Global EditionASIA 中文雙語Fran?ais
    Business
    Home / Business / Finance

    China's 2020 public health spending surges despite fiscal revenue drop

    Xinhua | Updated: 2021-01-29 15:04
    Share
    Share - WeChat
    A clerk counts cash at a bank in Nantong, Jiangsu province. [Photo/Sipa]

    BEIJING - China's public health fiscal expenditure surged in 2020 amid efforts to fight COVID-19, despite lower fiscal revenue compared to 2019, official data showed on Thursday.

    While the central government has been asking both central and local authorities to tighten their belts by reducing general spending, more money was spent in crucial areas, with total expenditure on public health rising 15.2 percent from a year earlier to 1.9 trillion yuan ($293 billion).

    In particular, the country's direct spending on the fight against COVID-19 surged 74.9 percent, according to the Ministry of Finance (MOF).

    This came as the country's total fiscal revenue decreased 3.9 percent year-on-year to around 18.29 trillion yuan. Fiscal spending expanded 2.8 percent to around 24.56 trillion yuan.

    Last year, the central government collected about 8.28 trillion yuan in revenue, down 7.3 percent year-on-year, while local governments saw revenue fall 0.9 percent to about 10 trillion yuan.

    Tax revenue, the largest contributor to fiscal revenue, saw a 2.3 percent year-on-year drop to 15.43 trillion yuan.

    Since the outbreak of the epidemic, China has implemented a slew of new tax and fee relief measures to alleviate the burdens on market entities, particularly on small firms.

    A breakdown of the data shows revenue from domestic value-added tax went down 8.9 percent to about 5.68 trillion yuan, while revenue from domestic consumption tax dropped 4.3 percent to 1.2 trillion yuan.

    In 2020, around 90 percent of over 50 million small firm taxpayers in the country were exempted from value-added tax, while the rest saw their tax rate lowered from 3 percent to 1 percent, said the MOF.

    Revenue from individual income tax rose 11.4 percent year-on-year to 1.16 trillion yuan in the period.

    Revenue from value-added tax and consumption tax on imported goods stood at 1.45 trillion yuan, down 8.1 percent from a year earlier, and revenue from tariffs declined 11.2 percent to 256.4 billion yuan.

    However, with a steady economic recovery, China's fiscal revenue improved quarter by quarter and delivered a better-than-expected outcome, said the MOF, adding that fiscal revenue has sustained monthly positive growth since June.

    Fiscal revenue recorded 4.7 percent and 5.5 percent growth in the third and fourth quarters, respectively, following 14.3 percent and 7.4 percent declines in the first two quarters.

    The country has also granted export tax rebates worth 1.45 trillion yuan, effectively boosting the steady expansion of the export sector.

    China's economy has been on a steady growth recovery track, said the MOF, noting that uncertain factors related to the pandemic and the external environment remain, and the foundation for further economic recovery is not sufficiently solid.

    Next, the ministry will further improve tax and fee cut policies, maintain the continuity and stability of policies, and offer necessary support for recovery, it said.

    Thursday's data also shows that at the end of 2020, the balance of local government debt came in at 25.66 trillion yuan, within a quota of 28.81 trillion yuan approved by the country's top legislator.

    The aggregate balance of government debt stood at 46.55 trillion yuan at the end of last year, accounting for 45.8 percent of China's GDP, which is well below the 60 percent international warning line, said the MOF.

    Earlier official statistics show China's GDP last year expanded 2.3 percent year-on-year to almost 101.6 trillion yuan, exceeding the 100-trillion-yuan threshold for the first time.

    Top
    BACK TO THE TOP
    English
    Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
    License for publishing multimedia online 0108263

    Registration Number: 130349
    FOLLOW US
    CLOSE
     
    最近中文字幕大全免费视频| 久久久久亚洲Av无码专| 国产午夜无码精品免费看| 中文字幕亚洲精品| 狠狠精品干练久久久无码中文字幕 | 亚洲精品无码久久久| 小SAO货水好多真紧H无码视频| 天堂新版8中文在线8| 亚洲伊人成无码综合网| 乱色精品无码一区二区国产盗| 日日日日做夜夜夜夜无码| 无码精品A∨在线观看中文| 四虎国产精品永久在线无码| 精品无码国产一区二区三区51安| 精品亚洲成A人无码成A在线观看| 7国产欧美日韩综合天堂中文久久久久| 日韩久久无码免费毛片软件| 国产精品多人p群无码| 无码区国产区在线播放| 最新高清无码专区| 无码人妻精品一区二区三区蜜桃| 开心久久婷婷综合中文字幕| 一本一道AV无码中文字幕| 中文字幕网伦射乱中文| 天堂AV无码AV一区二区三区 | 午夜精品久久久久久久无码| 高清无码视频直接看| 日韩免费人妻AV无码专区蜜桃| 亚洲AV无码成人专区片在线观看| 国产成人精品无码一区二区三区| 国产网红主播无码精品| 中文字幕无码不卡在线| 日韩a级无码免费视频| 中文有无人妻vs无码人妻激烈 | 无码AV天堂一区二区三区| 无码无套少妇毛多18PXXXX| 无码人妻精品一区二区三区在线| 亚洲AV无码国产在丝袜线观看| 亚洲va中文字幕无码久久| 亚洲乱亚洲乱妇无码麻豆| 特级无码毛片免费视频尤物|