Core Viewpoint - The article discusses the fiscal performance of China in the first half of 2025, highlighting a slight decline in public budget revenue while expenditures remain strong, supported by increased government bond issuance and proactive fiscal policies aimed at boosting consumption and economic recovery [2][4]. Fiscal Performance - In the first half of 2025, China's general public budget revenue was approximately 11.56 trillion yuan, a year-on-year decrease of 0.3%, with the decline narrowing by 0.8 percentage points compared to the first quarter [2]. - Public budget expenditure reached 14.13 trillion yuan, reflecting a year-on-year growth of 3.4%, indicating sustained fiscal spending [2]. - The issuance of government bonds, including 7.88 trillion yuan in national bonds (up 35.28% year-on-year) and 2.16 trillion yuan in new local special bonds (up 45% year-on-year), has supported key spending areas [2][5]. Fiscal Policy Measures - The Ministry of Finance plans to continue implementing a more proactive fiscal policy in the second half of the year, focusing on accelerating budget execution and improving fund utilization efficiency [2][9]. - The fiscal deficit is set at 4% of GDP, corresponding to a deficit scale of 5.66 trillion yuan, with plans to issue 1.3 trillion yuan in super long-term special bonds and 500 billion yuan in special bonds to support state-owned banks [5][6]. Consumption Support - The central government has allocated 300 billion yuan in super long-term special bonds to support the consumption upgrade policy, with 162 billion yuan already disbursed in the first half of the year [8][9]. - The retail sales of household appliances and audio-visual equipment increased by 30.7% year-on-year, while communication equipment retail sales grew by 24.1%, driven by the consumption upgrade policy [8]. Future Outlook - The Ministry of Finance aims to enhance the consumption environment and optimize supply through new policies, particularly in major cities with high population bases and growth potential [9][10]. - Suggestions for further measures include providing subsidies to families with two or more children and expanding the "old-for-new" subsidy to service consumption to stimulate economic growth [10].

Group 1 - In the first half of the year, the securities transaction stamp duty increased by 54.1% year-on-year, while corporate income tax decreased by 1.9%, personal income tax increased by 8%, domestic consumption tax increased by 1.7%, vehicle purchase tax decreased by 19.1%, and tariffs decreased by 7.7% [2] - The national government fund budget revenue for the first half of the year was 1.9442 trillion yuan, a year-on-year decrease of 2.4%. The income from the transfer of state-owned land use rights was 1.4271 trillion yuan, down 6.5% year-on-year [2] - From April, monthly tax revenue has shown year-on-year growth, with April increasing by 1.9%, May by 0.6%, and June by 1% [2] Group 2 - Non-tax revenue growth has slowed, with declines of 2.2% and 3.7% in May and June respectively. Revenue from the paid use of state resources increased by 4.8%, while administrative fees grew by 1% [3] - The Ministry of Finance has implemented a more proactive fiscal policy, focusing on boosting consumption and stabilizing employment and the economy. In the first half of the year, central government transfers to local governments reached 9.29 trillion yuan, accounting for 89.8% of the annual budget [3] - A total of 2.6 trillion yuan in new local government bonds were issued in the first half of the year to support major projects [3] Group 3 - The Ministry of Finance has increased efforts to ensure basic livelihoods and introduced new measures to boost consumption, including childcare subsidies and gradually implementing free preschool education [4] - Two batches of long-term special bond funds totaling 162 billion yuan were allocated for the replacement of old consumer goods [4] - A pilot project for providing consumption subsidies to elderly individuals with moderate to severe disabilities has been initiated to alleviate their care costs [4]

Group 1 - The central government has implemented a more proactive fiscal policy in the first half of the year, increasing expenditure intensity and optimizing expenditure structure to ensure support for key areas [1][2] - National general public budget expenditure reached 14.13 trillion yuan, a year-on-year increase of 3.4% [1] - Key areas of expenditure include social security and employment (up 9.2%), education (up 5.9%), health (up 4.3%), and science and technology (up 9.1%) [1] Group 2 - National general public budget revenue for the first half of the year was 11.56 trillion yuan, with major tax categories showing stable growth [1] - From April, monthly tax revenue has maintained year-on-year growth for three consecutive months, with domestic VAT, consumption tax, and personal income tax increasing by 2.8%, 1.7%, and 8% respectively [1] - Central government transfer payments to local governments reached 9.29 trillion yuan, accounting for 89.8% of the annual budget [2] Group 3 - The issuance of new local government general and special bonds amounted to 2.6 trillion yuan to support major projects [2] - The sales of consumer goods under the "old for new" program reached 1.6 trillion yuan, indicating positive results in stimulating consumption [2] - The Ministry of Finance has allocated additional special bond funds to support local consumption initiatives, with 690 million yuan allocated in the third batch [2]

