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China's fiscal revenue reached 11.92 trillion yuan ($1.65 trillion) in the first half of 2023, showing a 13.3 percent year-on-year increase, according to data from the Ministry of Finance on Wednesday.
The growth in fiscal revenue was largely driven by an increase in tax revenue, which amounted to 9.97 trillion yuan and experienced a significant 16.5-percent year-on-year rise. Non-tax revenue, on the other hand, declined slightly by 0.6 percent, totaling 1.95 trillion yuan.
Xue Xiaoqian, an official from the ministry, attributed the high growth rate in fiscal revenue – not only to the recovering economy – but also to the implementation of the large-scale value-added tax (VAT) credit refund policy in April of 2022, which caused a low base effect.
In April last year, China's VAT credit refunds, aiming to improve the cash flow of enterprises amid the COVID-19 pandemic, reached 801.5 billion yuan.
In terms of expenditure, the national general public budget for the first half of the year amounted to 13.39 trillion yuan, indicating a 3.9 percent year-on-year rise.
These budget allocations effectively ensured expenditures in key areas for the country such as people's basic livelihoods, rural revitalization, and education, said Xue.
(Cover via CFP)
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Disinformation report hotline: 010-85061466