on-year increase of 0.3% [1] - Tax revenue amounted to 12,108.5 billion yuan, showing a marginal increase of 0.02% year-on-year [1] - Non-tax revenue was 2,711.3 billion yuan, which represents a year-on-year growth of 1.5% [1] Central vs Local Revenue - Central general public budget revenue was 6,426.8 billion yuan, indicating a year-on-year decline of 1.7% [1] - Local general public budget revenue reached 8,393.0 billion yuan, marking a year-on-year increase of 1.8% [1]

Group 1: Fiscal Revenue Insights - The growth rate of general public budget revenue turned positive, with a year-on-year increase of 0.1% from January to July, ending the negative growth trend observed earlier in the year[4] - In July, the monthly growth rate reached 2.6%, the highest for the year, with both central and local revenue growth hitting new highs[4] - Major tax categories, including corporate income tax, domestic value-added tax, personal income tax, and consumption tax, contributed 94% to the revenue growth, indicating a structural improvement in revenue sources[4][25] Group 2: Fiscal Expenditure Trends - General public budget expenditure grew by 3.4% year-on-year from January to July, maintaining stability but showing significant divergence between central and local expenditures[5] - Central expenditure increased by 8.8%, while local expenditure growth fell to 2.5%, the lowest for the year, reflecting challenges in local fiscal management[5] - Social security and health expenditures showed strong growth, with social security spending increasing by 9.8% and health spending by 5.3%, while infrastructure-related expenditures remained weak[38] Group 3: Government Fund Performance - Government fund revenue saw a year-on-year decline of 0.7%, but the rate of decline improved, primarily due to better land transfer income[5] - Land transfer income decreased by 4.6%, indicating ongoing weakness in the real estate market, while government fund expenditure surged by 31.7%[5] - The issuance of special bonds by local governments accelerated, with completion rates reaching 63.1% of the annual quota, a 14 percentage point increase from previous values[5] Group 4: Policy Outlook and Risks - Future fiscal policies will focus on accelerating existing policies and enhancing new tools to stimulate economic growth, as indicated by recent government meetings[6] - Despite improvements in fiscal revenue and expenditure structures, challenges remain, particularly in meeting budget completion rates and addressing weaknesses in real estate-related tax revenues[6][7]

Report Summary 1. Investment Rating for the Industry No industry investment rating is provided in the report. 2. Core View of the Report The fiscal data in July continued to show a warming trend. The improvement on the tax side led to a slight acceleration in narrow - fiscal spending, while broad - fiscal spending maintained resilience supported by special bonds for bank capital injection and ultra - long - term special bonds. Based on the current progress, it is estimated that the fiscal strength in the second half of the year can achieve a smooth continuation, and the probability of supplementing fiscal funds through additional bond issuance within the year is low [1][8]. 3. Summary by Relevant Sections Tax Revenue Situation - In July 2025, the national general budget revenue increased by 2.7% year - on - year, with significant tax contribution. Tax revenue increased by 5.0% year - on - year, 4 percentage points higher than the previous value, while non - tax revenue decreased by 12.9% year - on - year, with negative growth for three consecutive months and an expanding decline. The total general budget revenue from January to July increased by 0.1% year - on - year, reaching the annual budget target and completing about 62% of the annual budget, faster than the same period last year. In July, central fiscal revenue increased by 2.2% year - on - year, and local fiscal revenue increased by 3.1% year - on - year [1][2]. - In terms of tax structure, major tax items generally showed high year - on - year growth. Personal income tax and consumption tax increased by 13.9% and 5.4% respectively in July, with their cumulative year - on - year growth from January to July being 8.8% and 2.1%. Corporate income tax increased by 6.4% year - on - year in July. VAT increased by 4.3% year - on - year in July, showing a slight decline but overall remaining stable. Most real - estate - related taxes saw a decline in growth, while securities trading stamp duty increased significantly by 125.4% year - on - year in July [3][4]. General Budget Expenditure - In July, general public budget expenditure increased by 3.0% year - on - year, 2.7 percentage points higher than the previous value. The cumulative year - on - year growth from January to July was 3.4%, 1 percentage point away from the annual target. The main driving force for expenditure was on the livelihood front, such as social security and employment, health, and education, while infrastructure - related expenditure remained in the negative range, and science - related expenditure turned negative [4]. Government - Fund Revenue - In July, national government - fund revenue increased by 8.9% year - on - year, with a marginal slowdown in growth. The cumulative year - on - year decline from January to July further narrowed to 0.7%, and the annual budget target is 0.7%. The cumulative year - on - year decline in state - owned land use right transfer revenue narrowed to 4.6%. The government - fund revenue in the first half of the year completed about 37% of the annual progress, significantly faster than the same period last year [6]. Government - Fund Expenditure - In July, national government - fund expenditure increased by 42.4% year - on - year, still at a high level although it declined compared to the previous value. The cumulative year - on - year growth in the first half of the year was 31.7%, above the annual budget target of 23.1%. The budget completion progress of government - fund expenditure for the whole year was about 43%, faster than the same period in previous years. The combined broad - fiscal deficit of the two accounts in the first seven months reached 5.6 trillion, 1.8 trillion higher than the same period last year [7]. Overall Fiscal Outlook - The first - account target is expected to be achieved, while the second - account may have a small gap. Assuming the annual growth rate of the second - account revenue is around - 5%, there may be a revenue gap of about 300 - 50 billion by the end of the year. However, government - fund revenue and expenditure are not rigid requirements, and the expected 500 - billion - yuan policy - based financial instruments can basically offset the gap [8].