Group 1: Fiscal Revenue and Expenditure - In the first half of the year, the national general public budget revenue was 11.56 trillion yuan, a year-on-year decrease of 0.3%, with the decline narrowing by 0.8 percentage points compared to the first quarter [2] - National general public budget expenditure reached 14.13 trillion yuan, an increase of 3.4% year-on-year, indicating strong support for key areas [2] - Tax revenue for the first half was 9.29 trillion yuan, down 1.2% year-on-year, but showed a recovery trend with three consecutive months of growth starting in April [3] Group 2: Tax Revenue Performance - Major tax categories showed stable growth, with domestic VAT, domestic consumption tax, and individual income tax increasing by 2.8%, 1.7%, and 8% respectively [3] - Export tax rebates amounted to 1.27 trillion yuan, an increase of 132.2 billion yuan compared to the same period last year, supporting foreign trade exports [3] - The equipment manufacturing and modern service industries performed well in tax revenue, with significant increases in various sectors [3] Group 3: Non-Tax Revenue Trends - Non-tax revenue reached 2.27 trillion yuan, growing by 3.7% year-on-year, but the growth rate fell by 5.1 percentage points compared to the first quarter [4] - Revenue from the paid use of state resources increased by 4.8%, driven by local governments activating assets [4] - Administrative fees grew by 1%, while penalty income decreased by 4.3%, indicating a mixed performance in non-tax revenue sources [4] Group 4: Fiscal Policy and Spending - The government is implementing a more proactive fiscal policy to ensure sustained economic support, with increased spending intensity and optimized expenditure structure [5] - Social security and employment expenditures grew by 9.2%, education spending increased by 5.9%, and health spending rose by 4.3% in the first half [6] - A total of 2.43 trillion yuan was spent from government fund budgets, driving a 30% increase in government fund budget expenditure [6] Group 5: Support for Consumption and Employment - The government allocated 300 billion yuan in special bonds to support consumption upgrades, with funds already disbursed to promote consumer spending [7] - Employment support measures include reduced insurance rates and expanded subsidies, with 66.74 billion yuan allocated for employment assistance [8] - The basic pension for retirees was increased by 2%, and the minimum standard for urban and rural residents' pensions was raised by 20 yuan [8] Group 6: Healthcare and Social Services - Per capita financial subsidies for public health services increased to 99 yuan per year, enhancing public health service levels [9] - Financial support for urban and rural residents' medical insurance was raised to 700 yuan per year, with additional funds allocated for medical assistance [9] - The government is focusing on improving elderly care services and establishing a childcare subsidy system to reduce family costs [9]

数据来源：国家发展改革委、财政部 制图：张丹峰 7月25日，财政部召开2025年上半年财政收支情况新闻发布会。 月度税收收入连续3个月同比保持增长 上半年，全国一般公共预算收入11.56万亿元，同比下降0.3%，降幅比一季度收窄0.8个百分点；全国一 般公共预算支出14.13万亿元，同比增长3.4%。今年以来，财政运行总体平稳。 从收入看—— 上半年，税收收入逐步回升。全国税收收入9.29万亿元，同比下降1.2%。从4月份起，月度税收收入连 续3个月同比保持增长。上半年，国内增值税、国内消费税、个人所得税等主要税种增长平稳。 多数地区收入保持增长。上半年，地方一般公共预算本级收入增长1.6%。31个省份中，27个省份实现 增长。 从支出看—— 长期特别国债资金预算6583亿元，有力支持"两重"项目建设和"两新"工作。发行特别国债5000亿元，用 于补充四家国有大型商业银行核心一级资本，提升银行服务实体经济能力。 收入回升，支出有力，为落实更加积极的财政政策提供坚实资金保障。"围绕提振消费、稳就业稳经济 等重点领域，财政部门加强财政政策供给和资金拨付管理，确保尽早发挥政策效果。"财政部预算司一 级巡视员、政府债 ...

