event
On May 20, the Ministry of Finance announced that from January to April, the national general public budget revenue was 8092.6 billion yuan, down 2.7% year on year, and the general public budget expenditure was 8948.3 billion yuan, up 3.5% year on year.
Comments
From January to April, as the economy recovered, it recovered and improved. Excluding tax cuts and base factors, fiscal revenue recovered slightly. However, in April, the fiscal revenue and expenditure both turned down year on year, and more efforts are needed to stabilize growth and stabilize price expectations.
From January to April, the national general public budget revenue decreased by 2.7% year on year, 0.4 percentage points more than that from January to April, and 14.6 percentage points less than that of the same period in 2023. Among them, fiscal revenue in April decreased by 3.75% year on year, 1.31 percentage points more than that from January to April.
Among them, from January to April, the general public budget revenue of the central government decreased by 6.2% year on year, 0.3 percentage point less than that of the first quarter; Local general public budget revenue at the same level increased by 0.1% year on year, 0.9 percentage points lower than that in the first quarter. In terms of tax and non tax revenue, the national tax revenue in January April fell 4.9% year on year, unchanged from the first quarter; Non tax income increased by 9.4% year on year, 0.7 percentage points lower than that in the first quarter.
From January to April, the domestic value-added tax revenue was 2578.7 billion yuan, down 7.6% year on year, 0.5% more than that in the first quarter. Among them, the year-on-year decline in April was 9.6%, 2.5 percentage points less than that in March.
The domestic consumption tax was 638.5 billion yuan, up 8.3% year on year, 1.7 percentage points lower than the first quarter. Among them, the year-on-year growth in April was 2.1%, 5.3 percentage points higher than that in March.
Corporate income tax was 1789.8 billion yuan, up 0.9% year on year, 0.1 percentage point lower than that of the first quarter. Among them, the year-on-year growth in April was 0.7%, 6.6 percentage points lower than that in March.
Individual income tax was 500.7 billion yuan, down 7% year on year, 2.5 percentage points more than that in the first quarter. Among them, the year-on-year decrease in April was 18.8%, 93.7 percentage points lower than that in March.
VAT and consumption tax on imported goods reached 613.4 billion yuan, up 1% year on year, 3.7 percentage points higher than that in the first quarter.
Export tax rebate was 810.1 billion yuan, up 18.8% year on year, down 1.0 percentage point from the first quarter.
Urban maintenance and construction tax was 183.9 billion yuan, down 7.6% year on year.
Vehicle purchase tax was 89.8 billion yuan, up 6.2% year on year.
Stamp tax was 135.8 billion yuan, down 17.1% year on year. Among them, stamp tax on securities transactions was 33.9 billion yuan, down 52.7% year on year.
Resource tax was 101.1 billion yuan, down 16% year on year.
Among land and real estate related taxes, deed tax was 191.8 billion yuan, down 7.1% year on year; Property tax was 182.2 billion yuan, up 19.2% year on year; Urban land use tax was 96.5 billion yuan, up 12.1% year on year; Land value-added tax was 215 billion yuan, down 4.5% year on year; The tax on farmland occupation was 55 billion yuan, up 20.2% year on year.
Vehicle and vessel tax, vessel tonnage tax, tobacco tax and other tax revenues totaled 43.2 billion yuan, up 2.7% year on year.
After deducting the special factors such as the increase in the base of tax deferred warehousing of small and medium-sized micro enterprises in the same period of last year, and the tax cut policy issued in the middle of last year, the growth rate can be about 2%.
In April, the national fiscal expenditure increased year on year.
From January to April, the national general public budget expenditure increased by 3.5% year on year, 0.6 percentage points higher than the first quarter. Among them, the expenditure of the central general public budget at the same level increased by 10.5% year on year, unchanged from the first quarter. Local general public budget expenditure increased by 2.6% year on year, 0.7 percentage points higher than that in the first quarter.
In April, the national general public budget expenditure increased by 6.1% year on year, 9.0 percentage points higher than that in the first quarter. Among them, the expenditure of the central general public budget at the same level increased by 10.4% year on year, 4.7 percentage points higher than that of the first quarter. Local general public budget expenditure increased by 5.2% year on year, 9.2 percentage points higher than that in the first quarter.
In April, the higher growth rate of financial expenditure was that the expenditure on science and technology increased by 25.2% year on year, the expenditure on energy conservation and environmental protection increased by 16.6% year on year, the expenditure on agriculture, forestry and water affairs increased by 11.8% year on year, and the urban and rural community affairs increased by 8.5% year on year.
From January to April, the budget revenue of national government funds was 1348.4 billion yuan, down 7.7% year on year, 3.7 percentage points more than that of the first quarter. Among them, the budget revenue of the central government funds was 132.6 billion yuan, up 11.1% year on year, 2.1 percentage points lower than that of the first quarter; The budget revenue of local government funds at the same level was 1215.8 billion yuan, down 9.3% year on year, 3.7 percentage points more than that in the first quarter. Among them, the revenue from the transfer of state-owned land use rights was 1053.6 billion yuan, down 10.4% year on year, 3.7 percentage points more than that in the first quarter.
Affected by the slowdown of consumption and investment in April, the year-on-year decline of fiscal revenue in April slightly expanded. With the implementation of the real estate stimulus policy in May, the growth rate of fiscal revenue is expected to increase.
Investment advice
1: From January to April, fiscal revenue recovered slightly, basically matching fiscal expenditure.
2: With the implementation of the real estate stimulus policy in May, the growth rate of fiscal revenue is expected to increase.
Risk warning
1. Geopolitical deterioration exceeded expectations; 2. The recession in Europe and the United States exceeded expectations.
