Recently, the Ministry of Finance announced the operation of fiscal revenue and expenditure from January to May. Data shows that the cumulative decline in national fiscal revenue has narrowed slightly, with prominent structural highlights. At the same time, the national general public budget expenditure continued to grow and exceeded 11 trillion yuan. It is worth noting that with the support of more active fiscal policies, expenditures in key areas such as people's livelihood and scientific and technological innovation are also more powerful and guaranteed.
In terms of income, the cumulative decline in national fiscal revenue in the first five months of this year narrowed slightly. From January to May, the decline in national general public budget revenue narrowed by 0.1 percentage point compared with January to April. The cumulative decline in tax revenue also continued to narrow, among which tax revenue in some industries continued to perform well. In terms of the service industry, the policy of exchanging old-for-new consumer goods has been strengthened, the demand for cultural and tourism consumption has continued to be released, and the tax revenue of the cultural, sports and entertainment industry has increased by 7.8% year-on-year; the development momentum of the digital economy is improving, the tax revenue of the information transmission software and information technology service industry has increased by 10% year-on-year, and the tax revenue of the scientific research and technical service industry has increased by 12.7% year-on-year.
"Since the beginning of this year, under the influence of a series of policies, the overall macroeconomic operation has been stable, and the local financial departments have taken the initiative to lay the foundation for fiscal tax revenue. The tax growth rate of some tax types and industries is relatively fast, reflecting that there are still structural highlights under the overall stable economic pattern." Luo Zhiheng, chief economist and director of the research institute, analyzed.
It is worth noting that from January to May, the stamp duty on securities transactions increased by 52.4% year-on-year. Li Xuhong, vice president and professor of Beijing National Accounting Institute, believes that this is closely related to the increase in capital market activity and may benefit from favorable policies or recovery of market sentiment. At the same time, the moderate growth of domestic value-added tax and consumption tax reflects the relative resilience of domestic demand, especially in the consumption field.
In terms of expenditure, in the first five months of this year, national general public budget expenditure increased by 4.2% year-on-year. Li Xuhong said that the current fiscal policy continues a more positive tone, especially in the fields of education, science and technology, social security and employment, which reflects priority guarantees for people's livelihood improvement and scientific and technological innovation; energy conservation and environmental protection expenditures and health expenditures have steadily increased, indicating the policy's continuous investment in green transformation and the construction of the public health system.
Specifically, from January to May, social security and employment expenditure was 2005.4 billion yuan, a year-on-year increase of 9.2%; education expenditure was 174.55 billion yuan, a year-on-year increase of 6.7%; health expenditure was 889.6 billion yuan, a year-on-year increase of 3.9%; science and technology expenditure was 360.9 billion yuan, a year-on-year increase of 6.5%; housing security expenditure was 330.3 billion yuan, a year-on-year increase of 2.1%. In addition, in the first five months of this year, the national government fund budget expenditure was 3212.5 billion yuan, an increase of 16% year-on-year.
"From the perspective of expenditure, the positive fiscal policy is more active, especially the growth rate of central fiscal expenditure is relatively high, which has become a key force for China's economic stability in the first half of this year." Luo Zhiheng believes that in terms of expenditure structure, expenditures related to people's livelihood, such as education and social security expenditure, have a higher growth rate than the overall expenditure, and fiscal funds are invested in people. The growth rate of science and technology expenditure is also at a high level, which is conducive to promoting scientific and technological innovation to lead industrial innovation.
"Overall, the fiscal revenue and expenditure situation in the first five months showed a positive trend. The decline in national general public budget revenue and tax revenue further narrowed, the growth rate of non-tax revenue decreased, the fiscal revenue structure was more reasonable, and fiscal expenditure was guaranteed strongly, laying a solid foundation for high-quality economic development." Li Xuhong said that the sustainability and expenditure efficiency of local finances in the future still need to be further observed, and policies may seek a more refined balance between stabilizing growth and preventing risks.
