央视网消息：9月17日，财政部发布了1至8月全国财政收支情况。数据显示，前八个月，全国一般公共预算收入近15万亿元，支出近18万 亿元。 从支出来看，1—8月，全国一般公共预算支出17.93万亿元，同比增长3.1%，重点领域支出得到较好保障。教育、社会保障和就业、卫生 健康等支出同比增长均超过5%。同时，各级财政部门加快债券资金发行使用，1—8月，列入政府性基金预算的地方政府专项债券、超长期特 别国债、中央金融机构注资特别国债资金支出了3.39万亿元，带动政府性基金预算支出增长30%。 财政部数据显示，8月份，全国一般公共预算收入1.24万亿元，同比增长2%，延续增长态势。 从税种来看，国内增值税、国内消费税、个人所得税增幅保持平稳；企业所得税累计增幅实现转正。装备制造业、现代服务业等行业税收 表现良好。 值得注意的是，税收收入累计增幅由负转正。8月份，全国税收收入同比增长3.4%，月度增幅连续5个月保持正增长。1—8月，全国税收 收入12.11万亿元，比去年同期多26亿元，微增0.02%，累计增幅首次转正。 1—8月，全国一般公共预算收入14.82万亿元，增长0.3%，增幅比1—7月提高0.2个百分点。 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - In 2025 from January to July, the general public budget revenue showed a nominal growth pressure, with the progress at 61.8%, slightly lower than the average of the past five years. The cumulative growth rate turned positive for the first time this year, mainly relying on the high growth of stamp duty and the recovery of value - added tax and enterprise income tax, but the sustainability of the improvement in the fiscal revenue structure needs further observation. Meanwhile, the CPI in July was flat year - on - year, maintaining low - inflation characteristics [3]. - The general public budget expenditure accelerated its expansion. The progress from January to July was 54.1%, slightly lower than the average of the past five years by 0.6 percentage points. The expansion was mainly reflected in areas such as debt interest payments, social security, and education expenditures. Although infrastructure - related expenditures declined, the overall broad - based fiscal expenditure remained in an expansion trend driven by ultra - long - term special treasury bonds and special bonds [4]. - The government - funded budget revenue was in a contraction range, with the progress in the first half of 2025 at 37%, lower than the average of the past five years by 3.2 percentage points. From January to July, the national government - funded budget revenue decreased by 0.7% year - on - year. However, the decline in state - owned land use right transfer revenue narrowed significantly compared with the same period last year. The expenditure progress in the first half of 2025 accelerated to 86.9%, much higher than the average of the past five years. From January to July, the national government - funded budget expenditure increased by 31.7% year - on - year, with the funds mainly invested in major project construction and the "two new" fields, providing strong support for the economy [5]. Summary by Relevant Catalogs General Public Budget Revenue - From January to July 2025, the national general public budget revenue was 13.5839 trillion yuan, a year - on - year increase of 0.1% (previous value: - 0.3%). Tax revenue was 11.0933 trillion yuan, a year - on - year decrease of 0.3% (previous value: - 1.2%); non - tax revenue was 2.4906 trillion yuan, a year - on - year increase of 2% (previous value: 3.7%). Central revenue decreased by 2% year - on - year (previous value: - 2.8%), and local revenue increased by 1.8% year - on - year (previous value: 1.6%) [35]. - Main tax revenue items: domestic value - added tax was 4.2551 trillion yuan, a year - on - year increase of 3% (previous value: 2.8%); domestic consumption tax was 1.0213 trillion yuan, a year - on - year increase of 2.1% (previous value: 1.7%); enterprise income tax was 3.0566 trillion yuan, a year - on - year decrease of 0.4% (previous value: - 1.9%); personal income tax was 0.9279 trillion yuan, a year - on - year increase of 8.8% (previous value: 8%); import VAT and consumption tax decreased by 6.1% year - on - year (previous value: - 6.1%), and customs duties decreased by 6.5% year - on - year (previous value: - 7.7%); export tax rebates