Revenue Analysis - National general public budget revenue for 2025 was 21,604.5 billion CNY, a year-on-year decrease of 1.7%[1] - National general public budget expenditure reached 28,739.5 billion CNY, showing a year-on-year increase of 1%[1] - Government fund budget revenue totaled 5,770.4 billion CNY, down 7% year-on-year[1] Tax Revenue Insights - Tax revenue growth was positive, with the monthly year-on-year growth rate gradually turning from negative to positive in the second half of the year[2] - Major tax categories (VAT, corporate income tax, and personal income tax) shifted from negative growth in 2024 to positive growth in 2025[2] - Personal income tax and securities transaction stamp tax saw significant improvements due to a vibrant equity market[2] Expenditure Focus - Public finance expenditure in the livelihood sector (education, social security, and health) accounted for over 38% of total expenditure, significantly higher than the average of the past five years[3] - Expenditure in the technology and cultural sectors reached a new high, particularly in technology[3] - Infrastructure spending saw a decline, with only environmental protection expenditure showing positive growth[3] Budget Completion Rates - The completion rate for the national general public budget revenue in 2025 was 98.3%, lower than the average of the past five years[2] - The completion rate for national general public budget expenditure was 96.8%, also below the average of the past five years[3] - Government fund budget revenue completion rate was 92.3%, while expenditure completion rate was 90.4%, the latter being higher than the average of the past five years[5]