Core Viewpoint - The overall fiscal operation in China remains stable in 2023, with a slight decline in public budget revenue and an increase in expenditure, indicating a proactive fiscal policy aimed at supporting economic recovery [1][2]. Fiscal Revenue and Expenditure - In the first half of the year, the national general public budget revenue reached 11.56 trillion yuan, a year-on-year decrease of 0.3%, with the decline narrowing by 0.8 percentage points compared to the first quarter [1]. - National general public budget expenditure was 14.13 trillion yuan, showing a year-on-year growth of 3.4% [2]. - Tax revenue showed signs of recovery, with total tax revenue at 9.29 trillion yuan, down 1.2% year-on-year, but monthly tax revenue has been increasing for three consecutive months since April [2]. Key Tax Categories - Major tax categories such as domestic VAT, domestic consumption tax, and personal income tax grew by 2.8%, 1.7%, and 8% respectively [2]. - Export tax rebates amounted to 1.27 trillion yuan, an increase of 132.2 billion yuan compared to the same period last year, supporting foreign trade exports [2]. Social Welfare and Public Services - The fiscal policy has focused on increasing investment in social welfare, particularly in employment, pension insurance, and healthcare, including the establishment of a childcare subsidy system [2][3]. Local Government Debt Management - The implementation of local government debt replacement policies has shown gradual effects, with 20 trillion yuan allocated annually from 2024 to 2026 to support local governments in replacing hidden debts [4][5]. - By mid-2025, 90% of the 2025 debt replacement bonds had been issued, significantly reducing the scale of hidden debts and releasing funds for local economic development [5]. Consumption Promotion Initiatives - The "old-for-new" consumption initiative has been a key measure to boost consumption, with sales in various sectors reaching 1.6 trillion yuan, contributing to a 5% year-on-year increase in total retail sales of consumer goods [6]. - The Ministry of Finance plans to continue promoting consumption through new policies and support for key cities to enhance consumer experiences [6]. National Debt Issuance - The issuance of national bonds has increased significantly, with 7.88 trillion yuan issued in the first half of the year, a 35.28% increase year-on-year [7]. - The average issuance rate was 1.52%, down 43 basis points from the previous year, indicating strong investor interest [7]. Future Plans for Debt Management - The Ministry of Finance aims to complete the issuance of 1.3 trillion yuan in long-term special bonds as planned, ensuring the implementation of key projects [8][9]. - There will be a focus on enhancing market monitoring and improving the experience for retail bond purchasers [9].

Core Viewpoint - The Ministry of Finance reported a stable overall fiscal operation in the first half of 2025, with a slight decline in general public budget revenue but an increase in expenditure, particularly in key areas such as social security and employment [1][2]. Revenue Summary - National general public budget revenue reached 11.5566 trillion yuan, a year-on-year decrease of 0.3%, with tax revenue at 9.2915 trillion yuan, down 1.2%, and non-tax revenue at 2.2651 trillion yuan, up 3.7% [1]. - Central government revenue was 4.8589 trillion yuan, down 2.8%, while local government revenue increased by 1.6% to 6.6977 trillion yuan [1]. Expenditure Summary - National general public budget expenditure totaled 14.1271 trillion yuan, a year-on-year increase of 3.4%, with central government expenditure rising by 9% to 1.9914 trillion yuan and local government expenditure increasing by 2.6% to 12.1357 trillion yuan [1][2]. - Key areas of expenditure included social security and employment (up 9.2%), education (up 5.9%), and science and technology (up 9.1%) [2]. Fiscal Policy Implementation - The Ministry of Finance emphasized the implementation of a more proactive fiscal policy, focusing on enhancing expenditure intensity and optimizing expenditure structure to support key areas [2][3]. - Measures included accelerating budget issuance, effectively utilizing bond funds, and ensuring basic livelihood support [2][3]. Bond Issuance and Support - In the first half of the year, 2.6 trillion yuan in new local government bonds were issued to support major projects, along with 658.3 billion yuan in long-term special bond funds [3]. - Special bonds totaling 500 billion yuan were issued to enhance the capital of four major state-owned banks, improving their ability to serve the real economy [3]. Consumer Support Initiatives - The Ministry of Finance allocated 162 billion yuan in special bond funds to promote consumption through initiatives like trade-in subsidies for consumer goods [3]. - Additional measures included providing subsidies for elderly care services to enhance consumer capacity and willingness [3].

