Revenue Insights - In April, the national general public budget revenue reached CNY 20,427 billion, with a year-on-year growth of 1.89%[1] - From January to April, public fiscal revenue declined by 0.4% year-on-year, but the rate of decline has narrowed[1] - Tax revenue showed signs of recovery, with a year-on-year increase of 1.9% in April, while cumulative tax revenue decreased by 2.1%[1] Expenditure Trends - Public fiscal expenditure in April was CNY 20,766 billion, marking a year-on-year increase of 5.8%[2] - Cumulative expenditure from January to April grew by 4.6%, slightly above the annual budget target of 4%[2] - By the end of April, 31.5% of the annual expenditure target had been completed, surpassing the progress of the same period from 2020 to 2024[2] Sectoral Analysis - Social security and employment expenditures rose by 9.6%, while health expenditures increased by 10% in April[2] - Infrastructure spending accelerated, with urban and rural community affairs and transportation expenditures growing by 6.8% and 10.6%, respectively[2] - Government fund revenue improved significantly, with a year-on-year growth of 8% in April, driven by a recovery in land sales[3] Debt and Funding - The issuance of government bonds has accelerated, supporting broad fiscal expenditure, with CNY 1.19 trillion in new special bonds issued from January to April[3] - The issuance of long-term special government bonds began in April, providing strong support for government fund expenditures[3] Risk Considerations - Potential risks include unexpected economic downturns and policy execution falling short of expectations[4]