Revenue Summary - In March, the national general public budget revenue reached 16,333 billion yuan, a year-on-year increase of 0.25% [2] - Tax revenue amounted to 11,101 billion yuan, showing a year-on-year decline of 2.2%, while non-tax revenue was 5,232 billion yuan, increasing by 5.9% [2] - The value-added tax for January to March totaled 20,467 billion yuan, with a year-on-year growth of 2.1% [2] - Personal income tax for January to March was 4,540 billion yuan, reflecting a year-on-year increase of 7.1% [2] Expenditure Summary - In March, the national general public budget expenditure was 27,719 billion yuan, a year-on-year increase of 5.7% [3] - By the end of March, fiscal expenditure had completed 24.5% of the annual budget progress [3] - Key expenditure areas such as social security and employment, health, education, and transportation showed significant progress, with growth rates of 30.8%, 27.4%, 25.2%, and 24.8% respectively [3] Central and Local Government Expenditure - Central government budget expenditure for January to March was 8,717 billion yuan, up 8.9% year-on-year, while local government expenditure was 64,098 billion yuan, increasing by 3.6% [4] - Future central fiscal expenditure is expected to maintain a strong trend, particularly in light of new fiscal reforms [4] Government Fund Budget - In March, the national government fund budget revenue saw a year-on-year decline of 11.7%, with land use rights revenue dropping by 16.5% [6] - Total government fund budget revenue for January to March was 9,247 billion yuan, down 11% year-on-year [6] - Government fund budget expenditure in March increased by 27.9% year-on-year, supported by the accelerated issuance of local government special bonds [7] Infrastructure Investment - Infrastructure investment in the first quarter grew by 5.8%, with water management and water transport investments increasing by 36.8% and 25.9% respectively [7] - The issuance of special bonds and long-term treasury bonds has accelerated, positively impacting infrastructure investment [7] Major Water Conservancy Projects - The national major water conservancy project fund budget for 2025 is set at 15.275 billion yuan, reflecting a growth of 7.6% [9] - Central government fund budget expenditure for major water conservancy projects is projected to grow by 29.2% [9]