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前8月全国税收收入累计增速首次转正
Zhong Guo Jing Ying Bao· 2025-09-30 17:36
税收作为经济运行的"晴雨表",成为经济向好发展的印证。 财政部数据显示,今年前8个月,全国一般公共预算收入148198亿元,同比增长0.3%。其中,全国税收 收入121085亿元,同比微增0.02%。这是今年以来全国税收收入累计增速首次由负转正。 中诚信国际研究院分析师汪苑晖表示,前8月全国税收收入增速结束17个月负增长态势,是2024年以来 首次转正。主要税种方面,今年前8个月,国内增值税收入为47389亿元,同比增长3.2%,收入增速较 前7个月略有加快;企业所得税收入为31477亿元,同比增长0.3%,这是今年以来企业所得税收入累计 增速首次由负转正;国内消费税收入为11523亿元,同比增长2%;个人所得税收入为10547亿元,同比 增长8.9%。 "增速方面,个人所得税增速领跑主要税种,主要与去年相关税收优惠政策实施形成的低基数有关,同 时也与资本市场交易活跃、部分居民收入提升等有关。"汪苑晖说。 (文章来源:中国经营报) 今年以来,一般公共预算收入增速延续负增长态势、但降幅逐月收窄,7月全国一般公共预算收入累计 同比增速在年内首次转正,8月延续回暖态势,累计同比增长0.3%,高于年初预算目标增速(0 ...
宏观点评:广义财政盼增量-20250922
CAITONG SECURITIES· 2025-09-22 10:15
Revenue and Expenditure Overview - From January to August 2025, general public budget revenue totaled CNY 14.82 trillion, a year-on-year increase of 0.3%[2] - General public budget expenditure for the same period reached CNY 17.93 trillion, with a year-on-year growth of 3.1%[2] - In August 2025, general public budget revenue was CNY 1.24 trillion, up 2.0% year-on-year, while expenditure was CNY 1.86 trillion, reflecting a 0.8% increase[4] Tax Revenue Insights - Tax revenue continues to outperform non-tax revenue, with August tax revenue growing by 3.4% year-on-year, marking five consecutive months of positive growth[5] - Manufacturing accounted for over 30% of total tax revenue, with a growth rate exceeding 5% in the first eight months of 2025[5] - Securities transaction stamp duty surged by 226% in August, driven by increased market activity, contributing significantly to tax revenue growth[8] Fiscal Pressure and Challenges - The fiscal data for August indicates mounting pressure, with weakened consumption impacting tax revenue and a declining real estate sector exacerbating fiscal income challenges[23] - Government fund revenue fell by 5.7% year-on-year in August, primarily due to a 5.8% drop in land transfer income[18] - Infrastructure spending remains weak, with related expenditures showing a significant decline of 13.2% when combined[13] Future Outlook and Policy Implications - The necessity for incremental policy measures is rising due to anticipated economic pressures and the nearing end of government bond issuance in the fourth quarter[23] - The potential for early utilization of next year's debt quota and the timing of policy financial tools will be critical in supporting economic stability[23]
财政部、棕榈油等:1-8月多项财经数据及品种行情变动
Sou Hu Cai Jing· 2025-09-17 14:54
Macroeconomic and Industry Insights - In August, the Ministry of Finance reported corporate income tax revenue of 31,477 billion yuan, a year-on-year increase of 0.3% [1] - Personal income tax revenue reached 10,547 billion yuan, reflecting a year-on-year increase of 8.9% [1] - Vehicle purchase tax revenue was 1,334 billion yuan, showing a year-on-year decline of 17.7% [1] - Stamp duty revenue totaled 2,844 billion yuan, with a year-on-year increase of 27.4%, including securities transaction stamp duty revenue of 1,187 billion yuan, which surged by 81.7% year-on-year [1] Commodity Market Updates - Palm oil production in Malaysia is expected to decrease by 8.05% from September 1-15, 2025, with a yield drop of 6.94% and an oil extraction rate decline of 0.21% [1] - The expected export volume for palm oil is 404,688 tons, down 24.7% compared to the same period last month [1] - Coking coal auction prices in Linfen market showed mixed results, with 290,000 tons sold and an average price increase of 54 yuan/ton for 7 companies, while 4 companies experienced