increased by 9.7% year - on - year (previous value: 11.6%); urban maintenance and construction tax increased by 2.7% year - on - year (previous value: 2.7%); vehicle purchase tax decreased by 18.4% year - on - year (previous value: - 19.1%); stamp duty increased by 20.7% year - on - year (previous value: 19.7%), among which securities trading stamp duty increased by 62.5% year - on - year (previous value: 54.1%); resource tax decreased by 1.6% year - on - year (previous value: - 2.4%); among land and real - estate - related taxes, deed tax decreased by 15% year - on - year (previous value: - 14.8%), property tax increased by 11.2% year - on - year (previous value: 12%), urban land use tax increased by 5.8% year - on - year (previous value: 5.8%), land value - added tax decreased by 17.8% year - on - year (previous value: - 17.6%), and arable land occupation tax increased by 3.1% year - on - year (previous value: 2.4%); environmental protection tax increased by 12.5% year - on - year (previous value: 16.4%); other tax revenues increased by 0.9% year - on - year (previous value: 0.7%) [36][42][43]. General Public Budget Expenditure - From January to July 2025, the national general public budget expenditure was 16.0737 trillion yuan, a year - on - year increase of 3.4% (previous value: 3.4%). Central expenditure increased by 8.8% year - on - year (previous value: 9%), and local expenditure increased by 2.5% year - on - year (previous value: 2.6%) [46]. - Main expenditure items: education expenditure was 2.4438 trillion yuan, a year - on - year increase of 5.7% (previous value: 5.9%); science and technology expenditure was 0.533 trillion yuan, a year - on - year increase of 3.2% (previous value: 9.1%); culture, tourism, sports, and media expenditure was 0.2012 trillion yuan, a year - on - year increase of 5.3% (previous value: 5%); social security and employment expenditure was 2.7621 trillion yuan, a year - on - year increase of 9.8% (previous value: 9.2%); health expenditure was 1.2402 trillion yuan, a year - on - year increase of 5.3% (previous value: 4.3%); energy conservation and environmental protection expenditure was 0.2949 trillion yuan, a year - on - year increase of 4.3% (previous value: 5.9%); urban and rural community expenditure decreased by 3.5% year - on - year (previous value: - 4.2%); agricultural, forestry, and water expenditure decreased by 7.7% year - on - year (previous value: - 7.8%); transportation expenditure decreased by 3.3% year - on - year (previous value: 3.1%); debt interest payment was 0.7573 trillion yuan, a year - on - year increase of 6.4% (previous value: 6.1%) [47][55][56]. Government - Funded Budget Revenue - From January to July 2025, the national government - funded budget revenue was 2.3124 trillion yuan, a year - on - year decrease of 0.7% (previous value: - 2.4%). Central revenue increased by 8.8% year - on - year (previous value: 4.8%), and local revenue decreased by 1.8% year - on - year (previous value: - 3.2%). The state - owned land use right transfer revenue was 1.695 trillion yuan, a year - on - year decrease of 4.6% (previous value: - 6.5%) [57]. Government - Funded Budget Expenditure - From January to July 2025, the national government - funded budget expenditure was 5.4287 trillion yuan, a year - on - year increase of 31.7% (previous value: 30%). Central expenditure increased by 4.5 times year - on - year (previous value: 6.2 times), and local expenditure increased by 18.1% year - on - year (previous value: 15.1%). The expenditure related to state - owned land use right transfer revenue was 2.3572 trillion yuan, a year - on - year decrease of 6.1% (previous value: - 6.4%) [58][59].

