全国狭义财政收入由负转正，折射经济稳中向好。 8月19日，财政部披露今年前7个月财政收支情况。1~7月，全国一般公共预算收入135839亿元，同比增 长0.1%。 今年以来全国一般公共预算收入增速出现下滑，不过降幅逐步缩窄，随着7月份收入增幅（2.6%）创下 年内新高，带动全国一般公共预算收入累计增速首次实现由负转正。 近几个月税收收入保持增长，折射经济运行向好。不过总体来看税收收入累计增速依然低于经济增速 （上半年经济增速为5.3%）。 财政部数据显示，今年前7个月全国非税收入24906亿元，同比增长2%。这一增幅明显低于去年同期数 据（12%）。 除了一般公共预算收入外，以地方卖地收入为主的政府性基金收入也是广义财政收入重要的组成部分。 国家统计局新闻发言人付凌晖近日公开表示，受多重因素影响，7月份部分经济指标有所波动，但主要 指标累计增速保持总体平稳，就业物价总体稳定，经济平稳运行态势没有改变。 税收收入方面，今年前7个月，全国税收收入110933亿元，同比下降0.3%，这一降幅持续缩窄。其中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。 对于税收增速与经济增速 ...

2025.08. 19 本文字数：1810，阅读时长大约3分钟 作者 | 第一财经 陈益刊 全国狭义财政收入增速由负转正，折射经济稳中向好。 8月19日，财政部公布今年前7个月财政收支情况。1-7月，全国一般公共预算收入135839亿元，同 比增长0.1%。 今年以来全国一般公共预算收入增速出现下滑，不过，降幅逐步缩窄。随着7月份这一收入增幅 （2.6%）创下年内新高，带动全国一般公共预算收入累计增速首次实现由负转正，折射了经济运行 总体平稳。 国家统计局新闻发言人付凌晖近日公开表示，受多重因素影响，7月份部分经济指标有所波动，但主 要指标累计增速保持总体平稳，就业物价总体稳定，经济平稳运行态势没有改变。 全国一般公共预算收入由税收收入和非税收入组成，其中又以税收为主，税收也被称为"经济晴雨 表"。 根据财政部数据， 今年前7个月，全国税收收入110933亿元，同比下降0.3%，这一降幅持续缩窄。 其中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。 近几个月税收收入保持增长，折射经济运行向好。不过总体来看税收收入累计增速依然低于经济增速 （上半年经济增速为5.3%）。 ...

（文章来源：深圳商报） ...

新华社权威快报 国家税务总局最新数据 "十四五"期间 税务部门累计征收的税费收入 预计超155万亿元 税务部门累计征收税费收入预计超155万亿元 占全口径财政收入的比重已达80%左右 同期，全国累计新增减税降费预计10.5万亿元 全国累计新增减税降费 预计达10.5万亿元 新华社国内部出品 在国新办7月28日举行的 "高质量完成'十四五'规划"系列主题新闻发布会上 国家税务总局发布最新数据显示 "十四五"时期，随着我国经济平稳增长 办理出口退税预计超9万亿元 这些都有力促进了经济社会发展向好而行、向新而进 记者：刘开雄、申铖 海报制作：刘开雄 新华社国内部出品 【纠错】 【责任编辑:焦鹏】 ...

Group 1 - The cumulative tax cuts and fee reductions in China from 2021 to the first half of this year reached 9.9 trillion yuan, expected to reach 10.5 trillion yuan by the end of this year, with an average annual increase of over 2 trillion yuan [1] - Tax cuts and fee reductions are crucial for reducing the burden on enterprises and stimulating market vitality, allowing more funds for reinvestment and enhancing the multiplier effect of investments [1][2] - Structural tax cuts aim to allocate more funds to critical areas for national development, better serving the construction of a modern industrial system [1] Group 2 - The structural tax cuts particularly support the manufacturing sector, with measures like lowering VAT rates and increasing VAT refunds, contributing to the growth of manufacturing [2] - From 2021 to 2024, the sales revenue of manufacturing enterprises is expected to maintain around 29% of total enterprise revenue, significantly supporting economic growth [2] - High-end and intelligent manufacturing are progressing steadily, with annual sales revenue growth rates of 9.6% and 10.4% for equipment manufacturing and high-tech manufacturing, respectively [2] Group 3 - Continued implementation of tax and fee preferential policies is essential, with departments relying on tax data to accurately identify beneficiaries and improve service mechanisms [3] - There is a need to optimize tax and fee systems to support technological innovation and manufacturing development, including policies for basic research and technology transfer [3] - Tax incentives should guide social funds towards research and production in modern industries, particularly in new energy, new materials, electronic information, and robotics [3]

