(一)一般公共预算收入情况。 中新网9月17日电 据财政部网站消息，财政部公布2025年1—8月财政收支情况。 一、全国一般公共预算收支情况 1—8月，全国一般公共预算收入148198亿元，同比增长0.3%。其中，全国税收收入121085亿元，同比 微增0.02%；非税收入27113亿元，同比增长1.5%。分中央和地方看，中央一般公共预算收入64268亿 元，同比下降1.7%；地方一般公共预算本级收入83930亿元，同比增长1.8%。 主要税收收入项目情况如下： 1.国内增值税47389亿元，同比增长3.2%。 2.国内消费税11523亿元，同比增长2%。 3.企业所得税31477亿元，同比增长0.3%。 4.个人所得税10547亿元，同比增长8.9%。 5.进口货物增值税、消费税11770亿元，同比下降6.7%。关税1527亿元，同比下降6.5%。 6.出口退税15766亿元，同比增长9%。 7.城市维护建设税3471亿元，同比增长2.9%。 8.车辆购置税1334亿元，同比下降17.7%。 (二)一般公共预算支出情况。 9.印花税2844亿元，同比增长27.4%。其中，证券交易印花税1187亿元，同比增长 ...

National General Public Budget Revenue and Expenditure - From January to July, the national general public budget revenue reached 135839 billion yuan, a year-on-year increase of 0.1% [2] - 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% [2] - Central government revenue was 58538 billion yuan, down 2% year-on-year, while local government revenue was 77301 billion yuan, up 1.8% [2] Major Tax Revenue Items - Domestic value-added tax collected was 42551 billion yuan, reflecting a year-on-year growth of 3% [3] - Domestic consumption tax totaled 10213 billion yuan, with a year-on-year increase of 2.1% [4] - Corporate income tax revenue was 30566 billion yuan, showing a slight decline of 0.4% year-on-year [5] - Personal income tax reached 9279 billion yuan, marking an increase of 8.8% year-on-year [6] - Import goods value-added tax and consumption tax were 10300 billion yuan, down 6.1% year-on-year [6] - Export tax rebates amounted to 14065 billion yuan, up 9.7% year-on-year [7] - Stamp duty revenue was 2559 billion yuan, with a significant increase of 20.7%, including a 62.5% rise in securities transaction stamp duty [10] National General Public Budget Expenditure - Total expenditure from January to July was 160737 billion yuan, a year-on-year increase of 3.4% [17] - Central government expenditure was 23327 billion yuan, up 8.8% year-on-year, while local government expenditure was 137410 billion yuan, increasing by 2.5% [17] Major Expenditure Items - Education expenditure reached 24438 billion yuan, reflecting a year-on-year growth of 5.7% [18] - Social security and employment expenditure was 27621 billion yuan, with a notable increase of 9.8% [20] - Health expenditure totaled 12402 billion yuan, up 5.3% year-on-year [21] - Expenditure on urban and rural community services decreased by 3.5% to 11185 billion yuan [21] National Government Fund Budget Revenue and Expenditure - Government fund budget revenue was 23124 billion yuan, down 0.7% year-on-year [21] - Central government fund budget revenue was 2596 billion yuan, increasing by 8.8% year-on-year, while local government fund budget revenue was 20528 billion yuan, down 1.8% [21] - Total government fund budget expenditure was 54287 billion yuan, a significant increase of 31.7% year-on-year [21] - Central government fund budget expenditure was 7109 billion yuan, up 4.5 times year-on-year, while local government fund budget expenditure was 47178 billion yuan, increasing by 18.1% [21]

