Central Government Revenue and Expenditure - In September 2025, the central government revenue was 691.3 billion RMB, while the expenditure was 1584.4 billion RMB, resulting in a deficit of 893.1 billion RMB for the month [1][3][4] - The central government's general public budget revenue for September was 657.0 billion RMB, and the government-managed funds revenue was 34.3 billion RMB [3][5] - The total central government expenditure for the second quarter was 3796.4 billion RMB, with a significant portion allocated to transfer payments to local governments [4][6] Central Government Debt - As of the second quarter of 2025, the central government debt balance stood at 37963.8 billion RMB, an increase from 36055.7 billion RMB in the first quarter [4][6] - Domestic debt accounted for 37576.8 billion RMB of the total debt, with short-term debt at 7434.0 billion RMB and long-term debt at 30142.8 billion RMB [4][6] - Foreign debt was recorded at 387.0 billion RMB, with the majority being long-term [4][6] Financing Activities - In September 2025, the central government financing amounted to 729.9 billion RMB, primarily through bonds [3][4] - Domestic financing by maturity showed a total of 734.9 billion RMB, with long-term financing being the predominant source [3][4] - The financing data does not include payments for the principal of national debt, indicating a focus on operational financing rather than debt repayment [5][6]