an average price drop of 20 yuan/ton [1] - Lithium carbonate prices continue to rise, with battery-grade lithium carbonate index price at 73,116 yuan/ton, up 281 yuan/ton; average price at 73,150 yuan/ton, up 300 yuan/ton [1] - The average transaction price for multi-crystalline silicon n-type raw materials was 53,200 yuan/ton, an increase of 8.57% [1] - The average price for n-type granular silicon was 49,500 yuan/ton, reflecting a 3.13% increase [1] Production Data - In August 2025, China's alumina production reached 7.925 million tons, a year-on-year increase of 7.5% [1] - Cumulative alumina production from January to August was 60.523 million tons, up 8.2% year-on-year [1] - China's electrolytic aluminum production in August was 3.800 million tons, a slight year-on-year decrease of 0.5% [1] - Cumulative electrolytic aluminum production from January to August was 30.138 million tons, reflecting a year-on-year increase of 2.2% [1] - In August, China's copper product production was 2.222 million tons, a year-on-year increase of 9.8% [1] - Cumulative refined copper production from January to August was 9.891 million tons, up 10.1% year-on-year [1] Market Predictions - Deutsche Bank has raised its gold price forecast for next year to $4,000 per ounce and silver price forecast to $45 per ounce [1] - As of September 15, total refined oil inventory at Fujairah Port in the UAE decreased to 13.089 million barrels, with reductions in light, medium, and heavy oil inventories [1] - Attention is drawn to the Canadian central bank's interest rate decision scheduled for the evening of September 17 [1]
全国税收收入增速由负转正
第一财经· 2025-09-17 10:54
Core Viewpoint - The overall fiscal revenue in China has shown stability and growth in the first eight months of 2025, reflecting a positive economic trend, with tax revenue turning from negative to positive for the first time this year [3][4]. Fiscal Revenue - The total general public budget revenue reached 148,198 billion yuan, a year-on-year increase of 0.3% [3]. - Tax revenue amounted to 121,085 billion yuan, with a slight increase of 0.02% year-on-year, marking the first positive growth in tax revenue this year [3][4]. - The four major tax categories all experienced growth: - Domestic VAT: approximately 47,000 billion yuan, up 3.2% [5]. - Corporate income tax: approximately 32,000 billion yuan, up 0.3%, indicating a potential improvement in corporate profitability [5]. - Domestic consumption tax: approximately 12,000 billion yuan, up 2% [5]. - Personal income tax: approximately 11,000 billion yuan, up 8.9%, linked to increased property income for certain demographics [5]. Non-Tax Revenue - Non-tax revenue reached 27,113 billion yuan, growing by 1.5%, significantly lower than the 11.7% growth seen in the same period last year [6]. Government Fund Revenue - Government fund budget revenue totaled 26,449 billion yuan, a year-on-year decrease of 1.4%, with land use rights transfer income at 19,263 billion yuan, down 4.7% [7]. Government Debt and Expenditure - Net financing of government bonds reached 10.27 trillion yuan, an increase of 4.63 trillion yuan year-on-year, indicating increased government borrowing to support fiscal spending [9]. - General public budget expenditure was 179,324 billion yuan, up 3.1%, with significant investments in social security, education, and healthcare [11]. - Government fund budget expenditure was 62,602 billion yuan, a substantial increase of 30%, primarily directed towards major project construction to stabilize the economy [11].
