Affected by tax cuts and fee cuts, China's fiscal revenue grew only slightly by 0.8% in the second quarter, far below the 6.2% in the first quarter. According to Reuters'historical data from the Ministry of Finance, in June and January, China's general public budget revenue was 1,792.7 billion yuan, up 1.4% from the same period last year, and its general public budget expenditure was 3,051.5 billion yuan, up 5.6% from the same period last year.
China's Ministry of Finance announced Tuesday that the cumulative revenue of the national general public budget from January to June was 10.784.6 billion yuan, an increase of 3.4% over the same period last year, and that the national expenditure on the general public budget was 123.53 billion yuan, an increase of 10.7% over the same period last year. The Ministry of Finance did not release monthly data for June.
"In the first half of this year, the active fiscal policy has been intensified, and the central and local financial departments have taken effective measures to ensure that tax cuts and fee cuts take root. In the first half of the year, the national fiscal revenue increased by 3.4%, including 6.2% in the first quarter and 0.8% in the second quarter, "Liu Jinyun, director of the Treasury Centralized Payment Center of the Ministry of Finance, announced at a press conference.
He also said that in the first half of this year, the national tax revenue was 9,242.4 billion yuan, up 0.9% year-on-year, down 4.5 percentage points from the first quarter, and non-tax revenue was 1,542.2 billion yuan, up 21.4% year-on-year.
Among them, the domestic value-added tax was 3557 billion yuan, an increase of 5.9%, the consumption tax was 847.1 billion yuan, an increase of 23.3%, and the enterprise and individual income tax increased by 5.3% and decreased by 30.6% respectively.
From the point of view of the central and local governments, the cumulative fiscal revenue of the central government amounted to 5,158.9 billion yuan in January-June, an increase of 3.4% over the same period of last year, and that of the local government amounted to 5,625.7 billion yuan, an increase of 3.3% over the same period of last year. In terms of expenditure, the central general public budget expenditure at the corresponding level was 1,689 billion yuan, an increase of 9.9% over the same period last year, while the local general public budget expenditure was 10,664.8 billion yuan, an increase of 10.8% over the same period last year.
Ministry of Finance officials attending the conference said that China's fiscal revenue and expenditure pressure has increased since this year, and the central government has continued to increase the transfer payments to local governments. In the future, we will continue to implement tax reduction and fee reduction, strengthen the monitoring and monitoring of the implementation effect, and study policy plans in time.
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