1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - In 2025 from January to August, the progress of general public budget revenue was 67.4%, slightly lower than the average of the past five years, with nominal growth pressure still existing. The cumulative growth rate expanded, mainly relying on the recovery of personal income tax, value - added tax, and stamp duty, indicating an improvement in the fiscal revenue structure but the sustainability still needed to be observed. The progress of general public budget expenditure was 60.4%, also slightly lower than the average of the past five years, and fiscal expenditure expanded, mainly in areas such as debt interest payment, social security, and education expenditure. The government - funded budget revenue was in a contraction range with a 1.4% year - on - year decline, while the expenditure expanded significantly with a 30% year - on - year increase [2][3][4]. 3. Summary by Related Catalogs General Public Budget Revenue - From January to August 2025, the national general public budget revenue was 14.8198 trillion yuan, a year - on - year increase of 0.3%. Tax revenue was 12.1085 trillion yuan, with a slight year - on - year increase of 0.02%, and non - tax revenue was 2.7113 trillion yuan, a year - on - year increase of 1.5%. Central general public budget revenue was 6.4268 trillion yuan, a year - on - year decrease of 1.7%, and local general public budget revenue was 8.3930 trillion yuan, a year - on - year increase of 1.8% [35]. - Main tax revenue items: Domestic value - added tax was 4.7389 trillion yuan, a year - on - year increase of 3.2%; domestic consumption tax was 1.1523 trillion yuan, a year - on - year increase of 2%; enterprise income tax was 3.1477 trillion yuan, a year - on - year increase of 0.3%; personal income tax was 1.054 trillion yuan, a year - on - year increase of 8.9%; import VAT and consumption tax were 1.1770 trillion yuan, a year - on - year decrease of 6.7%, and customs duties were 152.7 billion yuan, a year - on - year decrease of 6.5%; export tax rebates were 1.5766 trillion yuan, a year - on - year increase of 9%; stamp duty was 284.4 billion yuan, a year - on - year increase of 27.4%, among which securities trading stamp duty was 118.7 billion yuan, a year - on - year increase of 81.7% [36][37][39][42]. General Public Budget Expenditure - From January to August 2025, the national general public budget expenditure was 17.9324 trillion yuan, a year - on - year increase of 3.1%. Central general public budget expenditure was 2.6570 trillion yuan, a year - on - year increase of 8%, and local general public budget expenditure was 15.2754 trillion yuan, a year - on - year increase of 2.3% [46]. - Main expenditure items: Education expenditure was 2.7078 trillion yuan, a year - on - year increase of 5.6%; science and technology expenditure was 587.4 billion yuan, a year - on - year increase of 3.1%; social security and employment expenditure was 3.0723 trillion yuan, a year - on - year increase of 10%; health expenditure was 1.3717 trillion yuan, a year - on - year increase of 5.1%; debt interest payment was 871.5 billion yuan, a year - on - year increase of 5.9%; while urban and rural community expenditure was 1.2319 trillion yuan, a year - on - year decrease of 4.9%, and agriculture, forestry and water expenditure was 1.3589 trillion yuan, a year - on - year decrease of 9.4% [47][48][50][53][54]. Government - Funded Budget Revenue - From January to August 2025, the national government - funded budget revenue was 264.49 billion yuan, a year - on - year decrease of 1.4%. Central government - funded budget revenue was 29.33 billion yuan, a year - on - year increase of 0.6%, and local government - funded budget revenue was 235.16 billion yuan, a year - on - year decrease of 1.6%. State - owned land use right transfer income was 192.63 billion yuan, a year - on - year decrease of 4.7% [57]. Government - Funded Budget Expenditure - From January to August 2025, the national government - funded budget expenditure was 626.02 billion yuan, a year - on - year increase of 30%. Central government - funded budget expenditure was 76.09 billion yuan, a year - on - year increase of 3.1 times, and local government - funded budget expenditure was 549.93 billion yuan, a year - on - year increase of 18.8%. State - owned land use right transfer income - related expenditure was 267.32 billion yuan, a year - on - year decrease of 4.1% [58][59].

Group 1: Fiscal Revenue - 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] Group 2: 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, with a year-on-year growth of 2% [1] - Revenue from import goods value-added tax and consumption tax was 1,177.0 billion yuan, showing a year-on-year decline of 6.7% [1] - Tariff revenue was 152.7 billion yuan, down 6.5% year-on-year [1] - Stamp duty revenue was 284.4 billion yuan, increasing by 27.4% year-on-year, with securities transaction stamp duty at 118.7 billion yuan, up 81.7% [1] Group 3: Fiscal Expenditure - From January to August, 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] Group 4: Key Areas of Expenditure - Education expenditure was 27,078 billion yuan, increasing by 5.6% year-on-year [2] - Science and technology expenditure reached 5,874 billion yuan, with a year-on-year growth of 3.1% [2] - Social security and employment expenditure was 30,723 billion yuan, showing a year-on-year increase of 10% [2] - Health expenditure totaled 13,717 billion yuan, reflecting a year-on-year growth of 5.1% [2]