一文读懂前8月财政数据:税收收入增速由负转正
Di Yi Cai Jing· 2025-09-17 09:19
Core Viewpoint - The overall fiscal revenue in China has shown stability and growth in the first eight months of 2025, reflecting a positive economic trend, with tax revenue growth turning from negative to positive for the first time this year [2][3]. Group 1: Fiscal Revenue Overview - National general public budget revenue reached 148198 billion yuan, a year-on-year increase of 0.3% [2]. - National tax revenue totaled 121085 billion yuan, with a slight year-on-year increase of 0.02%, marking the first positive growth in tax revenue this year [2]. - The four major tax categories (domestic VAT, corporate income tax, domestic consumption tax, and individual income tax) all maintained growth in the first eight months [2]. Group 2: Tax Revenue Breakdown - Domestic VAT, the largest tax source, generated approximately 47000 billion yuan, with a year-on-year growth of 3.2% [2]. - Corporate income tax, the second-largest source, amounted to about 32000 billion yuan, with a year-on-year increase of 0.3%, indicating a potential improvement in corporate profitability [2]. - Domestic consumption tax generated around 12000 billion yuan, with a year-on-year growth of 2% [2]. - Individual income tax reached approximately 11000 billion yuan, showing a significant year-on-year increase of 8.9%, attributed to rising property income among certain demographics [2]. Group 3: Non-Tax Revenue and Government Fund Income - Non-tax revenue for the first eight months was 27113 billion yuan, reflecting a year-on-year growth of 1.5%, significantly lower than the previous year's growth rate of 11.7% [3]. - Government fund budget revenue, primarily from land sales, was 26449 billion yuan, a year-on-year decrease of 1.4%, with land use rights transfer income at 19263 billion yuan, down 4.7% [4]. Group 4: Fiscal Expenditure and Debt Financing - National general public budget expenditure reached 179324 billion yuan, a year-on-year increase of 3.1%, with a focus on social welfare and employment, education, and health care [6]. - Social security and employment expenditure exceeded 30000 billion yuan, growing by 10% year-on-year [6]. - Government bond net financing for the first eight months was 102700 billion yuan, an increase of 46300 billion yuan year-on-year, supporting a more proactive fiscal policy [6].
财政部:1—8月全国一般公共预算收入148198亿元,同比增长0.3%
Sou Hu Cai Jing· 2025-09-17 08:19
9月17日,财政部公布2025年1—8月财政收支情况: 一、全国一般公共预算收支情况 (一)一般公共预算收入情况。 1—8月,全国一般公共预算收入148198亿元,同比增长0.3%。其中,全国税收收入121085亿元,同比 微增0.02%;非税收入27113亿元,同比增长1.5%。分中央和地方看,中央一般公共预算收入64268亿 元,同比下降1.7%;地方一般公共预算本级收入83930亿元,同比增长1.8%。 主要税收收入项目情况如下: 1.国内增值税47389亿元,同比增长3.2%。 2.国内消费税11523亿元,同比增长2%。 3.企业所得税31477亿元,同比增长0.3%。 4.个人所得税10547亿元,同比增长8.9%。 5.进口货物增值税、消费税11770亿元,同比下降6.7%。关税1527亿元,同比下降6.5%。 6.出口退税15766亿元,同比增长9%。 7.城市维护建设税3471亿元,同比增长2.9%。 8.车辆购置税1334亿元,同比下降17.7%。 9.印花税2844亿元,同比增长27.4%。其中,证券交易印花税1187亿元,同比增长81.7%。 主要支出科目情况如下: 10.资源税194 ...
中信建投:财税异动,发生了什么?
Xuan Gu Bao· 2025-08-20 11:42
Core Insights - July fiscal data shows significant highlights, with tax revenue growth returning to positive territory and expenditures improving due to increased income [1] - Major tax categories such as corporate income tax, personal income tax, and consumption tax exhibited varying degrees of upward elasticity in July [1] - The improvement in public budget expenditures is directly linked to the recovery in tax revenue, with a focus on social security, employment, and health care [1] Group 1: Public Budget Performance - From January to July, the national general public budget revenue reached 1,358.39 billion yuan, a year-on-year increase of 0.1%, while expenditures totaled 1,607.37 billion yuan, up 3.4% [2] - In July, general public budget revenue increased by 2.7%, marking the highest growth rate of the year, with tax revenue rising by 5.0% [4] - General public budget expenditures improved by 3.0% in July, driven by the increase in revenue, indicating a potential for accelerated spending despite revenue constraints [4] Group 2: Tax Revenue Structure - The second-largest tax category, corporate income tax, saw a growth rate of 6.4%, an increase of 3.6 percentage points [8] - Personal income tax experienced a significant growth of 13.9%, up 7.2 percentage points, attributed to increased cumulative income and stricter tax collection measures [9] - Consumption tax recorded a growth of 5.4%, rebounding by 3.4 percentage points, primarily driven by improvements in sales of tobacco and alcohol [10] Group 3: Government Fund Budget - National government fund budget revenue reached 23.12 billion yuan, a year-on-year decrease of 0.7%, while expenditures rose to 54.29 billion yuan, up 31.7% [3] - In July, government fund revenue growth slowed to 8.9%, significantly impacted by declining land transfer income [5] - Land transfer income increased by 7.2%, but the growth rate fell by approximately 15 percentage points, indicating ongoing weakness in the land and real estate market [13] Group 4: Fiscal Expenditure Trends - Fiscal expenditure showed broad support across various sectors, particularly in social security and health care, which grew by 13.1% and 14.2%, respectively [16] - Technology-related expenditures decreased by 30.5%, reflecting a shift in policy direction and a reduction in redundant construction projects [16] - The overall trend indicates a focus on essential social needs rather than unnecessary infrastructure spending [1][16]
