Cover News:

I'd like to ask how you view the performance of fiscal revenue and expenditure in 2025, and whether the budget targets set at the beginning of the year have been achieved. Thank you.

Liao Min:

Thank you for the questions. Let's invite Mr. Li to answer them.

Li Xianzhong:

Thank you for your questions. At present, the fiscal revenue and expenditure data for 2025 are still being compiled and are expected to be officially released to the public at the end of January or early February. Based on the preliminary information currently available, the operation of fiscal revenue and expenditure in 2025 can be summarized into the following three points.

First, fiscal revenue was low at the beginning, high in the middle period, and stable at the later period of the year. By quarter, national general public budget revenue fell by 1.1% in the first quarter; in the second quarter, it shifted from decline to growth, increasing by 0.6%; and in the third quarter, the growth reached 2.5%, significantly higher than previous quarters. During the fourth quarter, growth was 3.2% in October, and in November it was basically the same year on year. Among these, tax revenue maintained year-on-year growth since April, becoming the main engine driving fiscal revenue growth, which also reflects the continued steady and positive development trend of China's economic performance.

Second, the goal of balancing revenue and expenditure could be achieved. On the revenue side, as mentioned earlier, national general public budget revenue maintained a recovery growth trend and remained generally stable. On the expenditure side, national general public budget expenditure made proactive efforts and maintained intensity, providing the necessary financial support for economic and social development. Overall, a balance between revenue and expenditure could be achieved for the year.

Third, funding for key areas was effectively ensured. In 2025, the fiscal authorities continued optimizing the expenditure structure, with key areas such as social security and employment, science and technology, education, and healthcare receiving strong support. In the first 11 months, the combined spending on the above four sectors exceeded 10 trillion yuan, accounting for more than 40% of the general public budget expenditure. At the same time, we accelerated the use of bond funds. In the first 11 months, ultra-long-term special treasury bonds, local government special bonds, and special treasury bonds for capital injection into central financial institutions totaled 5.15 trillion yuan in expenditure, an increase of 1.61 trillion yuan over the same period last year, up 45.5%. This strengthened economic growth momentum and supported a sustained recovery and improvement of the economy.

The three aspects are a brief introduction to the overall fiscal operation for the year 2025. Detailed data will be released to the public in a timely manner in accordance with procedures. Thank you.