Core Insights - The national narrow fiscal revenue growth has turned positive, reflecting a stable economic recovery [2][3] Fiscal Revenue Overview - From January to July, the national general public budget revenue reached 135,839 billion yuan, with a year-on-year growth of 0.1% [3] - The revenue growth rate has shown a gradual decline this year, but the decrease is narrowing, with July's revenue growth rate reaching a new high of 2.6% [3] - Tax revenue, which is a major component of fiscal revenue, totaled 110,933 billion yuan, down 0.3% year-on-year, but the decline is also narrowing [3][5] Tax Revenue Analysis - In July, tax revenue was 18,018 billion yuan, showing a year-on-year increase of 5%, marking a continuous recovery since April [3][5] - The four major tax categories showed improvement, with domestic VAT increasing by 3%, domestic consumption tax by 2.1%, and personal income tax by 8.8% [5] - Despite a decline in corporate income tax by 0.4%, the reduction is significantly less than in the first half of the year [5] Non-Tax Revenue Insights - Non-tax revenue for the first seven months was 24,906 billion yuan, growing by 2%, which is significantly lower than the previous year's growth of 12% [6] - Government fund revenue, primarily from land sales, saw a decline, but the decrease is narrowing due to increased competition for quality land in core cities [6] Fiscal Expenditure Trends - General public budget expenditure reached 160,737 billion yuan, with a year-on-year growth of 3.4%, supporting economic stability [7] - Social welfare, education, and health expenditures grew by 9.8%, 5.7%, and 5.3% respectively, surpassing the average growth rate [7] - Government fund budget expenditure increased significantly by 31.7% to 54,287 billion yuan, directed towards major project construction and new sectors [8]

Core Viewpoint - The article highlights that the national narrow fiscal revenue growth has turned positive, reflecting a stable improvement in the economy [3][4]. Fiscal Revenue Overview - In the first seven months of this year, the national general public budget revenue reached 135,839 billion yuan, with a year-on-year growth of 0.1% [3]. - The revenue growth rate has shown a decline this year, but the rate of decline is gradually narrowing, with July's revenue growth reaching a new high of 2.6% [3][4]. Tax Revenue Analysis - National tax revenue for the first seven months was 110,933 billion yuan, a year-on-year decrease of 0.3%, but the decline is narrowing [4]. - In July, tax revenue was 18,018 billion yuan, showing a year-on-year increase of 5%, marking a continuous recovery since April [4]. - The overall tax revenue growth rate remains lower than the economic growth rate, which was 5.3% in the first half of the year [4]. Specific Tax Types Performance - Major tax types showed improvement: domestic value-added tax increased by 3%, domestic consumption tax by 2.1%, and personal income tax by 8.8% [5]. - Corporate income tax decreased by 0.4%, but the decline was significantly less than in the first half of the year [5]. - Land value-added tax and deed tax saw double-digit declines due to a sluggish real estate market [5]. Non-Tax Revenue Trends - Non-tax revenue for the first seven months was 24,906 billion yuan, with a year-on-year growth of 2%, significantly lower than the previous year's 12% [6]. - Government fund revenue, primarily from land sales, decreased by 0.7% to 23,124 billion yuan [7]. Fiscal Expenditure Insights - General public budget expenditure reached 160,737 billion yuan, with a year-on-year increase of 3.4%, supporting economic stability [8]. - Social security, education, and health expenditures grew by 9.8%, 5.7%, and 5.3% respectively, exceeding the average growth rate [8]. Government Fund Expenditure - Government fund budget expenditure expanded significantly to 54,287 billion yuan, a year-on-year increase of 31.7%, directed towards major project construction and new sectors [9].

Group 1 - The overall fiscal revenue is recovering, supported by increased government bond issuance, while fiscal expenditure remains robust [1][6] - In the first seven months of the year, the national general public budget revenue reached 135839 billion yuan, with a year-on-year growth of 0.1% [2] - The tax revenue for the same period was 110933 billion yuan, showing a slight decline of 0.3% year-on-year, but the decline is narrowing [2][4] Group 2 - The growth rate of tax revenue has not kept pace with economic growth, which was 5.3% in the first half of the year [2][3] - Major tax categories showed improvement, with domestic value-added tax increasing by 3%, domestic consumption tax by 2.1%, and personal income tax by 8.8% [4] - Non-tax revenue grew by 2% to 24906 billion yuan, significantly lower than the previous year's growth of 12% [5] Group 3 - Government fund budget revenue was 23124 billion yuan, down 0.7% year-on-year, with land use rights revenue declining by 4.6% [6] - Fiscal expenditure for the first seven months was 160737 billion yuan, up 3.4%, with social security and education spending growing above average [6][7] - Government fund budget expenditure surged by 31.7% to 54287 billion yuan, primarily directed towards major project construction [7]