1-7月一般公共预算收入增速转正,背后是这些原因
2 1 Shi Ji Jing Ji Bao Dao· 2025-08-19 14:56
Core Viewpoint - The Ministry of Finance reported that from January to July, the national general public budget revenue reached 13.58 trillion yuan, a year-on-year increase of 0.1%, marking the first positive growth in revenue this year [1] Revenue Breakdown - Tax revenue for the same period was 11.09 trillion yuan, a decrease of 0.3% year-on-year, while non-tax revenue was 2.49 trillion yuan, an increase of 2% [1] - The domestic value-added tax generated approximately 4.26 trillion yuan, up 3% year-on-year, 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 reached 927.9 billion yuan, up 8.8%, attributed 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 consecutive months, with July seeing a significant increase of 5% [4][6] - The cumulative decline in tax revenue narrowed significantly, with the year-on-year decline for the first seven months reducing from -1.2% in the first half to -0.3% [6] Sector Performance - Key sectors such as equipment manufacturing and modern services showed good tax revenue performance, with specific growth rates of 33% for railway, shipbuilding, and aerospace equipment, and 12.7% for scientific research and technical services [6] Government Expenditure - General public budget expenditure for the first seven months was 16.07 trillion yuan, a year-on-year increase of 3.4%, with significant growth in social security and employment spending by 9.8% [10] - The total government expenditure, including special bonds, showed a strong increase of 31.7% [10] - The broad fiscal expenditure, combining general public budget and government fund budget, grew by 8.9% compared to the same period last year, indicating robust fiscal support for economic growth [10]
7月税收收入同比增长5%
21世纪经济报道· 2025-08-19 12:13
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].
7月税收收入同比增长5%,增速明显改善背后是这些原因
2 1 Shi Ji Jing Ji Bao Dao· 2025-08-19 10:16
Core Insights - The Ministry of Finance reported that from January to July, the national general public budget revenue reached 13.58 trillion yuan, a year-on-year increase of 0.1%, marking the first positive growth in revenue for the year [1] - Tax revenue totaled 11.09 trillion yuan, a slight decline of 0.3% year-on-year, while non-tax revenue increased by 2% to 2.49 trillion yuan [1] - The recovery in fiscal revenue growth in July was attributed to improved corporate profit expectations and the wealth effect from the rising Shanghai Composite Index [1] Tax Revenue Breakdown - Domestic value-added tax revenue was approximately 4.26 trillion yuan, up 3% year-on-year, 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 reached 927.9 billion yuan, up 8.8%, supported by stable growth in resident income and improved tax administration [2] - Securities transaction stamp duty revenue was 936 billion yuan, up 62.5%, indicating active capital market trading [2] Monthly Trends - From April onwards, monthly tax revenue has shown continuous positive growth for four consecutive months, with July seeing a significant increase of 5% [2][4] - The cumulative decline in tax revenue narrowed significantly, with a reduction of 0.3% for the first seven months compared to a 1.2% decline in the first half of the year [4] Sector Performance - Key sectors such as equipment manufacturing and modern services showed strong tax revenue performance, with notable increases in specific industries like railway and aerospace equipment [5] - The overall tax revenue performance is expected to improve in the second half of the year, driven by stable economic conditions and active capital markets [6] Government Expenditure - From January to July, national general public budget expenditure reached 16.07 trillion yuan, a year-on-year increase of 3.4%, with significant growth in social security, education, and health expenditures [9] - The issuance of government bonds has accelerated, contributing to a stronger fiscal expenditure environment [9] - The broad fiscal expenditure, combining general public budget and government fund expenditures, grew by 8.9% year-on-year, marking a strong performance [10]