財政支出放緩對整體投資造成拖累，中國第二季經濟成長表現弱於預期。高盛估計，第二季「負面財政衝擊」貢獻了實質GDP環比降幅的逾40%。基礎建設相關支出年減近9%，而教育、醫療及社會保障支出則增長4.9%。
財政部表示將持續推行「更積極」的財政政策，並將加快現有政策落地及合理加快支出步伐。各省預計在第三季大舉發行基建債券，尚餘約1.9兆人民幣的地方債配額待使用；另有8000億人民幣的政策性融資工具亦規劃於第三季積極投放，以提振投資與經濟成長。
China's public spending fell 11.9% in June from a year earlier, the steepest drop since October, signaling further fiscal tightening even as the economy slows. The broad deficit in the first half shrank 13% year-on-year to 4.57 trillion yuan, and Goldman Sachs estimates the fiscal drag accounted for more than 40% of the sequential GDP growth decline in the second quarter.
Infrastructure-related spending under the general public budget dropped nearly 9% in April-June, while combined outlays on education, healthcare, and social security rose 4.9%. On the revenue side, total income rose 1.8% in June, supported by a recovery in industrial prices, stronger corporate earnings, and a near-doubling of stamp duty revenue from stock trading, though land sales by local governments slumped 31.5%.
The Ministry of Finance pledged to accelerate spending in the second half, and Chinese provinces still hold nearly 1.9 trillion yuan in remaining bond quota for infrastructure investment. An additional 800 billion yuan in new policy financing tools is set for aggressive deployment in the third quarter. Analysts widely expect the upcoming Politburo meeting to reinforce easing rhetoric and expedite demand-side stimulus, though resilient exports and an still-achievable full-year growth target of 4.5%-5% reduce the urgency for large-scale immediate measures.