Core Viewpoint - The fiscal revenue in China showed a slight year-on-year growth of 0.1% in the first seven months of 2023, marking the first positive growth this year, driven by improved economic conditions and various policy measures [1][7]. Revenue Breakdown - Total public budget revenue reached 13.58 trillion yuan, with tax revenue at 11.09 trillion yuan, down 0.3%, and non-tax revenue at 2.49 trillion yuan, up 2% [1]. - Domestic value-added tax revenue was approximately 4.26 trillion yuan, up 3%, 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 was 927.9 billion yuan, up 8.8%, linked to stable growth in resident income and improved tax administration [2]. Monthly Trends - From April onwards, monthly tax revenue has shown continuous positive growth for four months, with July seeing a significant increase of 5% [4][6]. - The cumulative decline in tax revenue narrowed from 1.2% in the first half to 0.3% in the first seven months [6]. Sector Performance - Key sectors such as equipment manufacturing and modern services showed positive tax revenue growth, with specific increases of 33% in railway and aerospace equipment, 10.1% in computer and communication equipment, and 12.7% in scientific research services [6]. Government Expenditure - Total public budget expenditure reached 16.07 trillion yuan, up 3.4%, with significant increases in social security (9.8%) and education (5.7%) spending [10]. - The overall fiscal expenditure, including government bonds, grew by 8.9% compared to the previous year, indicating strong fiscal support for economic growth [10].