Core Insights - The Ministry of Finance reported that from January to July, the national general public budget revenue reached 13.58 trillion yuan, a year-on-year increase of 0.1%, marking the first positive growth in revenue for the year [1] - Tax revenue totaled 11.09 trillion yuan, a slight decline of 0.3% year-on-year, while non-tax revenue increased by 2% to 2.49 trillion yuan [1] - The recovery in fiscal revenue growth in July was attributed to improved corporate profit expectations and the wealth effect from the rising Shanghai Composite Index [1] Tax Revenue Breakdown - Domestic value-added tax revenue was approximately 4.26 trillion yuan, up 3% year-on-year, indicating stable growth in industrial and service sectors [2] - Corporate income tax revenue was about 3.06 trillion yuan, down 0.4%, reflecting pressure on corporate profits [2] - Import goods value-added tax and consumption tax totaled 1.03 trillion yuan, down 6.1%, consistent with weak import trends [2] - Personal income tax revenue reached 927.9 billion yuan, up 8.8%, supported by stable growth in resident income and improved tax administration [2] - Securities transaction stamp duty revenue was 936 billion yuan, up 62.5%, indicating active capital market trading [2] Monthly Trends - From April onwards, monthly tax revenue has shown continuous positive growth for four consecutive months, with July seeing a significant increase of 5% [2][4] - The cumulative decline in tax revenue narrowed significantly, with a reduction of 0.3% for the first seven months compared to a 1.2% decline in the first half of the year [4] Sector Performance - Key sectors such as equipment manufacturing and modern services showed strong tax revenue performance, with notable increases in specific industries like railway and aerospace equipment [5] - The overall tax revenue performance is expected to improve in the second half of the year, driven by stable economic conditions and active capital markets [6] Government Expenditure - From January to July, national general public budget expenditure reached 16.07 trillion yuan, a year-on-year increase of 3.4%, with significant growth in social security, education, and health expenditures [9] - The issuance of government bonds has accelerated, contributing to a stronger fiscal expenditure environment [9] - The broad fiscal expenditure, combining general public budget and government fund expenditures, grew by 8.9% year-on-year, marking a strong performance [10]

从收入来看，上述负责人分析，7月份全国一般公共预算收入增幅为年内最高，累计增幅首次转正。7月 份，全国一般公共预算收入20273亿元，同比增长2.6%，其中，中央、地方收入分别增长2.2%、3.1%， 月度增幅均为今年以来最高。1—7月，全国一般公共预算收入增长0.1%，增幅比上半年提高0.4个百分 点。 上述负责人表示，1—7月税收收入累计降幅明显收窄。7月份，全国税收收入18018亿元，同比增长 5%，月度增幅自4月份由负转正后持续回升。1—7月，全国税收收入110933亿元，下降0.3%，降幅比上 半年（-1.2%）收窄0.9个百分点。其中，国内增值税、国内消费税、个人所得税分别增长3%、2.1%、 8.8%，增幅分别比上半年提高0.2个、0.4个、0.8个百分点；企业所得税下降0.4%，降幅比上半年收窄 1.5个百分点。 财政部8月19日发布数据显示，1—7月，全国一般公共预算收入135839亿元，同比增长0.1%；全国一般 公共预算支出160737亿元，同比增长3.4%。 财政部有关负责人介绍，1—7月全国一般公共预算支出保持增长，重点领域支出得到较好保障。各级财 政部门加快债券资金发行使用，1—7 ...