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 increase of 0.02% year-on-year [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, with 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 increase of 27.4% year-on-year, 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 growth of 8% [2] - Local government expenditure reached 15,275.4 billion yuan, with a year-on-year increase of 2.3% [2] Key Areas of Expenditure - Education expenditure was 27,078 billion yuan, increasing by 5.6% year-on-year [2] - Science and technology expenditure was 5,874 billion yuan, up by 3.1% year-on-year [2] - Social security and employment expenditure reached 30,723 billion yuan, showing a significant year-on-year growth of 10% [2] - Health expenditure was 13,717 billion yuan, with a year-on-year increase of 5.1% [2]

Group 1 - In August, the national general public budget revenue continued to grow, with a total of 1.24 trillion yuan, representing a year-on-year increase of 2% [1] - For the first eight months, the total general public budget revenue reached 14.82 trillion yuan, growing by 0.3%, with the tax revenue turning positive for the first time [1] - Key tax categories such as domestic value-added tax, domestic consumption tax, and personal income tax showed stable growth rates of 3.2%, 2%, and 8.9% respectively [1] Group 2 - National general public budget expenditure maintained growth, with total expenditure for the first eight months at 17.93 trillion yuan, a year-on-year increase of 3.1% [2] - Expenditure in key areas such as social security and employment grew by 10%, while education expenditure increased by 5.6% [2] - The acceleration of bond fund issuance and utilization contributed to a 30% increase in government fund budget expenditure [2] Group 3 - Overall, the fiscal operation in the first eight months was stable, 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 Insights - National general public budget revenue for January to August reached 148198 billion yuan, showing a year-on-year increase of 0.3% [1][2] - Tax revenue amounted to 121085 billion yuan, with a slight year-on-year increase of 0.02%, reversing a previous decline of 0.3% [1][2] - Non-tax revenue was 27113 billion yuan, reflecting a year-on-year growth of 1.5% [1][2] Revenue Breakdown - Stamp duty revenue totaled 2844 billion yuan, up 27.4% year-on-year, with securities transaction stamp duty significantly increasing by 81.7% to 1187 billion yuan [2][11] - Major tax revenue items included: - Domestic VAT: 47389 billion yuan, up 3.2% [3] - Domestic consumption tax: 11523 billion yuan, up 2% [4] - Corporate income tax: 31477 billion yuan, up 0.3% [5] - Individual income tax: 10547 billion yuan, up 8.9% [6] - Import VAT and consumption tax: 11770 billion yuan, down 6.7% [7] - Export tax rebates: 15766 billion yuan, up 9% [8] Expenditure Overview - Total general public budget expenditure for January to August was 179324 billion yuan, a year-on-year increase of 3.1% [20] - Central government expenditure was 26570 billion yuan, up 8%, while local government expenditure was 152754 billion yuan, up 2.3% [20] - Key expenditure categories included: - Education: 27078 billion yuan, up 5.6% [21] - Social security and employment: 30723 billion yuan, up 10% [24] - Health: 13717 billion yuan, up 5.1% [25] - Urban and rural community spending: 12319 billion yuan, down 4.9% [27] Government Fund Budget - Government fund budget revenue for January to August was 26449 billion yuan, down 1.4% [31] - Fund budget expenditure reached 62602 billion yuan, a significant year-on-year increase of 30% [32] - Central government fund budget expenditure was 7609 billion yuan, up 3.1 times, while local government expenditure was 54993 billion yuan, up 18.8% [32]

从主要支出科目来看，前8个月，教育支出27078亿元，同比增长5.6%；科学技术支出5874亿元，同比 增长3.1%；文化旅游体育与传媒支出2272亿元，同比增长4.3%；社会保障和就业支出30723亿元，同比 增长10%；卫生健康支出13717亿元，同比增长5.1%；节能环保支出3315亿元，同比增长6.6%。 全国政府性基金预算收支方面，前8个月，全国政府性基金预算收入26449亿元，同比下降1.4%；全国 政府性基金预算支出62602亿元，同比增长30%。 【纠错】 【责任编辑:谷玥】 从主要税收收入项目来看，前8个月，国内增值税47389亿元，同比增长3.2%；国内消费税11523亿元， 同比增长2%；企业所得税31477亿元，同比增长0.3%；个人所得税10547亿元，同比增长8.9%。 财政支出方面，前8个月，全国一般公共预算支出179324亿元，同比增长3.1%。分中央和地方看，中央 一般公共预算本级支出26570亿元，同比增长8%；地方一般公共预算支出152754亿元，同比增长2.3%。 各级财政部门认真落实更加积极的财政政策，加大支出强度，优化支出结构，持续加强对重点领域的支 出保障。 新华 ...

