Download
China's fiscal revenue expands 21.8% in H1 2021
Updated 11:33, 21-Jul-2021
CGTN

China's national general public budget revenue increased by 21.8 percent in the first half year of 2021, standing at 11.71 trillion yuan ($1.8 trillion), the Ministry of Finance said on Tuesday.  

The revenue growth is due to the low base of the same period last year and the recent rise in producer price index (PPI), which reflects China's notable achievement in economic recovery, said Liu Jinyun, a senior official with the ministry.

Driven by the stable growth of corporate profits in the first half of the year, corporate income tax increased by 17.7 percent year on year. 

Value-added tax rose by 22.5 percent year on year during the period due to the stable growth of industry, service businesses and a rise in PPI, Liu said.

Fiscal expenditure increased by 4.5 percent in the first six months from a year earlier to 12.17 trillion yuan.

For the second half of the year, Liu said the growth of fiscal revenue is expected to be significantly lower than the first half of the year, affected by uneven economic recovery domestically, the high base of the second half of last year and the severe pandemic situation globally.

However, due to the fast revenue growth in the first half of the year, the country is expected to meet the revenue goal for the whole year through efforts, he added.

Search Trends