National General Public Budget Revenue and Expenditure - In the first seven months of 2025, the national general public budget revenue reached 135,839 billion yuan, a year-on-year increase of 0.1% [2] - Tax revenue amounted to 110,933 billion yuan, showing a decline of 0.3% year-on-year, while non-tax revenue was 24,906 billion yuan, increasing by 2% [2] - Central government budget revenue was 58,538 billion yuan, down 2% year-on-year, while local government budget revenue was 77,301 billion yuan, up 1.8% [2] Major Tax Revenue Items - Domestic value-added tax generated 42,551 billion yuan, an increase of 3% year-on-year [2] - Domestic consumption tax totaled 10,213 billion yuan, rising by 2.1% [3] - Corporate income tax was 30,566 billion yuan, reflecting a decrease of 0.4% [4] - Personal income tax reached 9,279 billion yuan, with an increase of 8.8% [5] - Import VAT and consumption tax amounted to 10,300 billion yuan, down 6.1%, while customs duties were 1,316 billion yuan, decreasing by 6.5% [6] - Export tax rebates were 14,065 billion yuan, increasing by 9.7% [7] - Stamp duty revenue was 2,559 billion yuan, with a significant increase of 20.7%, including a 62.5% rise in securities transaction stamp duty [9] National General Public Budget Expenditure - Total expenditure for the first seven months was 160,737 billion yuan, a year-on-year increase of 3.4% [16] - Central government expenditure was 23,327 billion yuan, up 8.8%, while local government expenditure was 137,410 billion yuan, increasing by 2.5% [17] - Key expenditure areas included education (24,438 billion yuan, +5.7%), social security and employment (27,621 billion yuan, +9.8%), and health (12,402 billion yuan, +5.3%) [17] Government Fund Budget Revenue and Expenditure - Government fund budget revenue was 23,124 billion yuan, a decline of 0.7% year-on-year [21] - Central government fund budget revenue was 2,596 billion yuan, increasing by 8.8%, while local government fund budget revenue was 20,528 billion yuan, down 1.8% [21] - Government fund budget expenditure reached 54,287 billion yuan, a significant increase of 31.7% [22] - Central government fund budget expenditure was 7,109 billion yuan, up 4.5 times, while local government fund budget expenditure was 47,178 billion yuan, increasing by 18.1% [22]

Group 1 - Bonds are debt securities issued by governments, financial institutions, and corporations to raise funds, promising to pay interest at a certain rate and repay the principal under agreed conditions [1] - The most common types of bonds include fixed-rate bonds, floating-rate bonds, and zero-coupon bonds, which can be traded in the market, forming a bond market [1] - Government bonds are issued to cover government expenditures, invest in public works, and manage fiscal deficits, with investors receiving interest during the holding period and principal at maturity [1] Group 2 - Different types of government bonds include national bonds, special national bonds, ultra-long special national bonds, special bonds, general bonds, and refinancing bonds, each with unique characteristics regarding issuance, purpose, and management [2] - National bonds are issued by the central government to raise fiscal funds, typically to cover deficits or invest in public infrastructure and key projects [3] - Special national bonds are issued for specific policies and purposes, not suitable for ordinary investors, and do not require budget arrangements for repayment [4] Group 3 - Ultra-long special national bonds have a maturity of over 10 years and are used for long-term strategic projects, with a planned issuance scale of 1.3 trillion yuan in 2025 for major strategic implementations and key area security capability construction [5] - Local government bonds are issued by local governments to raise funds for local construction, categorized into general and special bonds, with the latter being used for specific projects with expected returns [6][9] - General bonds are issued to cover public fiscal deficits, while special bonds are for projects with certain returns, repaid through corresponding government fund revenues [9] Group 4 - Refinancing bonds are issued to raise funds for repaying existing debts and adjusting debt structures, with a focus on repaying old debts rather than funding new projects [9][10] - Special refinancing bonds have evolved to allow funds to be used for repaying existing local debts, including hidden debts, thus becoming an important tool for local debt management [10]

