Group 1 - In August, the national general public budget revenue continued to grow, reaching 1.24 trillion yuan, a year-on-year increase of 2% [1] - For the first eight months, the total general public budget revenue was 14.82 trillion yuan, with a growth rate of 0.3%, an increase of 0.2 percentage points compared to the previous seven months [1] - Tax revenue for the first eight months was 12.11 trillion yuan, showing a slight increase of 0.02%, marking the first positive growth [1] Group 2 - General public budget expenditure for the first eight months was 17.93 trillion yuan, reflecting a year-on-year growth of 3.1% [2] - Key areas such as social security and employment saw a significant increase in expenditure, with a growth rate of 10% [2] - The acceleration of bond fund issuance and utilization contributed to a 30% increase in government fund budget expenditure [2] Group 3 - The overall fiscal operation remained stable in the first eight months, with an optimized revenue structure and strong support for key expenditure areas [3] - The need for a continued proactive fiscal policy is emphasized to enhance economic and fiscal interaction [3]

Revenue Summary - From January to August, the national general public budget revenue reached 14,819.8 billion yuan, a year-on-year increase of 0.3% [1] - Tax revenue amounted to 12,108.5 billion yuan, with a slight year-on-year increase of 0.02% [1] - Non-tax revenue was 2,711.3 billion yuan, showing a year-on-year growth of 1.5% [1] - Central government revenue was 6,426.8 billion yuan, a year-on-year decrease of 1.7% [1] - Local government revenue was 8,393.0 billion yuan, reflecting a year-on-year increase of 1.8% [1] Tax Revenue Breakdown - Domestic value-added tax revenue was 4,738.9 billion yuan, increasing by 3.2% year-on-year [1] - Domestic consumption tax revenue reached 1,152.3 billion yuan, up by 2% year-on-year [1] - Revenue from import goods value-added tax and consumption tax was 1,177.0 billion yuan, down by 6.7% year-on-year [1] - Tariff revenue was 152.7 billion yuan, decreasing by 6.5% year-on-year [1] - Stamp duty revenue was 284.4 billion yuan, with a significant year-on-year increase of 27.4%, including securities transaction stamp duty of 118.7 billion yuan, which surged by 81.7% [1] Expenditure Summary - From January to August, the national general public budget expenditure totaled 17,932.4 billion yuan, a year-on-year increase of 3.1% [2] - Central government expenditure was 2,657.0 billion yuan, reflecting a year-on-year increase of 8% [2] - Local government expenditure reached 15,275.4 billion yuan, with a year-on-year growth of 2.3% [2] Key Areas of Expenditure - Education expenditure was 27,078.0 billion yuan, increasing by 5.6% year-on-year [2] - Science and technology expenditure amounted to 5,874.0 billion yuan, up by 3.1% year-on-year [2] - Social security and employment expenditure reached 30,723.0 billion yuan, showing a year-on-year increase of 10% [2] - Health expenditure was 13,717.0 billion yuan, with a year-on-year growth of 5.1% [2]

Core Viewpoint - The article discusses the performance of fiscal revenue and expenditure in August, highlighting a slight year-on-year increase in tax revenue while non-tax revenue continues to decline, indicating a need for sustained economic growth policies [1][4][25]. Fiscal Revenue - In August, fiscal revenue increased by 2.0% year-on-year, with tax revenue rising by 3.4% and non-tax revenue decreasing by 3.8%, continuing the trend of stronger tax revenue since May [1][5]. - Cumulative fiscal revenue from January to August showed a slight increase of 0.3%, slightly exceeding the initial budget target of 0.1% [1][6]. - The performance of corporate income tax, personal income tax, and domestic value-added tax in August was strong, with year-on-year increases of 33.4%, 9.7%, and 4.4%, respectively [2][11]. Fiscal Expenditure - Fiscal expenditure in August showed a decline, with spending growth lower than the average level for the same period in previous years, primarily due to a slowdown in infrastructure-related expenditures [3][16]. - Social security and employment expenditures maintained a high growth rate of 10.9% year-on-year in August, contributing positively to overall expenditure growth [3][16]. - Cumulative fiscal expenditure from January to August increased by 3.1%, which is still below the initial budget target of 4.4% [17]. Broader Fiscal Context - Land revenue growth further declined by 12.9 percentage points to -5.8% in August, reflecting a significant drop in land sales [21]. - The overall performance of government fund income from January to August showed a cumulative decline of 1.4%, indicating challenges in meeting the annual growth target of 0.7% [21][25]. - The article emphasizes the need for new policies to stabilize growth, particularly in the context of declining contributions from the real estate sector [25].

