Release of positive signals between revenue and expenditure during the release of fiscal ledger in the first quarter
2023-04-19
Transition from negative to positive - Fiscal revenue increased by 0.5% year-on-year, with a cumulative increase of 1.7 percentage points compared to January February, achieving a transition from negative to positive. High intensity - fiscal expenditure increased by 6.8% year-on-year, and key expenditures such as basic livelihood, rural revitalization, regional major strategies, education, and scientific and technological breakthroughs were effectively guaranteed. The fiscal revenue shows a steady upward trend, and the fiscal expenditure maintains a relatively high intensity. In the fiscal ledger released on the 18th for the first quarter, there was a positive signal of revenue and expenditure. Next, proactive fiscal policies will continue to increase efficiency, continuously optimize tax reduction measures, accelerate the issuance and use of special bonds, and consolidate the momentum of economic recovery. On the 18th, the Ministry of Finance released data showing that in the first quarter, the national general public budget revenue increased by 0.5% year-on-year, with a cumulative increase of 1.7 percentage points compared to January February, achieving a positive transition from negative. Xue Yuqian, Deputy Director of the Treasury Payment Center of the Ministry of Finance, introduced at the press conference that the special factors affecting the growth of fiscal revenue in the first quarter mainly include: firstly, some of the revenue at the end of 2021 was received at the beginning of last year, raising the base and driving down the growth rate of revenue this year. The second reason is that last year, small and micro enterprises in the manufacturing industry deferred tax payments and some taxes were mistakenly received this year, driving up income growth this year. After deducting the influence of the above special factors, the first quarter's revenue increased by 3%, while the national revenue increased by 1%, 4%, and 6% in January, February, and March, respectively. The fiscal revenue showed a stable upward trend. From the perspective of tax revenue, the national tax revenue decreased by 1.4% year-on-year in the first quarter, and increased by 2% after deducting the influence of special factors. Among them, the domestic value-added tax increased by 12.2%, mainly driven by factors such as the tax deferral of small and medium-sized manufacturing enterprises last year and their entry into the market this year. The domestic consumption tax decreased by 22.2%, while the value-added tax and consumption tax on imported goods decreased by 14.4%, mainly due to the high base factor in the same period last year. The increase in corporate income tax was 9.3%, mainly due to some taxes being mistakenly received. Export tax refunds increased by 11.3%, strongly supporting the stable development of foreign trade exports. From the perspective of local revenue, in the first quarter, local general public budget revenue increased by 5%, and the growth rate of local revenue showed a general rebound trend. The income growth rates in the eastern, central, western, and northeastern regions were 4.3%, 5.8%, 5.3%, and 9% respectively, with cumulative growth rates rebounding by 2.9, 2.8, 2.9, and 6.1 percentage points compared to January February. From the perspective of the trend of income in the later stage, the overall rebound of China's economy will provide basic support for the growth of fiscal revenue, and fiscal revenue is expected to continue to stabilize and rise. In the second quarter, due to the centralized refund of tax rebates and low base in the same period last year, the national fiscal revenue growth rate will maintain a high level. In the second half of the year, as the low base factors generated by tax rebates and rebates in the same period last year gradually subside, the fiscal revenue growth rate will correspondingly decline. Luo Zhiheng, Chief Economist and Dean of the Research Institute of Yuekai Securities, told Economic Reference Daily that finance is a reflection of economic operation and can also affect economic situations. After excluding the base effect, the fiscal revenue in the first quarter gradually improved, which is consistent with the overall improvement of the economic situation month by month. From the perspective of the structure of general public budget revenue, the negative growth of tax revenue and non tax revenue reflects the government's implementation of tax reduction and fee reduction
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：Economic Information Daily
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