$1.66 trillion in China’s fiscal revenues in 6 months, up 13.3%

China’s fiscal revenue rose 13.3 per cent year-on-year during the six months of 2023, according to official data reported by state news agency Xinhua yesterday.

China’s Ministry of Finance added that the country’s fiscal revenues amounted to more than 11.9 trillion yuan (about $1.66 trillion) during the period.

The central Government raised some RMB5.39 trillion in fiscal revenues, an increase of 13.1 per cent year-on-year, while local governments raised some RMB6.53 trillion in fiscal revenues, a 13.5 per cent increase from the previous year.
Tax revenues amounted to more than 9.9 trillion yuan from January to June, an increase of 16.5 per cent year-on-year.

“The recovery trend for China’s economy will provide significant support for future increases in fiscal revenues.”

As tax refunds return to normal in the second half of 2022, the monthly growth rate will gradually slow down to be commensurate with the growth of economic sources of taxes.
According to the Ministry, fiscal spending increased by 3.9 per cent year-on-year to 13.39 trillion yuan during the first six months of this year. Xiue said that more expenditure had gone into vulnerabilities and key areas of economic and social development such as people’s livelihoods, rural advancement and education.