1-8月中国财政收入同比增长0.3% 中新社北京9月17日电 (记者 赵建华)中国财政部17日公布的数据显示，2025年1-8月，全国一般公共预算 收入148198亿元(人民币，下同)，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%。 财政部介绍，8月份全国一般公共预算收入延续增长态势，同比增长2%，1-8月全国一般公共预算收入 增幅比1-7月提高0.2个百分点，累计增幅继续回升。8月份全国税收收入月度增幅连续5个月保持正增 长。1-8月全国税收收入累计增幅首次转正，其中国内增值税增长3.2%、国内消费税增长2%、企业所得 税增长0.3%、个人所得税增长8.9%。 国家税务总局税收科学研究所所长黄立新表示，受经济运行稳中向好、资本市场较为活跃等带动，税务 部门征收的税收收入稳中有升。其中，7、8月份收入(未扣除出口退税)增幅均超过5%。分行业看，制造 业、金融业税收保持较快增长，其中制造业占全部税收的比重超过30%且税收增幅在5%以上，"压舱 石"作用明显。特别是部分高端制造业税收增长较快，如铁路、船舶、航空航天和其他运输设备制造业 税收增 ...

Core Viewpoint - The overall fiscal revenue in China has shown stability and growth in the first eight months of 2025, reflecting a positive economic trend, with tax revenue turning from negative to positive for the first time this year [3][4]. Fiscal Revenue - The total general public budget revenue reached 148,198 billion yuan, a year-on-year increase of 0.3% [3]. - Tax revenue amounted to 121,085 billion yuan, with a slight increase of 0.02% year-on-year, marking the first positive growth in tax revenue this year [3][4]. - The four major tax categories all experienced growth: - Domestic VAT: approximately 47,000 billion yuan, up 3.2% [5]. - Corporate income tax: approximately 32,000 billion yuan, up 0.3%, indicating a potential improvement in corporate profitability [5]. - Domestic consumption tax: approximately 12,000 billion yuan, up 2% [5]. - Personal income tax: approximately 11,000 billion yuan, up 8.9%, linked to increased property income for certain demographics [5]. Non-Tax Revenue - Non-tax revenue reached 27,113 billion yuan, growing by 1.5%, significantly lower than the 11.7% growth seen in the same period last year [6]. Government Fund Revenue - Government fund budget revenue totaled 26,449 billion yuan, a year-on-year decrease of 1.4%, with land use rights transfer income at 19,263 billion yuan, down 4.7% [7]. Government Debt and Expenditure - Net financing of government bonds reached 10.27 trillion yuan, an increase of 4.63 trillion yuan year-on-year, indicating increased government borrowing to support fiscal spending [9]. - General public budget expenditure was 179,324 billion yuan, up 3.1%, with significant investments in social security, education, and healthcare [11]. - Government fund budget expenditure was 62,602 billion yuan, a substantial increase of 30%, primarily directed towards major project construction to stabilize the economy [11].

