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China’s fiscal revenue surges 18.7 pct in first two months

Abstract : China's fiscal revenue surged 18.7 percent year on year in the first two months of 2021, bouncing back from a 3.9-percent decline registered last year, official data showed Thursday.

BEIJING, March 18 (Xinhua) — China’s fiscal revenue surged 18.7 percent year on year in the first two months of 2021, bouncing back from a 3.9-percent decline registered last year, official data showed Thursday.

The country’s fiscal revenue totaled 4.18 trillion yuan (about 644.47 billion U.S. dollars) during the January-February period, according to data released by the Ministry of Finance.

“The fast expansion of fiscal revenue in the first two months was mainly driven by China’s steady economic recovery and a relatively low base during the same period a year earlier,” said He Daixin, a researcher at the National Academy of Economic Strategy of the Chinese Academy of Social Sciences.

Tax revenue came in at 3.7 trillion yuan in the first two months, up 18.9 percent year on year.

Revenue from value-added tax, the largest source of fiscal revenue in the country, jumped nearly 20 percent from a year earlier, while corporate income tax saw an increase of 13.2 percent.

A breakdown showed the central government and local governments collected 2.05 trillion yuan and 2.13 trillion yuan in fiscal revenue, respectively, during the two months, both rising 18.7 percent year on year.

Thursday’s data also showed that China’s fiscal spending went up 10.5 percent year on year to 3.57 trillion yuan in the first two months.

Fiscal spending for areas including science and technology, education, employment and public health saw substantial increases, according to the ministry. Enditem

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Xinhua Silk Road (en.imsilkroad.com) is the Belt and Road Initiative (BRI) portal. China’s silk road economic belt and the 21st century maritime silk road website, include BRI Policy, BRI Trade, BRI Investment, Belt and Road weekly, Know Belt and Road, and the integrated information services for the Belt and Road Initiative (BRI).

Source: China’s fiscal revenue surges 18.7 pct in first two months

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