Local finance continues to grow and actively promotes efforts
2023-08-30
The latest statistical data released by the Ministry of Finance shows that from January to July, the local general public budget revenue at the same level reached 7548.5 billion yuan, a year-on-year increase of 11.8%; Local general public budget expenditure reached 132006 billion yuan, a year-on-year increase of 2.9%. Experts believe that the overall operation of local finance remains stable, and proactive fiscal policies are constantly being implemented to provide effective guarantees for economic recovery. However, at the same time, there are also some difficulties and challenges that still need to be addressed through joint efforts. According to statistics on rapid growth in fiscal revenue, from January to July, 31 provinces have achieved positive year-on-year growth in revenue, with 5 provinces increasing by over 20%, 18 provinces increasing by 10% to 20%, and 8 provinces experiencing single digit growth. The growth rate of fiscal revenue in major economic provinces is generally fast. For example, in the first seven months, Jiangsu's general public budget revenue was 661.7 billion yuan, an increase of 18.4%. The growth rate of local fiscal revenue is relatively high. On the one hand, it is driven by economic recovery growth, and on the other hand, it is mainly due to the implementation of large-scale value-added tax deduction and refund, with a large number of centralized tax refunds since April last year, which has lowered the base. This year, the relevant tax refunds have returned to normal, and tax revenue has significantly increased, correspondingly driving up the growth rate of fiscal revenue. "said Wang Zecai, a researcher at the China Academy of Financial Sciences. From a regional perspective, the income of the eastern, central, western, and northeastern regions increased by 11.6%, 8.3%, 14.7%, and 15.8% year-on-year, respectively. Experts believe that the income of the eastern, central, western, and northeastern regions has achieved positive growth year-on-year, indicating that the trend of income growth differentiation between regions is constantly narrowing. The growth of local general public budget revenue in the first seven months was relatively good. From the data, the growth of local general public budget revenue is generally higher than that of the national general public budget, as well as the growth rate of central general public budget revenue. "said Wen Laicheng, Executive Director of the Zhongcai Anrong Local Finance Investment and Financing Research Institute at the Central University of Finance and Economics. The supporting role of key industries in fiscal revenue has been further enhanced. Taking Beijing as an example, in the first half of the year, the top 7 key industries contributing to Beijing's fiscal revenue were finance, real estate, information services, manufacturing, wholesale and retail, business services, and technology services. The total contribution was 77.3% of the city's revenue (an increase of 3 percentage points compared to 74.3% in the first quarter), with a steady increase in support. At the same time, the proportion of tax revenue to fiscal revenue in multiple regions has increased, indicating that the quality of fiscal revenue is constantly strengthening. In the first seven months, Beijing's local tax revenue reached 347.42 billion yuan, an increase of 17.0%; The proportion of taxation is 87.3%, and the quality of income continues to maintain a high level. In the first half of the year, Henan's tax revenue was 164.58 billion yuan, an increase of 19.8%. Taxation accounted for 61.8% of the general public budget revenue, an increase of 3.7 percentage points year-on-year. Since the beginning of this year, the central government has increased its efforts in transfer payments, providing strong financial support for local governments to do a good job in grassroots "three guarantees" work. In 2023, the central government arranged a transfer payment of 10.06 trillion yuan to local governments, which increased by 7.9% after excluding special transfer payments to support grassroots implementation of tax and fee reductions and key livelihood issues. As of the end of June, the central government has issued 91.1% of transfer payments to local governments, with
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：economic daily
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