Core Viewpoint - The article highlights the implementation of more proactive fiscal policies in China, which are contributing to stable economic performance, as evidenced by the fiscal data for the first seven months of the year [2][6]. Fiscal Revenue and Expenditure - In the first seven months of this year, the total broad fiscal revenue was approximately 15.9 trillion yuan, remaining stable compared to the same period last year [2]. - Broad fiscal expenditure reached about 21.5 trillion yuan, showing a year-on-year increase of approximately 9.3% [2]. - The gap between fiscal expenditure and revenue was about 5.6 trillion yuan, which is a year-on-year increase of approximately 47% [2]. Tax Revenue Trends - Tax revenue saw a decline of 3.5% in the first quarter, but this was followed by four months of growth, narrowing the decline to 0.3% for the first seven months [3]. - The increase in tax revenue is attributed to stable growth in VAT and significant increases in securities transaction stamp duty due to active stock market trading [3]. Land Revenue and Local Government Financing - Land transfer revenue for the first seven months was approximately 1.7 trillion yuan, reflecting a year-on-year decline of 4.6% [5]. - To maintain expenditure levels, both central and local governments accelerated bond issuance, with net financing of government bonds reaching 8.9 trillion yuan, an increase of 4.88 trillion yuan year-on-year [5]. Social Spending and Policy Focus - Fiscal spending in the social welfare sector has been prioritized, with expenditures on social security, education, and healthcare growing faster than overall spending [6]. - Recent policies, such as pension increases and childcare subsidies, indicate a focus on investing in human capital [6]. Future Fiscal Policy Outlook - The Central Political Bureau meeting emphasized the need for continued macroeconomic policy support in the second half of the year, with a focus on implementing proactive fiscal policies and maintaining efficient fund usage [6]. - There is a belief that even without extraordinary fiscal measures, the real support for the economy in the second half could match that of the first half, with adjusted fiscal expenditure growth projected between 4.1% and 6.7% [6]. Preparedness for Economic Uncertainty - The Ministry of Finance has indicated that it retains sufficient policy space and tools to respond to potential uncertainties in the economy [7]. - The focus remains on stabilizing employment, businesses, markets, and expectations to support economic development and social stability [7].

Core Insights - The Ministry of Finance reported that from January to July, the national general public budget revenue reached 135,839 billion yuan, a year-on-year increase of 0.1%, marking the first positive growth of the year [1] - Public budget expenditure during the same period was 160,737 billion yuan, up 3.4% year-on-year, with strong support for key areas [1] Revenue Analysis - Tax revenue showed signs of recovery, with total tax revenue from January to July at 110,933 billion yuan, a year-on-year decline of 0.3%, but the decline narrowed compared to the first half of the year [2] - In July, tax revenue increased by 5.0% year-on-year, driven primarily by personal income tax and corporate income tax, which grew by 13.9% and 6.4% respectively [2] - The growth in personal income tax was attributed to low base effects, regulatory upgrades, and stock market performance, while the decline in value-added tax growth from 5.0% to 4.3% was linked to a slowdown in industrial value-added growth [2] Non-Tax Revenue Insights - Non-tax revenue for the first seven months was 24,906 billion yuan, a year-on-year increase of 2%, but the growth rate slowed down significantly in July, dropping from -3.7% to -12.9% [3] - The decline in non-tax revenue was attributed to a high base effect from the previous year and the effectiveness of enhanced management of confiscated income [3] Expenditure Focus - Public budget expenditure from January to July was 160,737 billion yuan, with significant increases in social security and employment (9.8%), education (5.7%), and health (5.3%) [4] - The acceleration of expenditure in key areas aligns with macroeconomic counter-cyclical policy adjustments, with social security and employment, health, and education expenditures progressing faster than the overall budget expenditure [4][5] July Expenditure Trends - In July, public budget expenditure grew by 3.0%, with notable increases in spending on education, culture, sports, and health, while technology spending saw a decline of 30.5% due to high base effects [5] - Local government special bonds and other financial instruments contributed to a significant increase in government fund budget expenditure, which grew by 31.7% [5]

Group 1 - The core viewpoint of the articles emphasizes the implementation of more proactive fiscal policies to support stable economic operations in China [1][3][5] - In the first seven months of this year, the total revenue from broad finance was approximately 15.9 trillion yuan, remaining stable compared to the same period last year, while expenditures reached about 21.5 trillion yuan, reflecting a year-on-year growth of approximately 9.3% [1][2] - The fiscal expenditure exceeded revenue by about 5.6 trillion yuan, marking a year-on-year increase of approximately 47%, indicating a significant expansion of fiscal policy [1][2] Group 2 - Tax revenue, often referred to as the "economic barometer," has shown improvement, with stable growth in VAT and a significant increase in securities transaction stamp duty due to active stock market transactions [2][3] - Local government land transfer income has also shown signs of recovery, with land transfer revenue for the first seven months amounting to approximately 1.7 trillion yuan, down 4.6% year-on-year, indicating a narrowing decline [2][3] - The net financing of government bonds reached 8.9 trillion yuan in the first seven months, supporting broad fiscal expenditures, particularly in the areas of social security, education, and healthcare [3][4] Group 3 - The central government has accelerated the issuance of special bonds and policy financial tools, which is expected to maintain a certain level of fiscal expenditure [3][4] - The fiscal policy is projected to continue supporting economic growth, with adjusted fiscal expenditure growth rates estimated between 4.1% and 6.7% for the second half of the year, aligning with economic growth targets of 4.7% to 4.8% [4][5] - The Ministry of Finance has indicated that it will utilize more proactive fiscal policies and reserve tools to address uncertainties and stabilize employment, businesses, and market expectations [5]