Ministry of Finance: In the first seven months, nationwide general public budget revenue increased by 0.1% year-on-year.

On August 19, the Ministry of Finance released the financial revenue and expenditure performance for January to July 2025.

The data shows that, In July, the growth rate of nationwide general public budget revenue reached its highest point for the year, and the cumulative growth rate turned positive for the first time. In July, the country's general public budget revenue totaled 2,027.3 billion yuan, representing a year-on-year increase of 2.6%. Among this, central and local revenues rose by 2.2% and 3.1%, respectively, with monthly growth rates reaching their highest levels so far this year. From January to July, the country's general public budget revenue amounted to 13,583.9 billion yuan, up 0.1%, an increase that was 0.4 percentage points higher than in the first half of the year.

The cumulative decline in tax revenue has noticeably narrowed. In July, national tax revenues totaled 1,801.8 billion yuan, representing a year-on-year increase of 5%. The monthly growth rate has continued to rebound since turning positive in April. From January to July, national tax revenues reached 11,093.3 billion yuan, down 0.3%, with the decline narrowing by 0.9 percentage points compared to the first half of the year (-1.2%). Among these, domestic value-added tax, domestic consumption tax, and individual income tax rose by 3%, 2.1%, and 8.8% respectively, with growth rates increasing by 0.2, 0.4, and 0.8 percentage points, respectively, compared to the first half of the year. Corporate income tax, meanwhile, declined by 0.4%, with the decline narrowing by 1.5 percentage points compared to the first half of the year.

The tax performance of industries such as equipment manufacturing and modern services has been strong. Tax revenues from the manufacturing of equipment such as railway, shipbuilding, aerospace equipment, computer and communication equipment, and electrical machinery and equipment increased respectively. 33%, 10.1%, and 8%—tax revenue from the scientific research and technology services sector grew by 12.7%, while tax revenue from the culture, sports, and entertainment industry rose by 4.1%.

National general public budget expenditures continued to grow, and spending in key areas was well-secured. Financial departments at all levels have earnestly implemented a more proactive fiscal policy, increased spending intensity, optimized the expenditure structure, and continuously strengthened financial support for key areas. From January to July, the nationwide general public budget expenditure totaled 16,073.7 billion yuan, an increase of 3.4% year-on-year. Among these, expenditures on social security and employment rose by 9.8%, education expenditures increased by 5.7%, health expenditures grew by 5.3%, science and technology expenditures rose by 3.2%, housing security expenditures climbed by 0.2%, energy-saving and environmental protection expenditures expanded by 4.3%, and culture, tourism, sports, and media expenditures increased by 5.3%.

Meanwhile, Financial departments at all levels are accelerating the issuance and use of bond funds. ， From January to July, expenditures on special bonds issued by local governments included in government fund budgets, ultra-long-term special government bonds, and special government bonds allocated to central financial institutions totaled 2.89 trillion yuan, driving a 31.7% increase in government fund budget expenditures.