Core Viewpoint - The overall fiscal revenue in China has shown stability and growth in the first eight months of 2025, reflecting a positive economic trend, with tax revenue growth turning from negative to positive for the first time this year [2][3]. Group 1: Fiscal Revenue Overview - National general public budget revenue reached 148198 billion yuan, a year-on-year increase of 0.3% [2]. - National tax revenue totaled 121085 billion yuan, with a slight year-on-year increase of 0.02%, marking the first positive growth in tax revenue this year [2]. - The four major tax categories (domestic VAT, corporate income tax, domestic consumption tax, and individual income tax) all maintained growth in the first eight months [2]. Group 2: Tax Revenue Breakdown - Domestic VAT, the largest tax source, generated approximately 47000 billion yuan, with a year-on-year growth of 3.2% [2]. - Corporate income tax, the second-largest source, amounted to about 32000 billion yuan, with a year-on-year increase of 0.3%, indicating a potential improvement in corporate profitability [2]. - Domestic consumption tax generated around 12000 billion yuan, with a year-on-year growth of 2% [2]. - Individual income tax reached approximately 11000 billion yuan, showing a significant year-on-year increase of 8.9%, attributed to rising property income among certain demographics [2]. Group 3: Non-Tax Revenue and Government Fund Income - Non-tax revenue for the first eight months was 27113 billion yuan, reflecting a year-on-year growth of 1.5%, significantly lower than the previous year's growth rate of 11.7% [3]. - Government fund budget revenue, primarily from land sales, was 26449 billion yuan, a year-on-year decrease of 1.4%, with land use rights transfer income at 19263 billion yuan, down 4.7% [4]. Group 4: Fiscal Expenditure and Debt Financing - National general public budget expenditure reached 179324 billion yuan, a year-on-year increase of 3.1%, with a focus on social welfare and employment, education, and health care [6]. - Social security and employment expenditure exceeded 30000 billion yuan, growing by 10% year-on-year [6]. - Government bond net financing for the first eight months was 102700 billion yuan, an increase of 46300 billion yuan year-on-year, supporting a more proactive fiscal policy [6].

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 ...

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 Viewpoint - The report emphasizes the need for a more proactive fiscal policy to stimulate economic growth and improve budget execution efficiency [1][2]. Fiscal Policy and Spending - In the first seven months of the year, the broad fiscal expenditure reached approximately 21.5 trillion yuan, reflecting a year-on-year growth of about 9.3%, significantly outpacing the fiscal revenue growth of around 0% [2]. - The acceleration of budget execution is aimed at increasing investments in areas such as livelihood, technology, and major projects to stimulate overall economic demand [2]. Government Debt and Financing - The net financing of government bonds in the first seven months amounted to 8.9 trillion yuan, an increase of 4.88 trillion yuan year-on-year [3]. - The issuance of new special bonds by local governments reached approximately 3.3 trillion yuan in the first eight months, marking a year-on-year increase of 27%, which constitutes about 75% of the planned annual issuance [3]. Consumer and Service Sector Support - The government plans to implement policies to boost consumption, including personal consumption loan interest subsidies and service industry loan interest subsidies, with a subsidy rate of 1 percentage point [3]. - These policies aim to lower the credit costs for residents and service industry operators, thereby stimulating consumption potential [3]. Future Fiscal Focus Areas - The report outlines key fiscal priorities, including supporting employment and foreign trade, fostering new growth drivers, improving livelihood, managing risks in key areas, and enhancing fiscal governance [4].

Core Viewpoint - The financial market is experiencing increased attention on liquidity as over 20 trillion yuan in reverse repos are set to expire this week, alongside other factors such as MLF expirations and government bond issuances, indicating a tightening liquidity environment [1][3]. Group 1: Market Liquidity Dynamics - The People's Bank of China (PBOC) has conducted reverse repo operations totaling 4.384 billion yuan over the first two days of September, while the total reverse repos maturing during this period amounted to 6.942 billion yuan, resulting in a net withdrawal of 2.558 billion yuan [2][3]. - The PBOC is expected to maintain a reasonable liquidity level in September, with analysts predicting that funding rates will likely continue to operate at low levels with minimal fluctuations due to supportive monetary policy and anticipated fiscal spending [5][6]. Group 2: Seasonal and Non-Seasonal Factors - September is characterized by increased seasonal disturbances in liquidity, particularly as fiscal spending typically accelerates towards the end of the month, which may provide some support to the liquidity environment [6][7]. - The strong performance of the equity market and heightened risk appetite may drive funds to reallocate across various asset classes, while the end-of-quarter credit issuance may be more pronounced than in previous years, potentially amplifying liquidity fluctuations [7].