Core Insights - The Ministry of Finance reported that from January to August, the national general public budget revenue reached 148198 billion yuan, reflecting a year-on-year growth of 0.3% [1] - Tax revenue amounted to 121085 billion yuan, showing a slight increase of 0.02% year-on-year, while non-tax revenue was 27113 billion yuan, which grew by 1.5% [1] - Central government budget revenue was 64268 billion yuan, indicating a year-on-year decline of 1.7%, whereas local government budget revenue was 83930 billion yuan, marking a year-on-year increase of 1.8% [1]

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]

Core Viewpoint - The article provides an overview of the local reservoir resettlement support fund, detailing its purpose, collection standards, and procedures for reporting and payment [2][3][4]. Group 1: Fund Overview - The local reservoir resettlement support fund is established to address the difficulties faced by reservoir resettlers and to promote economic and social development in reservoir and resettlement areas [3]. - The fund includes both provincial-level large and medium-sized reservoir funds and small reservoir resettlement support funds [3]. Group 2: Collection Scope - The collection scope for the large and medium-sized reservoir fund includes reservoirs and hydropower stations within the administrative jurisdiction that have a generating capacity of 25,000 kilowatts or more and generate electricity revenue [5]. - The small reservoir resettlement support fund is collected based on the sales volume of electricity after deducting agricultural production electricity [6]. Group 3: Collection Standards - The collection standard for the large and medium-sized reservoir fund is set at 0.08 yuan per kilowatt-hour [6]. - The collection standard for the small reservoir resettlement support fund is set at 0.005 yuan per kilowatt-hour [6]. Group 4: Collection Period - The large and medium-sized reservoir fund is collected monthly, with payments due within 15 days after the end of the month [6]. - The small reservoir resettlement support fund is also collected monthly, with payments made by the power grid company within the same timeframe [6]. Group 5: Reporting and Payment Process - Payments can be reported and paid through the electronic tax bureau or at the tax service hall [6]. - The process includes logging into the electronic tax bureau, selecting the fund type, filling in the required data, and submitting the report [9][11].

Core Viewpoint - The article provides a comprehensive overview of the non-tax revenue, specifically focusing on the "Air Defense Underground Construction Fee" and its related policies, payment processes, and exemptions. Group 1: Definition and Scope - The "Air Defense Underground Construction Fee" is a fee charged for the construction of air defense underground facilities when certain geological or spatial constraints prevent their simultaneous construction with new civilian buildings in key urban areas [2][3]. - The fee is applicable to construction projects that are required to build air defense basements but cannot do so due to specific limitations [5][8]. Group 2: Payment Obligations - Construction units that are unable to build the required air defense basements due to geological conditions or other constraints must apply for an exemption and pay the fee as approved by the relevant civil defense authority [8][9]. - The fee is calculated based on the area of the required air defense basement multiplied by the established fee standard [10]. Group 3: Fee Standards - The fee standards vary by region, with specific rates set for different categories of areas in Chongqing: - Class 1 area: 45 yuan per square meter - Class 2 area: 35 yuan per square meter - Class 3 area: 25 yuan per square meter [10][11]. Group 4: Exemptions - Certain projects are exempt from the fee, including industrial plants, government-subsidized housing, temporary buildings, and projects that restore buildings damaged by disasters [13][14]. - Economic housing projects with an average unit size of 60 square meters or less are also exempt, while larger units are subject to reduced fees [14][15]. Group 5: Payment Process - The payment process involves submitting an application through the electronic tax bureau or in person at tax service halls, with specific steps outlined for fee declaration and payment [18][21].

Core Points - The article discusses non-tax revenue, specifically focusing on mineral resource special income, which is collected by the government from mining rights holders for exploration and extraction activities [1][3]. Group 1: Definition and Scope - Mineral resource special income refers to the revenue collected by the state from exploration and mining rights holders in China, including mining rights transfer income, exploration rights usage fees, and mining rights usage fees [3][4]. - Since January 1, 2022, the tax authority is responsible for collecting mineral resource special income [3]. Group 2: Payment Subjects and Collection Standards - The payment subjects are mining rights holders, which include exploration and mining rights holders [4]. - The collection standards for mining rights transfer income can be based on either the transfer income rate or the transfer amount [6][15]. Group 3: Collection Methods - For the income based on the transfer income rate, it applies to specific mineral types listed in the relevant directory, with income collected at the time of transfer and annually based on sales revenue [7][10]. - For the income based on the transfer amount, it is determined by competitive bidding or agreement, with the income calculated based on the higher of assessed value or market benchmark price [15][17]. Group 4: Usage Fees - Exploration rights usage fees are calculated annually based on the area of the block, starting at 100 yuan per square kilometer for the first three years, increasing to a maximum of 500 yuan from the fourth year [20]. - Mining rights usage fees are set at 1,000 yuan per square kilometer annually [21]. Group 5: Payment Deadlines and Methods - Mining rights transfer income must be paid within 30 days of receiving the payment notice from the tax authority, with annual declarations due by the end of February of the following year [21][27]. - Payments can be made through the electronic tax bureau or in person at tax service halls, with detailed steps provided for online submission [22][25].

