Local governments have announced that the vast majority of revenue in the fiscal "ledger" for the first quarter is growing
2023-05-15
Recently, various regions have successively released fiscal revenue and expenditure "ledgers" for the first quarter, and the vast majority of provinces have achieved positive revenue growth. Among them, the income growth rate in Henan and Ningxia exceeded 10%, Sichuan and Gansu exceeded 9%, and Jiangsu, Zhejiang, Anhui, Liaoning and other provinces exceeded 7%. Expenditures in various regions generally maintain high intensity, and the growth rate of expenditures in Sichuan, Hubei, Gansu, and other regions even exceeds 15%. How does the revenue and expenditure situation reflect the operational situation of local finance, and where should we take the next step? The Economic Daily reporter interviewed multiple experts in the field of finance. According to statistics from the Ministry of Finance, the revenue generally rebounded. In the first quarter, local general public budget revenue increased by 5%, and the revenue growth rate in various regions 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 from January to February, respectively. Experts generally believe that the growth trend of fiscal revenue nationwide in the first quarter has been further established and consolidated. The 5% growth rate of local general public budget revenue in the first quarter is in line with the economic fundamentals that are stabilizing and rebounding, showing a momentum of economic recovery. At the same time, the fast 5% growth rate also reflects the determination and action of local governments to increase the organization of fiscal revenue. "Feng Qiaobin, Deputy Minister of the Macroeconomic Research Department of the Development Research Center of the State Council, told reporters that from the perspective of tax revenue, value-added tax in the first quarter in many regions The rapid growth of corporate income tax reflects the accelerated recovery of market vitality and the positive development of enterprises. As the largest tax category in China, value-added tax has performed outstandingly in the fiscal "ledger" of various regions in the first quarter. For example, Jiangsu's value-added tax revenue in the first quarter was 126 billion yuan, an increase of 32.8%; Yunnan's value-added tax revenue in the first quarter was 16.62 billion yuan, an increase of 14.3%. "VAT has generally maintained a growth trend throughout the country, which on the one hand reflects that the production and operation of enterprises are gradually improving, on the other hand, it also reflects the retroactive effect of the deferred VAT income of small, medium-sized and micro enterprises in the manufacturing industry last year." Wang Dehua, a researcher of the Institute of Financial Strategy of the Chinese Academy of Social Sciences, said. In contrast, in some places, the growth rate of corporate income tax in the first quarter was relatively low or even negative. For example, in the first quarter of Hubei Province, the corporate income tax (local share) was 11 billion yuan, a year-on-year decrease of 13.1%. The corporate income tax in Shaanxi decreased by 4.05% in the first quarter. This is mainly due to the impact of the epidemic in the fourth quarter of last year, which led to a decrease in prepaid income due to poor corporate profits. "Wang Dehua analyzed. The recovery of fiscal revenue not only relies on fundamental support, but also on proactive actions taken by various regions. Faced with the pressure of rigid payment at the beginning of the year, various regions have extensively explored the potential for income growth by strengthening financial resource coordination and further activating assets. For example, Fujian actively activated the entry of state-owned resources (assets), resulting in a paid use revenue of 30.884 billion yuan in the first quarter, an increase of 62.6%. In the first quarter of Jilin, the paid use revenue of state-owned resources (assets) was 3.1 billion yuan, an increase of 850 million yuan or 37.6% year-on-year. Shanxi's non tax revenue increased by 40.4% in the first quarter and increased by 7.33 billion yuan by tapping potential and filling gaps. Local governments actively increase non tax income through measures such as revitalizing assets
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：economic dairy
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