China’s Ministry of Finance Says Budget Revenues to Fall 7.3% YoY Due to COVID-19

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The Ministry of Finance (MOF) says that the Chinese central government’s budget revenues are on track to drop by over 7% in 2020 as a result of the economic impacts of the COVID-19 pandemic.

MOF announced on 17 June that the central general public budget revenue for 2020 was forecast at 8.277 trillion yuan, for a decline of 7.3% compared to the actual figure of 8.930541 trillion yuan for 2019.

According to MOF key factors underlying the forecast included the impact of the Novel Coronavirus on the Chinese economy, as well as changes to price levels and the implementation of tax and free reductions.

Tax revenues for 2020 are forecast to reach 7.977 trillion yuan in 2020, as compared to 8.101778 trillion yuan for 2019, while non-tax revenues are expected to be 300 billion yuan in 2020, as compared to 828.763 billion yuan for 2019.

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