Steady Growth: China's Q1 fiscal revenue grows 6.2%
Updated 22:50, 19-Apr-2019
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China's proactive fiscal policy and new measures are boosting domestic demand and stimulating development. Fresh numbers from the Ministry of Finance show that growth in government revenue and expenditures keeps growing. Our reporter Zou Yun has the story.
Steady growth for China's fiscal revenue.
It rose in the first quarter by 6.2 percent year on year to over 5.36 trillion yuan, that's about 800 billion U.S. dollars.
The country's fiscal expenditures grew 15 percent on an annual basis to more than 5.86 trillion yuan in the first quarter.
LI DAWEI, DEPUTY DIRECTOR OF NATIONAL TREASURY DEPARTMENT CHINESE MINISTRY OF FINANCE "The growth, at a reasonable range, reflects the macro measures of the central government and has started to be effective. It also shows China's overall economic growth is making progress steadily."
Starting from this year, China pledges to implement large-scale tax cuts and fee reduction to further boost the vitality of market entities, as well as increase urban and rural personal incomes. Finance ministry officials say that the planned cuts to the value-added tax will put pressure on revenues, but the revenue growth target for 2019 is still expected to be reached. The Ministry is also carrying out other measures such as faster issuance of local government bonds to help stabilize economic growth.
ZOU YUN BEIJING "Despite rising challenges both domestically and internationally, China has maintained a proactive fiscal policy stance in 2019. It also aims to use measures like tax cuts and fee reduction to propel consumption and improve business environment. ZY, CGTN, BJ."