从支出来看，1—8月，全国一般公共预算支出17.93万亿元，同比增长3.1%，重点领域支出得到较好保 障。教育、社会保障和就业、卫生健康等支出同比增长均超过5%。同时，各级财政部门加快债券资金 发行使用，1—8月，列入政府性基金预算的地方政府专项债券、超长期特别国债、中央金融机构注资特 别国债资金支出了3.39万亿元，带动政府性基金预算支出增长30%。 财政部数据显示，8月份，全国一般公共预算收入1.24万亿元，同比增长2%，延续增长态势。 1—8月，全国一般公共预算收入14.82万亿元，增长0.3%，增幅比1—7月提高0.2个百分点。值得注意的 是，税收收入累计增幅由负转正。8月份，全国税收收入同比增长3.4%，月度增幅连续5个月保持正增 长。1—8月，全国税收收入12.11万亿元，比去年同期多26亿元，微增0.02%，累计增幅首次转正。 今天，财政部发布了1—8月的全国财政收支情况。数据显示，前八个月，全国一般公共预算收入近15万 亿元，支出近18万亿元。 从税种来看，国内增值税、国内消费税、个人所得税增幅保持平稳；企业所得税累计增幅实现转正。装 备制造业、现代服务业等行业税收表现良好。 （总台央视记者 ...

Core Insights - The Ministry of Finance reported that from January to August 2025, the national general public budget revenue reached 148198 billion yuan, reflecting a year-on-year growth of 0.3% [1] - During the same period, the national general public budget expenditure was 179324 billion yuan, showing a year-on-year increase of 3.1% [1] Revenue Summary - National general public budget revenue for January to August 2025 was 148198 billion yuan, with tax revenue at 121085 billion yuan, a slight increase of 0.02% year-on-year, and non-tax revenue at 27113 billion yuan, growing by 1.5% [1] - Central government budget revenue was 64268 billion yuan, down 1.7% year-on-year, while local government budget revenue was 83930 billion yuan, up 1.8% [1] Expenditure Summary - National general public budget expenditure for the same period was 179324 billion yuan, with a year-on-year growth of 3.1% [1] - Central government budget expenditure was 26570 billion yuan, increasing by 8% year-on-year, while local government budget expenditure was 152754 billion yuan, up 2.3% [1] Government Fund Budget Summary - National government fund budget revenue from January to August 2025 was 26449 billion yuan, a decrease of 1.4% year-on-year [1] - National government fund budget expenditure was 62602 billion yuan, reflecting a significant year-on-year increase of 30% [1]

Key Points - The core viewpoint of the article is the financial performance of China's general public budget and government fund budget from January to August 2025, highlighting both revenue and expenditure trends. General Public Budget Revenue - From January to August, the national general public budget revenue reached 14,819.8 billion yuan, a year-on-year increase of 0.3% [2] - Tax revenue accounted for 12,108.5 billion yuan, showing a slight increase of 0.02% year-on-year, while non-tax revenue was 2,711.3 billion yuan, up by 1.5% [2] - Central government revenue was 6,426.8 billion yuan, down by 1.7% year-on-year, while local government revenue was 8,393.0 billion yuan, increasing by 1.8% [2] Major Tax Revenue Items - Domestic value-added tax generated 4,738.9 billion yuan, up by 3.2% [3] - Domestic consumption tax totaled 1,152.3 billion yuan, increasing by 2% [4] - Corporate income tax reached 3,147.7 billion yuan, with a growth of 0.3% [5] - Personal income tax was 1,054.7 billion yuan, showing a significant increase of 8.9% [6] - Import VAT and consumption tax amounted to 1,177.0 billion yuan, down by 6.7% [7] - Export tax rebates were 1,576.6 billion yuan, up by 9% [8] - Stamp duty revenue was 284.4 billion yuan, with a notable increase of 27.4%, particularly securities transaction stamp duty which rose by 81.7% to 118.7 billion yuan [11] General Public Budget Expenditure - Total expenditure for the national general public budget was 17,932.4 billion yuan, reflecting a year-on-year increase of 3.1% [20] - Central government expenditure was 2,657.0 billion yuan, up by 8%, while local government expenditure was 15,275.4 billion yuan, increasing by 2.3% [20] - Key expenditure areas included education (27,078 billion yuan, +5.6%), social security and employment (30,723 billion yuan, +10%), and health (13,717 billion yuan, +5.1%) [21][24] Government Fund Budget Revenue - Government fund budget revenue from January to August was 26,449 billion yuan, a decrease of 1.4% year-on-year [24] - Central government fund revenue was 2,933 billion yuan, up by 0.6%, while local government fund revenue was 23,516 billion yuan, down by 1.6% [24] - Revenue from the transfer of state-owned land use rights was 19,263 billion yuan, down by 4.7% [24] Government Fund Budget Expenditure - Total expenditure for the government fund budget was 62,602 billion yuan, a significant increase of 30% year-on-year [24] - Central government fund expenditure was 7,609 billion yuan, up by 3.1 times, while local government fund expenditure was 54,993 billion yuan, increasing by 18.8% [24] - Expenditure related to state-owned land use rights was 26,732 billion yuan, down by 4.1% [24]