The central government has accumulated about 5.39 trillion yuan in financial revenue, marking a 13.1% increase year-on-year. In contrast, local governments collected about 6.53 trillion yuan, up 13.5% year-on-year. Furthermore, tax revenue spiked to more than 9.9 trillion yuan from January to June, showing a 16.5% increase year-on-year.
According to official data, China’s financial revenue grew 13.3% year-on-year in the first half of 2023, surpassing 11.9 trillion yuan. Central and local governments collected about 5.39 trillion yuan and 6.53 trillion yuan, respectively, showing a marked increase. Xue Xiaoqian, a finance ministry official, warned of a slowdown in growth as tax refunds return to normal.
Finance Ministry official Xue Xiaoqian credits the country’s strong economic recovery and the implementation of large-scale tax refund policies since April last year for this rapid growth in financial revenue, according to local media reports.
Looking ahead, Xue acknowledges the important role China’s recovering economy will play in driving future financial revenue growth. However, he also warned of a gradual slowdown in monthly growth as tax refunds return to normal levels in the second half of 2022, more in line with the growth of economic tax sources.
In addition to the increased revenue, fiscal spending rose 3.9% year-on-year to 13.39 trillion yuan over the six-month period.
Fiber2Fashion (NB) News Desk