Core Viewpoint - The article provides a comprehensive overview of the Renewable Energy Development Fund, detailing its purpose, collection scope, payment standards, and submission processes for electricity users in China [2][3][4]. Group 1: Overview of Renewable Energy Development Fund - The Renewable Energy Development Fund is established to promote the development and utilization of renewable energy, improve energy supply, and ensure energy security, as per the Renewable Energy Law of the People's Republic of China [3]. - The fund includes special funds arranged in the national fiscal public budget and additional income collected from electricity users [3]. Group 2: Collection Scope - The collection scope includes electricity sold by provincial grid enterprises to users, electricity sold to foreign entities, self-generated electricity by enterprises, and electricity sold by local independent grids [5][6]. Group 3: Payment Obligations - The main payers are electricity users across the country (excluding Tibet) and self-generating enterprises, with provincial grid enterprises or local independent grid enterprises acting as agents for collection [6]. Group 4: Collection Standards - In Chongqing, the renewable energy price surcharge for all sales (excluding residential and agricultural use) is set at 1.9 cents per kilowatt-hour, while for residential use, it is 0.1 cents per kilowatt-hour [6]. Group 5: Submission Deadlines and Methods - Payments must be declared monthly, with a final settlement due by March 31 of the following year [6]. - Enterprises can submit payments through the tax service hall or the electronic tax bureau, with specific steps outlined for the submission process [11][13].

Core Viewpoint - The article provides a comprehensive overview of non-tax revenue, specifically focusing on the income generated from the transfer of state-owned land use rights, detailing its definition, collection scope, standards, deadlines, and payment methods [1][2]. Group 1: Definition and Overview - Non-tax revenue refers to income obtained by government entities and organizations through means other than taxation, utilizing state power and resources [1]. - State-owned land use rights transfer income is the total payment received by the government from the transfer of land use rights, including compensation for land acquisition and development costs [3][4]. Group 2: Collection Scope - The collection scope includes income from land use rights transferred through bidding, auction, and agreement, as well as payments for the transfer of allocated land rights and other related income [6][7]. Group 3: Collection Standards - The collection standards are based on amounts determined by the natural resources department, which must be clearly stated in the land transfer contract [8]. Group 4: Collection Deadlines - The income from land use rights transfer is collected on a per-instance basis, and full payment must be made before obtaining property rights certificates [9]. Group 5: Payment Methods - Payment can be made through the electronic tax bureau, where taxpayers can submit their payment information after collecting fee source data from the tax authority [10][11][16].

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 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]

Core Viewpoint - The fiscal revenue in China has turned positive for the first time in 2023, with a slight year-on-year increase of 0.1% in the first seven months, while expenditure grew by 3.4% [2] Revenue Summary - From January to July, the total public budget revenue reached 135,839 billion yuan, marking a year-on-year increase of 0.1%, the first positive growth this year [2] - Tax revenue, which is a key component of public budget revenue, totaled 110,933 billion yuan, showing a year-on-year decline of 0.3%, but the decline is narrowing [2] - In July alone, tax revenue was 18,018 billion yuan, reflecting a year-on-year growth of 5% [2] - Major tax categories showed varied performance: - Value-added tax increased by 3% - Consumption tax rose by 2.1% - Corporate income tax decreased by 0.4% - Personal income tax surged by 8.8% [3][4] Expenditure Summary - Total public budget expenditure from January to July was 160,737 billion yuan, with a year-on-year increase of 3.4% [6] - Expenditure on social security and employment grew by 9.8%, while education and health expenditures increased by 5.7% and 5.3%, respectively [6] - The expenditure growth rate is slower than the revenue growth, indicating a cautious fiscal approach [6] Future Outlook - Analysts suggest that fiscal policy will continue to play a crucial role in stabilizing domestic demand and confidence, with expectations of increased fiscal measures in the latter half of the year [7] - The potential for further fiscal spending is anticipated, especially through special government bonds and adjustments to the deficit [7]