2025年1-2月财政数据点评：年初财政支出靠前发力，收入端表现偏弱

Revenue Analysis - In January-February 2025, the national general public budget revenue decreased by 1.6% year-on-year, a slowdown of 2.9 percentage points compared to the previous year's total[2] - Tax revenue fell by 3.9%, widening the decline by 0.5 percentage points from the previous year, significantly lower than the 2.7% growth in December 2024[2] - Non-tax revenue increased by 11.0%, but the growth rate was lower than both the previous year and December 2024[4] Tax Revenue Breakdown - Individual income tax revenue rose by 26.7%, a significant increase from 9.1% in December 2024, while corporate income tax dropped by 10.4%, down from a 95.8% increase in December 2024[3] - Consumption tax revenue grew by 0.3%, slowing by 6.5 percentage points compared to December 2024, primarily due to a decline in automobile retail sales[4] - Land value-added tax and deed tax revenues fell by 21.7% and 22.1% respectively, indicating ongoing weakness in the real estate market[4] Expenditure Insights - General public budget expenditure increased by 3.4% year-on-year, completing 15.2% of the annual budget, higher than the five-year average of 14.4%[5] - Interest payments on debt saw the fastest growth at 19.7%, reflecting increased pressure on local government debt[7] - Infrastructure spending growth slowed due to a high base from the previous year, but the two-year compound growth rate remained at 5.0%[7] Government Fund Performance - Government fund revenue fell by 10.7%, significantly lower than the 4.9% growth in December 2024, primarily due to a 15.7% decline in land transfer income[8] - Government fund expenditure grew by 1.2%, below the 12.6% increase in December 2024, impacted by a 19.2% drop in spending related to land transfer income[8]