Revenue Analysis - The cumulative year-on-year growth rate of national general public budget revenue from January to June 2025 is -0.3%, unchanged from the previous value[1] - The cumulative year-on-year growth rate of general public budget expenditure is +3.4%, down from +4.2%[1] - Government fund budget revenue shows a cumulative year-on-year growth rate of -2.4%, improving from -6.9% previously[1] Tax Revenue Insights - In June, tax revenue shows a year-on-year growth of +1.04%, an improvement compared to May[3] - The domestic consumption tax in June increased by +1.96%, while the vehicle purchase tax rose by +5.99%, indicating a positive contribution from automotive consumption[4] - The corporate income tax grew by +2.73%, reflecting a low base effect, but remains lower than the growth rate of value-added tax[4] Government Fund Performance - Government fund budget revenue in June increased significantly by +20.8%, recovering from -8.1% the previous month, driven by land sales[25] - The expenditure of government funds in June surged by +79.2%, compared to +8.8% in the previous month, with land-related expenditures showing a year-on-year growth of +5.9%[25] Expenditure Trends - General public budget expenditure growth in June is +0.38%, a decrease of 2.25 percentage points from the previous month[15] - Infrastructure-related expenditure in June fell by -8.80%, while social security and health expenditures also saw declines[15] - The completion rate for general public budget revenue from January to June is 48.8%, lower than the average of the past five years[15]

Core Viewpoint - The overall performance of public finance in the first half of 2025 is stable, with a slight decline in revenue growth, indicating the need for continued improvement in tax and government fund income through PPI and land market enhancements [5][23]. Group 1: Public Finance Revenue - In the first half of 2025, public finance revenue showed a cumulative year-on-year decline of 0.3%, slightly lower than the previous year's growth of 1.3% [1][6]. - Tax revenue decreased by 1.2% year-on-year, an improvement compared to last year's decline of 3.4%, while non-tax revenue growth significantly slowed from 25.4% last year to 3.7% this year [1][8]. - The decline in non-tax revenue is attributed to a high base last year and a reduced reliance on non-tax income by the government [1][6]. Group 2: Monthly Performance - In June, tax revenue increased by 1.0% year-on-year, slightly higher than the previous value, while non-tax revenue fell by 3.7%, indicating an expanded decline [2][9]. - Domestic value-added tax and corporate income tax recorded year-on-year increases of 5.0% and 2.7%, respectively, contributing positively to June's fiscal revenue growth [2][11]. - The equipment manufacturing industry, modern services, and cultural sports entertainment sectors showed strong tax performance, reflecting the economic recovery in these areas [2][11]. Group 3: Fiscal Expenditure - Narrow fiscal expenditure in June saw a year-on-year decline of 0.4%, down from 2.6% previously, influenced by a decrease in non-tax revenue and a lull in infrastructure funding [3][12]. - Technology spending led the expenditure categories with an 18.1% year-on-year increase, while infrastructure-related expenditures showed weak performance, particularly in transportation and agriculture [3][14]. - The overall expenditure progress for the first half of the year was at 47.6%, indicating a slower pace compared to previous years, with expectations for acceleration in the second half [3][13]. Group 4: Government Fund Income - Government fund income in the first half of 2025 decreased by 2.4% year-on-year, primarily due to continued weakness in the land market, with land transfer income down 6.5% [4][19]. - In June, government fund budget revenue surged by 20.8%, marking a significant increase, although July data showed a notable decline, raising questions about the sustainability of this recovery [4][19]. - Government fund budget expenditure rose sharply by 79.2% year-on-year, largely driven by the issuance of special bonds, indicating a significant increase in overall fiscal spending [4][20].

