On September 17, 2025, the Ministry of Finance released fiscal data for August. Based on August's fiscal data, we have the following six takeaways:
First, value-added tax revenue growth remains stable, reflecting steady corporate production.
Second, vehicle purchase tax growth rate declines, possibly related to the structural divergence of the automobile market.
Third, the growth rate of personal income tax has slowed but remains high, likely driven by tax administration factors.
Fourth, revenue from real estate transaction-related taxes is declining, and land transfer revenue shows weak growth, indicating that demand in the real estate market remains sluggish.
Fifth, stamp duty on securities transaction continues to rise significantly, reflecting noticeably increased activity in the stock market.
Sixth, the increase in fiscal expenditure growth is mainly due to a low base effect, and there is still room for further fiscal expansion.