结构性减税降费政策重点支持的另一领域是制造业。近年来，下调制造业增值税税率、加大制造业增值 税留抵退税的力度等减负措施接续推出，"真金白银"的政策红利正助力制造业发展壮大。2021至2024 年，制造业企业销售收入占全部企业的比重保持在29%左右，为经济增长提供了重要支撑。特别是制造 业"高端化、智能化"稳步推进，装备制造业和高技术制造业销售收入年均分别增长9.6%和10.4%，今年 上半年同比分别增长8.9%和11.9%。 进一步看，减税降费不仅有助于在生产、交换环节"做大蛋糕"，而且有利于促进商品要素资源更加畅通 流动、提升资源配置效率、进一步巩固和拓展市场资源优势，进而纵深推进全国统一大市场建设，推动 市场竞争秩序持续优化。 "十五五"时期是基本实现社会主义现代化夯实基础、全面发力的关键时期，我国发展环境面临深刻复杂 变化，战略机遇和风险挑战并存、不确定难预料因素增多。集中力量办好自己的事，继续不折不扣落实 好税费优惠政策，是一项重要的工作。 "2021年至今年上半年，全国累计新增减税降费9.9万亿元，预计到今年年底将达到10.5万亿元，年均新 增减税降费超2万亿元。"——这组来自"高质量完成'十四五' ...

Core Insights - The "14th Five-Year Plan" period has seen China's economy achieve stable growth, with total tax revenue expected to exceed 155 trillion yuan, accounting for approximately 80% of total fiscal revenue [1] - A series of tax reduction and fee reduction policies have been implemented, with a cumulative reduction expected to reach 10.5 trillion yuan, significantly promoting economic and social development [1] Tax Revenue and Reduction - Tax revenue (excluding export tax rebates) is projected to exceed 85 trillion yuan, strengthening the financial foundation for social development and improvement of people's livelihoods [1] - From 2021 to mid-2023, the cumulative tax and fee reductions reached 9.9 trillion yuan, with an expectation to reach 10.5 trillion yuan by the end of this year, averaging over 2 trillion yuan annually [1] Policy Focus and Beneficiaries - The policies are focused on supporting technological innovation and advanced manufacturing, with 3.6 trillion yuan in new tax reductions, accounting for 36.7% of the total [1] - Among various economic entities, private enterprises and individual businesses benefited from 7.2 trillion yuan in tax reductions, making up 72.9% of the total [1] - Small and medium-sized enterprises received 6.3 trillion yuan in tax reductions, representing 64% of the total [1] Market Dynamics - As of mid-2023, the number of tax-registered business entities in China surpassed 100 million, reflecting strong market vitality and resilience [2] - The manufacturing sector's sales revenue maintained a steady share of approximately 29% of total sales revenue during the "14th Five-Year Plan" period, with high-tech industry sales revenue growing at an annual rate of 13.9% [2] Personal Income Tax and R&D Support - The number of individuals benefiting from special additional deductions in personal income tax increased by 55% compared to the first settlement in 2020, with tax reduction amounts growing by 156.5%, from 116 billion yuan to nearly 300 billion yuan [2] - The R&D expense deduction policy has been continuously optimized, with 3.32 trillion yuan in deductions expected for the 2024 fiscal year, benefiting 615,000 entities, representing increases of 25.5% and 16.7% respectively compared to 2021 [2]