Summary of Key Points Core Viewpoint - The overall fiscal performance in China for the first half of the year shows a slight decline in general public budget revenue, but with signs of recovery in tax revenue and continued growth in non-tax revenue, indicating a stable fiscal environment despite challenges [1][2]. Revenue and Expenditure - National general public budget revenue reached 115,566 billion RMB, a year-on-year decrease of 0.3% [1]. - Tax revenue amounted to 92,915 billion RMB, reflecting a year-on-year decline of 1.2%, while non-tax revenue increased to 22,651 billion RMB, showing a growth of 3.7% [1]. - General public budget expenditure was 141,271 billion RMB, representing a year-on-year increase of 3.4% [1]. Tax Revenue Trends - Monthly tax revenue has shown growth for three consecutive months starting from April, with increases of 1.9% in April, 0.6% in May, and 1% in June [2]. - Key tax categories such as domestic value-added tax, domestic consumption tax, and personal income tax grew by 2.8%, 1.7%, and 8% respectively [2]. - Export tax rebates totaled 12,700 billion RMB, an increase of 1,322 billion RMB compared to the same period last year, supporting foreign trade exports [2]. Sector Performance - The equipment manufacturing and modern service industries exhibited strong tax revenue performance, with specific sectors like railway, shipping, aerospace equipment, and computer communication equipment seeing tax revenue growth of 32.2%, 9.2%, and 6.3% respectively [2]. - The scientific research and technical service industry experienced a tax revenue increase of 13.8%, while the cultural, sports, and entertainment sectors saw an 8.6% rise [2]. Non-Tax Revenue Insights - Non-tax revenue growth slowed down, with a decrease of 5.1 percentage points compared to the first quarter [2]. - Revenue from the paid use of state-owned resources increased by 4.8%, driven by local governments optimizing asset utilization [2]. - Administrative and institutional fee income grew by 1%, but the growth rate fell by 4.5 percentage points compared to the first quarter, while confiscated income declined by 4.3% [2]. Local Budget Performance - Local general public budget revenue increased by 1.6%, with 27 out of 31 provinces reporting growth [2]. - Fiscal departments at all levels are focusing on optimizing expenditure structures and ensuring funding for key areas [2].

Group 1 - The core viewpoint of the news is that the national general public budget revenue for the first half of 2025 has decreased by 0.3% year-on-year, with tax revenue declining by 1.2% and non-tax revenue increasing by 3.7% [1] - The revenue from the transfer of state-owned land use rights has dropped by 6.5%, significantly down over 50% compared to the peak period in the first half of 2021 [1] - Among the 31 provinces, 27 have achieved growth in local general public budget revenue, with the eastern, central, western, and northeastern regions growing by 1.3%, 1.3%, 2%, and 5.7% respectively [1] Group 2 - Non-tax revenue for the first half of the year reached 2.27 trillion yuan, with a year-on-year growth of 3.7%, but the growth rate has slowed down by 5.1 percentage points compared to the first quarter [2] - The income from the paid use of state-owned resources (assets) increased by 4.8%, driven by local governments activating assets through various channels [2] - Administrative and institutional fee income grew by 1%, but the growth rate has decreased by 4.5 percentage points compared to the first quarter, while confiscated income fell by 4.3%, with the decline rate widening by 2.9 percentage points [2]

Group 1 - The overall fiscal operation in China is stable, with a total public budget revenue of 11.56 trillion yuan in the first half of the year, a year-on-year decrease of 0.3%, but the decline has narrowed by 0.8 percentage points compared to the first quarter [1] - Tax revenue is gradually recovering, with a total tax revenue of 9.29 trillion yuan in the first half, down 1.2% year-on-year, but showing monthly growth for three consecutive months starting from April [1] - Major tax categories such as domestic VAT, domestic consumption tax, and individual income tax have shown stable growth rates of 2.8%, 1.7%, and 8% respectively [1] Group 2 - Non-tax revenue growth has slowed, with a total of 2.27 trillion yuan in the first half, a year-on-year increase of 3.7%, which is a decline of 5.1 percentage points compared to the first quarter [2] - Local public budget revenue has increased by 1.6% in the first half, with 27 out of 31 provinces achieving growth [2] Group 3 - Fiscal expenditure has increased, with total public budget expenditure reaching 14.13 trillion yuan in the first half, a year-on-year growth of 3.4% [3] - Key areas such as social security and employment, education, and health have seen significant increases in expenditure, with growth rates of 9.2%, 5.9%, and 4.3% respectively [3] - The issuance and use of bond funds have accelerated, with 2.43 trillion yuan spent on government special bonds in the first half, driving a 30% increase in government fund budget expenditure [3]

