National Fiscal Revenues in China Rise over 24% in First Quarter

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China’s national fiscal revenues surged in the first quarter of 2021, as the economy continues to recover from the initial impacts of the COVID-19 pandemic.

China’s national general public budget revenues were 5.7115 trillion yuan in the first quarter of 2021, for a rise of 24.2% compared to the same period last year, according to figures released by the Ministry of Finance (MOF) on 21 April.

The revenue figure for the first quarter of 2021 also marks an increase of 6.4% compared to the same period in 2019, and two year average growth of 3.2%, with MOF stating that this recovery in growth remains “in line with expectations.”

Central government general public budget revenues were 2.6902 trillion yuan in the first quarter, for a rise of 27.2% compared to the same period in 2020, while local government general public budget revenues were 3.0213 trillion yuan, for a rise of 21.7%.

National tax revenues were 4.8723 trillion yuan, for a rise of 24.8% compared to the same period last year, and non-tax revenues were 839.2 billion yuan, for an increase of 20.7%.

China’s national general public budget expenditures were 5.8703 trillion yuan in the first quarter of 2021, for a YoY rise of 6.2%.

Central government general public budget expenditures were 667.6 billion yuan for the first quarter, for a decline of 6.9% compared to the same period in 2020, while local government general public budget expenditures were 5.2027 trillion yuan, for a YoY rise of 8.1%.

MOF highlighted a more rapid rise in spending on the “three guarantees” areas of education (13.8% YoY growth), healthcare (8.3%) and social insurance and employment (6.1%).

National government investment fund budget revenues were 1.8605 trillion yuan for the first quarter, for a YoY rise of 47.9%.

Central government investment fund budget revenues were 92.6 billion yuan, for a YoY rise of 32.9%, while local government investment fund budget revenues were 1.7679 trillion yuan, for a YoY rise of 48.8%.

Revenues from the sale of state-owned land usage rights were 1.6467 trillion yuan in the first quarter, for a YoY rise of 48.1%.

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