National General Public Budget Revenue - National general public budget revenue for January to July reached 135839 billion, a year-on-year increase of 0.1% [1] - Tax revenue amounted to 110933 billion, showing a decline of 0.3% year-on-year, while non-tax revenue was 24906 billion, increasing by 2% [1] - Central government revenue was 58538 billion, down 2% year-on-year, while local government revenue was 77301 billion, up 1.8% [1] Major Tax Revenue Items - Domestic value-added tax collected was 42551 billion, reflecting a growth of 3% [2] - Domestic consumption tax totaled 10213 billion, with a year-on-year increase of 2.1% [3] - Corporate income tax revenue was 30566 billion, showing a slight decline of 0.4% [4] - Personal income tax reached 9279 billion, marking an increase of 8.8% [5] - Import VAT and consumption tax amounted to 10300 billion, down 6.1%, while customs duties were 1316 billion, decreasing by 6.5% [6] - Export tax rebates were 14065 billion, up 9.7% [7] - Urban maintenance and construction tax was 3105 billion, increasing by 2.7% [8] - Vehicle purchase tax was 1183 billion, down significantly by 18.4% [9] - Stamp duty revenue was 2559 billion, with a notable increase of 20.7%, including a 62.5% rise in securities transaction stamp duty [10] - Resource tax collected was 1747 billion, down 1.6% [11] - Decrease in deed tax revenue to 2694 billion, down 15% [12] - Property tax revenue was 3201 billion, increasing by 11.2% [13] - Urban land use tax reached 1653 billion, up 5.8% [14] - Land value increment tax was 2786 billion, down 17.8% [15] - Cultivated land occupation tax was 918 billion, increasing by 3.1% [16] - Environmental protection tax revenue was 190 billion, up 12.5% [17] - Other tax revenues totaled 737 billion, with a slight increase of 0.9% [18] National General Public Budget Expenditure - National general public budget expenditure for January to July was 160737 billion, a year-on-year increase of 3.4% [19] - Central government expenditure was 23327 billion, up 8.8%, while local government expenditure was 137410 billion, increasing by 2.5% [19] Major Expenditure Items - Education expenditure reached 24438 billion, increasing by 5.7% [20] - Science and technology expenditure was 5330 billion, up 3.2% [21] - Cultural, tourism, sports, and media expenditure totaled 2012 billion, increasing by 5.3% [22] - Social security and employment expenditure was 27621 billion, up 9.8% [22] - Health expenditure reached 12402 billion, increasing by 5.3% [22] - Energy conservation and environmental protection expenditure was 2949 billion, up 4.3% [22] - Urban and rural community expenditure was 11185 billion, down 3.5% [22] - Agriculture, forestry, and water expenditure was 12323 billion, down 7.7% [22] - Transportation expenditure was 6340 billion, down 3.3% [22] - Debt interest payment expenditure was 7573 billion, increasing by 6.4% [22] National Government Fund Budget Revenue - National government fund budget revenue for January to July was 23124 billion, a decrease of 0.7% [23] - Central government fund budget revenue was 2596 billion, up 8.8%, while local government fund budget revenue was 20528 billion, down 1.8% [23] - Revenue from state-owned land use rights transfer was 16950 billion, down 4.6% [23] National Government Fund Budget Expenditure - National government fund budget expenditure for January to July was 54287 billion, a significant increase of 31.7% [23] - Central government fund budget expenditure was 7109 billion, up 4.5 times, while local government fund budget expenditure was 47178 billion, increasing by 18.1% [23] - Expenditure related to state-owned land use rights transfer was 23572 billion, down 6.1% [23]

Group 1 - In July, the national general public budget revenue reached 202.73 billion yuan, a year-on-year increase of 2.6%, marking the highest monthly growth this year [1] - From January to July, the total general public budget revenue was 1,358.39 billion yuan, with a growth rate of 0.1%, improving by 0.4 percentage points compared to the first half of the year [1] - Tax revenue showed a significant narrowing of decline, with July tax revenue at 180.18 billion yuan, a year-on-year increase of 5%, continuing to recover since April [1] Group 2 - National general public budget expenditure grew by 3.4% year-on-year, totaling 1,607.37 billion yuan from January to July, with key areas such as social security and employment seeing a 9.8% increase [2] - Expenditure on education grew by 5.7%, while health and wellness spending increased by 5.3% [2] - Local government special bonds and other financial instruments contributed to a 31.7% increase in government fund budget expenditure, with 2.89 trillion yuan spent in the first seven months [2]