Government Revenue - China's national general public budget revenue decreased by 0.3% year-on-year to CNY 115566 billion (approximately USD 160 billion) from January to June [1] - National tax revenue decreased by 1.2% year-on-year to CNY 92915 billion (approximately USD 128 billion) from January to June [1] - Non-tax revenue increased by 3.7% year-on-year to CNY 22651 billion (approximately USD 31 billion) from January to June [1] Specific Tax Revenue - Stamp tax increased by 19.7% year-on-year to CNY 1953 billion (approximately USD 270 million) from January to June [2] - Securities transaction stamp tax increased by 54.1% year-on-year to CNY 785 billion (approximately USD 110 million) from January to June [2] Land Revenue - Revenue from the transfer of state-owned land use rights decreased by 6.5% year-on-year to CNY 14271 billion (approximately USD 200 billion) from January to June [3] Government Expenditure - China's national general public budget expenditure increased by 3.4% year-on-year to CNY 141271 billion (approximately USD 195 billion) from January to June [4]

Core Insights - The overall fiscal operation in China is stable in the first half of the year, with a slight decline in public budget revenue and a gradual recovery in tax revenue [1][3] Group 1: Fiscal Revenue - National general public budget revenue reached 115,566 billion yuan, a year-on-year decrease of 0.3%, with the decline narrowing by 0.8 percentage points compared to the first quarter [1] - Tax revenue for the first half was 92,900 billion yuan, down 1.2% year-on-year, but monthly tax revenue has shown growth for three consecutive months starting from April [1][3] - 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] Group 2: Non-Tax Revenue - National non-tax revenue amounted to 22,700 billion yuan, with a year-on-year growth of 3.7%, but the growth rate fell by 5.1 percentage points compared to the first quarter [5][6] - Non-tax revenue saw declines in May and June, with decreases of 2.2% and 3.7% respectively [5] - Revenue from state-owned resources (assets) increased by 4.8%, while administrative fees grew by 1%, but the growth rate decreased by 4.5 percentage points compared to the first quarter [6] Group 3: Regional Revenue Performance - Most regions maintained revenue growth, with local general public budget revenue increasing by 1.6% in the first half [8] - Revenue growth varied by region, with eastern, central, western, and northeastern regions growing by 1.3%, 1.3%, 2%, and 5.7% respectively [8] - Out of 31 provinces, 27 achieved revenue growth [8] Group 4: Fiscal Expenditure - National general public budget expenditure reached 141,300 billion yuan, a year-on-year increase of 3.4% [10] - Expenditures in social security and employment, education, science and technology, and energy conservation and environmental protection all grew by over 5% [10] - Local government special bonds and ultra-long-term special treasury bonds contributed to a 30% increase in government fund budget expenditure, totaling 24,300 billion yuan [10]

Group 1 - The core viewpoint of the article indicates that the national non-tax revenue in the first half of the year increased by 3.7% year-on-year, with a decline in growth rate of 5.1 percentage points compared to the first quarter [1] - Among the non-tax revenue, the income from the paid use of state-owned resources and assets grew by 4.8%, primarily due to local governments activating assets through multiple channels [1] - Conversely, the revenue from fines and confiscations decreased by 4.3%, with the decline rate widening by 2.9 percentage points compared to the first quarter [1]

南都讯 记者杨文君 发自北京 近日，财政部部长蓝佛安受国务院委托，向全国人大常委会提出2024年中 央决算报告和中央决算草案。 《报告》还指出，2024年以来，财政部坚决落实党政机关坚持过紧日子要求，坚持精打细算、保障重 点，严控一般性支出和"三公"经费，压缩论坛、节庆、展会等活动，跟踪评估党政机关过紧日子情况。 加强政府采购管理，节约采购成本。出台实施政府采购领域三年行动方案，对6000多家代理机构、3万 多个政府采购项目进行检查，优化政府采购领域营商环境。 在2024年中央财政收支决算情况方面，《国务院关于2024年中央决算的报告》（以下简称《报告》）显 示，中央一般公共预算收入100462.06亿元，为预算的98.1%，比2023年增长0.9%。中央一般公共预算支 出141055.9亿元，完成预算的97.9%，与2023年基本持平。 关于支出决算具体情况，《报告》指出，2024年，中央本级支出40720.18亿元，完成预算的98.1%，增 长6.5%；中央对地方转移支付100335.72亿元，完成预算的98.3%，下降2.4%，主要是部分据实安排支出 低于预算。中央本级支出中，外交支出595.19亿元， ...

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