Group 1 - The core viewpoint is that during the "14th Five-Year Plan" period, China's tax revenue is expected to exceed 155 trillion yuan, accounting for about 80% of total fiscal revenue [1] - Tax revenue (excluding export tax rebates) is projected to surpass 85 trillion yuan, an increase of 13 trillion yuan compared to the total tax revenue during the "13th Five-Year Plan" [1] - The tax authority's collection of social insurance fees and land transfer fees is expected to exceed 70 trillion yuan, strengthening the financial foundation for economic and social development [1] Group 2 - The structure of tax revenue is improving, with manufacturing tax revenue maintaining a steady share of around 30%, indicating the sector's crucial role in the economy [1] - The fastest growth in tax revenue is seen in modern service industries such as information software and technology services [1] - The number of tax-related business entities has surpassed 100 million, reflecting strong market vitality and resilience [2] Group 3 - Tax policies aimed at improving people's livelihoods in areas such as elderly care, childcare, healthcare, and education are expected to reduce tax burdens by an average of 11.7% annually from 2021 to 2024 [2] - Economic factors such as tax cuts, price changes, and tax source structures influence tax revenue, leading to discrepancies between economic growth and tax revenue [2] - The decline in growth rates of traditional industries like real estate has resulted in slower tax revenue growth, while emerging industries, despite their positive momentum, currently contribute less to overall tax revenue [2]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On July 28, at the end of the month, the central bank conducted continuous large - scale net injections, resulting in a balanced and slightly loose capital market. The bond market continued its upward trend, while the convertible bond market adjusted, with most convertible bond issues declining. Yields on US Treasury bonds of various maturities generally increased, and yields on 10 - year government bonds of major European economies generally decreased [1]. 3. Summary by Directory 3.1 Bond Market News - **Domestic News**: - On July 28, China and the US held economic and trade talks in Stockholm, Sweden, aiming to translate the important consensus of the two heads of state into specific policies and actions [3]. - During the 14th Five - Year Plan period, the national cumulative new tax and fee cuts are expected to reach 10.5 trillion yuan, and export tax rebates are expected to exceed 9 trillion yuan [3]. - The Ministry of Industry and Information Technology emphasized eight key tasks for the second half of the year, including implementing the strategy of expanding domestic demand and promoting high - quality development of key industrial chains [4]. - The national childcare subsidy program was announced. Starting from January 1, 2025, families with children under 3 years old can receive an annual subsidy of 3,600 yuan per child [4]. - **International News**: The US Treasury Department expects net borrowing of 1.007 trillion US dollars from July to September this year, an increase of more than 450 billion US dollars from the previous forecast, mainly due to the impact of the debt ceiling. It also expects net borrowing of 590 billion US dollars from October to December [6]. - **Commodities**: On July 28, WTI September crude oil futures rose 2.38% to 66.71 US dollars per barrel, Brent September crude oil futures rose 2.34% to 70.04 US dollars per barrel, COMEX August gold futures fell 0.77% to 3,310 US dollars per ounce, and NYMEX natural gas prices fell 2.04% to 3.032 US dollars per ounce [7]. 3.2 Capital Market - **Open Market Operations**: On July 28, the central bank conducted 495.8 billion yuan of 7 - day reverse repurchase operations at a fixed - rate, quantity - tender method, with a net injection of 325.1 billion yuan [9]. - **Funding Rates**: On July 28, due to the central bank's continuous large - scale net injections, major repurchase rates declined. DR001 dropped 5.53bp to 1.462%, and DR007 dropped 7.17bp to 1.581% [10]. 3.3 Bond Market Dynamics - **Interest - rate Bonds**: - **Spot Bond Yield Trends**: On July 28, the bond market continued its upward trend. By 20:00 Beijing time, the yield of the 10 - year Treasury bond active issue 250011 fell 1.75bp to 1.7150%, and the yield of the 10 - year CDB bond active issue 250210 fell 2.75bp to 1.8000% [13]. - **Bond Tendering**: Information on the tendering of several bonds such as 25Nongfa Discount 06 (Add 3) and 25Guokai 06 (Add 25) was provided, including maturity, issuance scale, winning yield, etc. [14]. - **Credit Bonds**: - **Secondary - market Transaction Abnormalities**: On July 28, the transaction prices of 5 industrial bonds deviated by more than 10%. For example, "24Yuanhang Holdings PPN001 (Restructuring)" fell more than 13%, and "H1Bidi 01" rose more than 350% [14]. - **Credit Bond Events**: Multiple companies announced various events, such as Jingfeng Pharmaceutical failing to repay a 117 - million - yuan loan, Zhengbang Technology's subsidiary entering pre - reorganization, etc. [15]. - **Convertible Bonds**: - **Equity and Convertible Bond Indexes**: On July 28, the three major A - share stock indexes rose, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising 0.12%, 0.44%, and 0.96% respectively. The major convertible bond indexes fell, with the CSI Convertible Bond Index, Shanghai Convertible Bond Index, and Shenzhen Convertible Bond Index falling 0.70%, 0.62%, and 0.81% respectively [16]. - **Convertible Bond Tracking**: Taifu Convertible Bond announced not to redeem early and will not choose early redemption if the early - redemption clause is triggered again within the next three months [18]. - **Overseas Bond Markets**: - **US Bond Market**: On July 28, the yield of the 2 - year US Treasury bond remained unchanged at 3.91%, while yields on other maturities generally increased. The 10 - year US Treasury bond yield rose 2bp to 4.42% [21]. - **European Bond Market**: On July 28, the yield of the 10 - year UK government bond rose 3bp, while yields on 10 - year government bonds of other major European economies generally decreased. For example, the yield of the 10 - year German government bond fell 3bp to 2.69% [24]. - **Price Changes of Chinese - funded US - dollar Bonds**: As of the close on July 28, price changes of various Chinese - funded US - dollar bonds were provided, including daily changes, credit entities, bond balances, etc. [26].

全国累计新增减税降费预计达到10.5万亿元；全国涉税经营主体突破1亿户，较2020年净增加3000万 户；税务部门依法查处违法纳税人6.21万户，挽回各类税款损失5710亿元……7月28日，国新办举行"高 质量完成'十四五'规划"系列主题新闻发布会，国家税务总局用最新数据展现"十四五"税收改革与发展成 绩单。 国家税务总局局长胡静林介绍，"十四五"时期，我国经济平稳增长，税务部门累计征收的税费收入预计 将超过155万亿元，占全口径财政收入的80%左右。国家财力基础进一步壮大、经济社会活力进一步增 强、市场营商环境进一步优化、法治治理体系进一步完善等成果，展现了"十四五"时期我国经济社会高 质量发展取得的巨大成就。 发票数据显示，"十四五"期间，我国实体经济稳中提质，制造业销售收入占全部销售收入比重保持在 29%左右，高技术产业销售收入年均增长13.9%。民营经济发展稳中有升，区域经济发展稳中增效。同 时，税制改革和减税降费为改善民生提供了有力支持，今年刚结束的个税汇算与2020年初次汇算相比， 享受专项附加扣除的人数达到了1.19亿，增加了55%。 "十四五"时期，党中央、国务院聚焦支持科技创新和制造业发展等 ...