National General Public Budget Revenue - In the first seven months of 2025, the national general public budget revenue reached 135839 billion yuan, a year-on-year increase of 0.1% [1] - Tax revenue amounted to 110933 billion yuan, showing a year-on-year decline of 0.3%, while non-tax revenue was 24906 billion yuan, increasing by 2% [1] - Central government revenue was 58538 billion yuan, down 2% year-on-year, while local government revenue was 77301 billion yuan, up 1.8% [1] Major Tax Revenue Items - Domestic value-added tax generated 42551 billion yuan, with a year-on-year growth of 3% [2] - Domestic consumption tax totaled 10213 billion yuan, increasing by 2.1% [3] - Corporate income tax was 30566 billion yuan, reflecting a decline of 0.4% [4] - Personal income tax reached 9279 billion yuan, showing a significant increase of 8.8% [5] - Import VAT and consumption tax amounted to 10300 billion yuan, down 6.1%, while customs duties were 1316 billion yuan, decreasing by 6.5% [6] - Export tax rebates were 14065 billion yuan, up 9.7% [7] - Other notable taxes included urban maintenance and construction tax at 3105 billion yuan (up 2.7%) [8], and stamp duty at 2559 billion yuan (up 20.7%), with securities transaction stamp duty at 936 billion yuan (up 62.5%) [10] National General Public Budget Expenditure - Total expenditure for the first seven months was 160737 billion yuan, a year-on-year increase of 3.4% [19] - Central government expenditure was 23327 billion yuan, up 8.8%, while local government expenditure was 137410 billion yuan, increasing by 2.5% [19] Major Expenditure Items - Education expenditure reached 24438 billion yuan, growing by 5.7% [20] - Social security and employment expenditure was 27621 billion yuan, up 9.8% [24] - Health expenditure totaled 12402 billion yuan, increasing by 5.3% [25] - Expenditure on urban and rural community services decreased by 3.5% to 11185 billion yuan [26] - Expenditure on agriculture, forestry, and water resources fell by 7.7% to 12323 billion yuan [27] Government Fund Budget Revenue - Government fund budget revenue for the first seven months was 23124 billion yuan, a year-on-year decline of 0.7% [22] - Central government fund revenue was 2596 billion yuan, up 8.8%, while local government fund revenue was 20528 billion yuan, down 1.8% [22] - Revenue from the transfer of state-owned land use rights was 16950 billion yuan, decreasing by 4.6% [22] Government Fund Budget Expenditure - Total government fund budget expenditure was 54287 billion yuan, a significant year-on-year increase of 31.7% [23] - Central government fund expenditure was 7109 billion yuan, up 4.5 times, while local government fund expenditure was 47178 billion yuan, increasing by 18.1% [23] - Expenditure related to state-owned land use rights transfer was 23572 billion yuan, down 6.1% [23]

Summary of Key Points Core Viewpoint - The Ministry of Finance reported that from January to July, the national general public budget revenue reached 1,358.39 billion yuan, reflecting a year-on-year growth of 0.1% [1] Revenue Breakdown - Total tax revenue amounted to 1,109.33 billion yuan, showing a year-on-year decline of 0.3% [1] - Non-tax revenue was recorded at 249.06 billion yuan, which represents a year-on-year increase of 2% [1] Central vs Local Revenue - Central government general public budget revenue was 585.38 billion yuan, indicating a year-on-year decrease of 2% [1] - Local government general public budget revenue reached 773.01 billion yuan, marking a year-on-year growth of 1.8% [1]

1—7月，全国一般公共预算收入135839亿元，同比增长0.1%。 8月19日，财政部公布2025年1—7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—7月，全国一般公共预算收入135839亿元，同比增长0.1%。其中，全国税收收入110933亿元，同比 下降0.3%；非税收入24906亿元，同比增长2%。分中央和地方看，中央一般公共预算收入58538亿元， 同比下降2%；地方一般公共预算本级收入77301亿元，同比增长1.8%。 主要税收收入项目情况如下： 1.国内增值税42551亿元，同比增长3%。 2.国内消费税10213亿元，同比增长2.1%。 3.企业所得税30566亿元，同比下降0.4%。 4.个人所得税9279亿元，同比增长8.8%。 14.土地增值税2786亿元，同比下降17.8%。 5.进口货物增值税、消费税10300亿元，同比下降6.1%。关税1316亿元，同比下降6.5%。 6.出口退税14065亿元，同比增长9.7%。 7.城市维护建设税3105亿元，同比增长2.7%。 8.车辆购置税1183亿元，同比下降18.4%。 9.印花税2559亿元，同比增 ...