Revenue Analysis - In the first half of 2025, the national general public budget revenue was 1,155.66 billion yuan, a year-on-year decrease of 0.3%[2] - Tax revenue amounted to 929.15 billion yuan, down 1.2% year-on-year, while non-tax revenue increased by 3.7% to 226.51 billion yuan[2] - In June, the general public budget revenue showed a monthly year-on-year decline of 0.3%, compared to a previous value of 0.1%[3] Expenditure Insights - Total general public budget expenditure reached 1,412.71 billion yuan in the first half, reflecting a year-on-year growth of 3.4%[2] - Central government expenditure was 199.14 billion yuan, up 9%, while local government expenditure grew by 2.6% to 1,213.57 billion yuan[2] - In June, general public expenditure increased by only 0.4% year-on-year, marking the slowest growth since 2019[3][14] Fund Budget Performance - Government fund budget revenue surged by 20.8% in June, primarily driven by a 21.9% increase in land transfer income[4] - Government fund expenditure in June skyrocketed by 79.2%, with land-related expenditures rising to 5.9%[4] - For the first half of the year, the second budget's revenue decreased by 2.4%, while expenditure grew by 30%[4] Overall Fiscal Trends - The broad fiscal expenditure growth rate was significantly up at 17.6% in June, compared to 4% previously[5] - Broad fiscal revenue showed a year-on-year increase of 2.8% in June, reversing a previous decline of 1.2%[5] - Year-to-date, broad fiscal revenue has decreased by 0.6%, with a completion rate of 47.8%[5]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - In 2025 from January to April, the general public budget revenue showed marginal improvement with economic recovery, but structural pressure remained, and subsequent policies were needed to stabilize revenue. The general public budget expenditure accelerated expansion, reflecting active fiscal policy and continuous efforts to stabilize growth. The government - funded budget revenue was still in negative growth but improved, and the expenditure accelerated, continuing to play a key role in stabilizing investment [3][4][5] Summary by Relevant Catalogs General Public Budget Revenue - From January to April 2025, the national general public budget revenue was 8.0616 trillion yuan, a year - on - year decrease of 0.4%. Tax revenue was 6.5556 trillion yuan, down 2.1% year - on - year, and non - tax revenue was 1.506 trillion yuan, up 7.7% year - on - year. Central revenue decreased by 3.8% year - on - year, and local revenue increased by 2.2% year - on - year [35] - Main tax revenue items: domestic VAT was 2.6254 trillion yuan, up 1.8% year - on - year; domestic consumption tax was 650.2 billion yuan, up 1.8% year - on - year; enterprise income tax was 1.7341 trillion yuan, down 3.1% year - on - year; personal income tax was 537.6 billion yuan, up 7.4% year - on - year; etc. [36][37][38] General Public Budget Expenditure - From January to April 2025, the national general public budget expenditure was 9.3581 trillion yuan, a year - on - year increase of 4.6%. Central expenditure increased by 9% year - on - year, and local expenditure increased by 3.9% year - on - year [46] - Main expenditure items: education expenditure was 1.4481 trillion yuan, up 7.4% year - on - year; science and technology expenditure was 1.1505 trillion yuan, up 3.9% year - on - year; social security and employment expenditure was 4.2114 trillion yuan, up 8.5% year - on - year; etc. [47][48][50] Government - Funded Budget Revenue - From January to April 2025, the national government - funded budget revenue was 1.2586 trillion yuan, a year - on - year decrease of 6.7%. Central revenue increased by 7.2% year - on - year, and local revenue decreased by 8% year - on - year. State - owned land use right transfer income was 934 billion yuan, down 11.4% year - on - year [57] Government - Funded Budget Expenditure - From January to April 2025, the national government - funded budget expenditure was 2.6136 trillion yuan, a year - on - year increase of 17.7%. Central expenditure increased by 75% year - on - year, and local expenditure increased by 16.6% year - on - year. Expenditure related to state - owned land use right transfer income was 1.3647 trillion yuan, down 8.4% year - on - year [58][59]

政府性基金预算：收支分化较为突出 3月全国政府性基金预算收入当月同比增速录得-11.7%（1—2月同比值为-10.7%），偏离预算目标较多。更为直观 的表现在于，3月国有土地使用权出让收入当月同比下降16.5%（1—2月同比值为-15.7%）。1—3月全国政府性基 金预算收入9247亿元，同比下降11%。分中央和地方看，中央政府性基金预算收入1086亿元，同比增长6%；地方 政府性基金预算本级收入8161亿元，同比下降12.9%，其中，国有土地使用权出让收入6849亿元，同比下降 15.9%。我们认为，在房地产市场严控增量、优化存量、提高质量的前提下，后续土地财政对第二本账的贡献有 望向新的均衡收敛。 李超/文 一般公共预算：3月收入端转正，支出端维持较高强度 3月全国一般公共预算收入16333亿元，同比增长0.25%。其中，全国税收收入11101亿元，同比下降2.2%；非税收 入5232亿元，同比增长5.9%。综合来看，税收的边际变化或主要反映基本面一季度开门红的特征，比较直观的表 现在于，1—3月国内增值税20467亿元，同比增长2.1%。我们提示，由于增值税发票是企业在生产经营活动发生 时即时开具的，透 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry [2] Core Insights - The "Four Accounts" of finance collectively form a complete system of national finance, with interconnections that allow for mutual supplementation and coordination [34] - The General Public Budget is primarily funded by tax revenues, with expenditures focused on livelihood and infrastructure development [34] - The Government Fund Budget relies on specific revenues such as land use rights transfer fees for designated public projects [34] - The State Capital Operation Budget reflects the income and expenditures of state-owned capital, while the Social Insurance Fund Budget is dedicated to social insurance revenues and expenditures [34] - Long-term investment opportunities may arise in industries related to aging populations, such as healthcare and elderly care services, influenced by government policy adjustments in healthcare and long-term care insurance [34] Summary by Sections General Public Budget - Revenue is mainly derived from tax income, with non-tax income as a supplement [6][12] - Expenditures are high in livelihood and infrastructure, with a significant portion allocated to local spending and increasing transfer payments [6][12] Government Fund Budget - The primary revenue source is land use rights transfer fees, with expenditures being strictly defined and allocated [20] State Capital Operation Budget - Revenue sources are diverse, including profit income and dividends, with overall expenditures showing an upward trend but a recent decline [25][27] Social Insurance Fund Budget - Dominated by insurance fee income and fiscal subsidies, with the largest expenditure being on basic pension insurance for employees [29][31]