2025年一季度财政数据点评：少收多支，广义财政支出加力

Revenue Analysis - In Q1 2025, the national general public budget revenue was CNY 60,189 billion, a year-on-year decrease of 1.1%[2] - The national government fund budget revenue was CNY 9,247 billion, a year-on-year decrease of 11%[2] Expenditure Analysis - In Q1 2025, the national general public budget expenditure was CNY 72,815 billion, a year-on-year increase of 4.2%[2] - The national government fund budget expenditure was CNY 19,769 billion, a year-on-year increase of 11.1%[2] Tax Revenue Insights - Corporate income tax revenue decreased by 6.8% year-on-year, but the decline was less severe compared to previous months, indicating potential improvement in corporate profitability[3] - Value-added tax revenue continued to show positive growth, with an increased growth rate compared to earlier months, reflecting decent business activity[3] Public Finance Trends - The public finance expenditure growth rate was 4.2%, with social security and employment expenditures growing by 7.9% and education expenditures by 7.8%[4] - The first quarter accounted for 27.4% of the annual national general public budget revenue, below the five-year average of 28.0%[3] Fund Revenue and Expenditure Dynamics - The government fund revenue decreased by 11%, primarily due to a 15.9% drop in land transfer revenue[5] - The combined broad fiscal expenditure (public finance + government fund expenditure) grew by 5.6% year-on-year, significantly higher than the 2.7% growth rate for the entire year of 2024[5]