China’s fiscal revenue up 13.3 per cent in H1

F.P. Report

BEIJING: China’s fiscal revenue increased 13.3 percent year on year in the first six months of 2023, official data showed on Wednesday.

The country’s fiscal revenue amounted to more than 11.9 trillion yuan (about 1.66 trillion US dollars) during the period, according to the Ministry of Finance.

The central government collected approximately 5.39 trillion yuan in fiscal revenue, up 13.1 percent year on year, while local governments collected approximately 6.53 trillion yuan, up 13.5 percent from a year earlier.

Tax revenue came in at more than 9.9 trillion yuan in the January-June period, up 16.5 percent year on year.

Xue Xiaoqian, an official with the finance ministry, attributed the rapid expansion in fiscal revenue to the country’s economic recovery as well as the large-scale implementation of tax refund policies since April last year, which created a lower comparison basis.

“The rebounding trend of the Chinese economy will provide significant support for future fiscal revenue increases,” Xue told a press conference on Wednesday.

He, however, noted that with tax refunds back to normal level in the second half of 2022, the monthly growth will gradually slow down and become commensurate with the growth of the economic sources of taxation.

Fiscal spending rose 3.9 percent year on year to 13.39 trillion yuan during the six-month period, according to the ministry. More spending has gone into weak links and key areas of economic and social development such as people’s livelihood, rural revitalization and education, Xue said. (APP)