Group 1: Public Budget Revenue and Expenditure - In the first five months of the year, the national general public budget revenue reached 96,623 billion yuan, a year-on-year decrease of 0.3%, with the decline narrowing by 0.1 percentage points compared to the first four months [1] - National general public budget expenditure increased to 112,953 billion yuan, showing a year-on-year growth of 4.2% [1] - Tax revenue, which is a key component of public budget revenue, totaled 79,156 billion yuan, reflecting a year-on-year decline of 1.6%, with the decline narrowing by 0.5 percentage points compared to the previous four months [1] Group 2: Tax Revenue Performance - Domestic value-added tax, domestic consumption tax, and individual income tax all experienced year-on-year growth in the first five months [1] - The equipment manufacturing sector showed strong tax revenue growth, with railway, shipbuilding, and aerospace equipment manufacturing tax revenue increasing by 28.8%, and computer and communication equipment manufacturing tax revenue rising by 11.9% [1] - The cultural, sports, and entertainment industry saw a tax revenue increase of 7.8%, driven by the expansion of the old-for-new consumption policy and the release of cultural tourism demand [1] Group 3: Non-Tax Revenue and Expenditure Structure - Non-tax revenue for the first five months was 17,467 billion yuan, marking a year-on-year increase of 6.2%, primarily driven by asset revitalization [2] - Social security and employment expenditure reached 20,054 billion yuan, growing by 9.2% year-on-year, while education expenditure was 17,455 billion yuan, up by 6.7% [2] - Government fund budget expenditure totaled 32,125 billion yuan, reflecting a significant year-on-year growth of 16% [2]

Core Viewpoint - The Japanese government is considering the cancellation of the tax exemption for foreign tourists and the introduction of a "departure tax" for them, in response to rising domestic prices and the abuse of the tax exemption system by tourists [1] Group 1: Government Strategy - The Japanese government is promoting a tourism strategy aimed at increasing foreign tourist numbers to 60 million by 2030 [1] - The backdrop of the yen's depreciation has led to a sustained increase in foreign tourist visits to Japan [1] Group 2: Economic Context - Domestic prices in Japan are continuously rising, prompting the government to explore tax reforms targeting foreign tourists [1] - The government aims to enhance national revenue without increasing the tax burden on Japanese citizens [1]

Group 1 - The national fiscal revenue for January to April reached 80,616 billion yuan, a year-on-year decrease of 0.4%, with the decline narrowing by 0.7 percentage points compared to the first quarter [1] - National fiscal expenditure for the same period was 93,581 billion yuan, an increase of 4.6% year-on-year, achieving the fastest expenditure progress for the same period since 2020, completing 31.5% of the budget [1] - Central fiscal revenue decreased by 3.8% year-on-year, but April saw a growth of 1.6%, marking the first positive growth this year [1] Group 2 - Tax revenue for January to April was 65,556 billion yuan, down 2.1% year-on-year, with the decline narrowing by 1.4 percentage points compared to the first quarter; April saw a year-on-year growth of 1.9% [1] - Key sectors such as railway, shipping, and aerospace manufacturing saw tax revenue growth of 33.2%, while computer and communication equipment manufacturing grew by 6.8% [1] - Social security and employment expenditure, education expenditure, and health expenditure grew by 8.5%, 7.4%, and 3.9% respectively [2]

Revenue Insights - In January-February, the national general public budget revenue was CNY 43,856.0 billion, a year-on-year decrease of 1.6%, with the decline expanding by 2.9 percentage points compared to the previous year[1] - Central government budget revenue fell to CNY 19,499.0 billion, down 5.8% year-on-year, with the decline expanding by 6.7 percentage points[1] - Local government budget revenue increased by 2.0% year-on-year, reaching CNY 24,357.0 billion, with the growth rate expanding by 0.3 percentage points[1] Tax Contributions - Personal income tax contributed positively to the tax revenue growth, achieving a contribution of 2.3 percentage points, with a month-on-month improvement of 2.4 percentage points[7] - Domestic value-added tax turned from negative to positive, contributing 0.4 percentage points to tax revenue growth, with a month-on-month improvement of 1.9 percentage points[2] - Corporate income tax showed a negative contribution of -2.8 percentage points due to the impact of the Spring Festival, with a month-on-month decline of 2.7 percentage points[2] Expenditure Trends - General public budget expenditure reached CNY 45,096.0 billion, a year-on-year increase of 3.4%, with the growth rate narrowing by 0.2 percentage points[9] - Central government budget expenditure grew by 8.6% year-on-year to CNY 5,242.0 billion, with the growth rate expanding by 2.1 percentage points[9] - Local government budget expenditure increased by 2.7% year-on-year, totaling CNY 39,854.0 billion, with the growth rate narrowing by 0.5 percentage points[9] Focus on Social Welfare - Social security and employment expenditures contributed 1.2 percentage points to the growth of general public budget expenditure, with a month-on-month improvement of 0.4 percentage points[10] - The shift in fiscal expenditure towards "benefiting people's livelihoods" indicates a strategic focus on social welfare[10] Overall Fiscal Performance - General fiscal revenue and expenditure for January-February were CNY 50,237.0 billion and CNY 56,454.0 billion, respectively, with year-on-year growth rates of -2.9% and 2.9%[15] - The expenditure growth rate outpaced revenue growth, indicating a proactive fiscal policy approach[15] - The government plans to implement a more active fiscal policy with a target deficit rate of around 4% for the year, suggesting an increase in fiscal spending[15]