Summary of Key Points Core Viewpoint - The fiscal revenue and expenditure data for the first five months of the year indicate a mixed performance, with revenue slightly declining while expenditure shows growth, reflecting a stable fiscal environment despite challenges in revenue generation [1][2]. Group 1: Fiscal Revenue and Expenditure - From January to May, the national general public budget revenue reached 96,623 billion yuan, a year-on-year decrease of 0.3%, with the decline rate narrowing compared to the previous month [2][4]. - General public budget expenditure totaled 112,953 billion yuan, marking a year-on-year increase of 4.2%, although the growth rate has slightly decreased [2][4]. - In May alone, public fiscal revenue grew by 0.13% year-on-year, while public fiscal expenditure increased by 2.63%, both showing a certain degree of slowdown [4]. Group 2: Deficit and Budget Execution - The actual deficit from January to May reached 16,330 billion yuan, the highest in five years, compared to 11,447 billion yuan in the same period last year, representing a year-on-year increase of 4,883 billion yuan [5]. - The broad deficit, considering government funds, amounted to 32,972 billion yuan, up from 29,380 billion yuan last year, reflecting a year-on-year increase of 3,592 billion yuan [5]. - By the end of May, public fiscal revenue completed 43.9% of the annual budget, a 0.6 percentage point increase from last year, while public fiscal expenditure accounted for 38.0% of the budget, remaining stable compared to last year [6]. Group 3: Revenue Structure - Non-tax revenue showed a cumulative growth of 6.2%, although the growth rate has declined, while tax revenue decreased by 1.6%, with the decline rate narrowing [9]. - In May, tax revenue increased by 0.6% year-on-year, while non-tax revenue fell by 2.2% [9]. - Key tax categories showed varied trends, with corporate income tax declining by 2.5% year-on-year but at a reduced rate, while value-added tax increased by 2.4%, indicating improvement in corporate operations [9]. Group 4: Government Spending - Central government spending has shown significant growth, with May's expenditure rising by 11.04% year-on-year, outpacing local government spending growth of 10.1% [12]. - Expenditure in key areas such as science and technology grew by 20.15%, while cultural, tourism, and sports spending increased by 16.2% [12]. - Infrastructure spending in areas like energy conservation and environmental protection grew by 4.6%, although other sectors like transportation and rural affairs saw declines [12]. Group 5: Government Fund Budget - National government fund budget expenditure increased significantly, with a total of 32,125 billion yuan, reflecting a year-on-year growth of 16% [16]. - Government fund budget revenue reached 15,483 billion yuan, a year-on-year decrease of 6.9%, with local government fund income declining by 8.3% [16]. - Central government fund budget expenditure surged by 64.4%, while local government fund expenditure grew by 14.9% [16].

Revenue Insights - In April 2025, the national general public budget revenue reached 20,427 billion yuan, a year-on-year increase of 1.9%[3] - Tax revenue for April was 18,106 billion yuan, also up by 1.9% year-on-year, marking a recovery from a 2.2% decline in March[3] - Non-tax revenue increased by 1.7% year-on-year, totaling 2,321 billion yuan, reflecting a high base effect from the previous year[3] Expenditure Trends - National general public budget expenditure in April was 20,766 billion yuan, growing by 5.8% year-on-year[4] - For the first four months of 2025, total expenditure completed 31.5% of the annual budget, the fastest pace since 2020[4] - Key areas of expenditure included social security and employment (8.5% growth), education (7.4% growth), and health (3.9% growth), all exceeding the overall expenditure growth rate[4] Fiscal Policy and Market Outlook - The broad fiscal budget revenue completion rate for January-April was 25.5%, with a year-on-year growth of 2.7%[2] - The government is prepared to issue special bonds to address potential uncertainties, focusing on large-scale equipment updates and consumer goods replacement programs[2] - The bond market is expected to maintain a loose monetary policy, with a potential 50 basis points reserve requirement ratio cut and a 20 basis points interest rate reduction[2] Government Fund Budget Performance - In April, the government fund budget revenue grew by 8.1%, marking the first positive growth of the year[7] - Land use rights transfer income in April increased by 4.3% year-on-year, indicating a gradual recovery in the real estate market[7] - For the first four months, government fund budget expenditure totaled 26,136 billion yuan, a year-on-year increase of 17.7%[10]