Group 1: Fiscal Performance Overview - In the first half of 2025, the national general public budget revenue was 11.56 trillion yuan, a year-on-year decrease of 0.3%, while public expenditure reached 14.13 trillion yuan, an increase of 3.4% year-on-year [1][4] - Tax revenue, seen as an economic "barometer," has gradually rebounded since the second quarter, with three consecutive months of year-on-year growth [1][4] - The issuance of various government bonds remained robust, with national debt issuance reaching a historical high of 7.88 trillion yuan, a year-on-year increase of 35.28% [1][10] Group 2: Tax Revenue Insights - Tax revenue for the first half of the year was 9.29 trillion yuan, down 1.2% year-on-year, but the decline narrowed by 0.8 percentage points compared to the first quarter [4] - Local public finance revenue increased by 1.6% year-on-year, with 27 out of 31 provinces reporting growth [4] - Notable growth in tax revenue was observed in sectors such as equipment manufacturing and modern services, with specific increases of 32.2% in railway and aerospace equipment and 13.8% in scientific research services [5] Group 3: Government Spending and Support Measures - Public fiscal expenditure focused on social security, education, and health, with significant year-on-year growth in these areas, while traditional infrastructure spending saw a decline [7] - The central government has accelerated transfer payments to local governments, reaching 9.29 trillion yuan, which is 89.8% of the annual budget [7] - The Ministry of Finance plans to introduce measures to boost consumption and enhance the consumption environment in key cities [8]

Core Viewpoint - The overall fiscal operation in the first half of 2025 is stable, with a rapid disbursement of budget funds and an increased focus on basic livelihood guarantees [1][2]. Fiscal Revenue and Expenditure - Public fiscal revenue reached 11.56 trillion yuan, a year-on-year decrease of 0.3%, while public fiscal expenditure was 14.13 trillion yuan, an increase of 3.4% [1]. - Tax revenue, seen as an economic "barometer," has gradually rebounded since the second quarter, with three consecutive months of year-on-year growth [1][4]. - Central public fiscal revenue decreased year-on-year, while local public fiscal revenue increased by 1.6%, with 27 out of 31 provinces reporting growth [4]. - Tax revenue for the first half was 9.29 trillion yuan, down 1.2%, but showed improvement with a 1% increase in June [4]. - Major tax categories such as domestic VAT, consumption tax, and personal income tax saw increases of 2.8%, 1.7%, and 8% respectively, while corporate income tax fell by 1.9% [4][5]. Government Bond Issuance - The issuance of government bonds maintained a high level, with national bonds reaching a record high of 7.88 trillion yuan, a 35.28% increase year-on-year [1][10]. - The average issuance rate for national bonds was 1.52%, down 43 basis points year-on-year, with a high investor subscription rate [10][11]. - New local government special bonds totaled 2.16 trillion yuan, a 45% increase year-on-year, with a significant acceleration in issuance and usage [1][10]. Focus on Social Welfare and Consumption - Public fiscal expenditure has increased, particularly in social security, education, and health care, while traditional infrastructure spending has declined [8]. - The central government has allocated 9.29 trillion yuan in transfer payments to local governments, representing 89.8% of the annual budget, with a faster disbursement rate than the previous year [8]. - The Ministry of Finance plans to introduce policies to boost consumption and improve the consumption environment, particularly in key cities [8].

中经记者 朱会珊 杜丽娟 北京报道 "今年以来财政运行总体平稳。上半年，全国一般公共预算收入11.56万亿元，同比下降0.3%，降幅比一 季度收窄0.8个百分点；全国一般公共预算支出14.13万亿元，同比增长3.4%。"7月25日，财政部国库支 付中心副主任唐龙生在2025年上半年财政收支情况新闻发布会上表示。 在用好债券资金方面，今年上半年，全国发行新增地方政府一般和专项债券2.6万亿元，支持地方重点 领域重大项目建设。下达超长期特别国债资金预算6583亿元，有力支持"两重"项目建设和"两新"工作。 发行特别国债5000亿元，完成四家国有大型商业银行核心一级资本补充工作，提升银行服务实体经济能 力。 为保障基本民生，财政部支持提高基本养老保障水平，下达相关补助资金，确保养老金按时足额发放。 继续提高基本公共卫生服务经费、城乡居民医保财政补助标准。推动教育资源扩优提质，支持国家奖助 学金提标扩面。建立育儿补贴、逐步推行免费学前教育等政策。快速预拨中央自然灾害救灾资金，有力 支持地方应对西藏定日地震、四川筠连山体滑坡、贵州毕节山体滑坡等重大自然灾害。 在提振消费行动方面，分两批预拨超长期特别国债资金1620亿元 ...