The key expenditure guarantee for sustained and restorative growth of income is good - interpreting the fiscal revenue and expenditure data of the first quarter
2024-04-24
Fiscal revenue and expenditure are barometers that reflect the operation of the economy. On the 22nd, the Ministry of Finance released the first quarter fiscal revenue and expenditure data, which showed that after deducting the impact of special factors, fiscal revenue maintained a recovery growth trend; The progress of fiscal expenditure is reasonably accelerated, and key expenditures are well guaranteed. Data shows that in the first quarter, the national general public budget revenue was 608.77 billion yuan, a year-on-year decrease of 2.3%, and according to comparable standards, it continued to maintain a recovery growth trend. At a press conference held by the State Council Information Office on the same day, Vice Minister of Finance Wang Dongwei introduced that after deducting the special factors such as the increase in the base of deferred taxes for small and medium-sized enterprises in the manufacturing industry in the first few months of 2023 and the tax reduction policy introduced in mid-2023, which resulted in a tail end tax reduction this year, the national fiscal revenue can grow by about 2.2% compared to the previous year, continuing the trend of recovery growth. Looking at both the central and local governments, in the first quarter, the general public budget revenue of the central government was 2580.5 billion yuan, a year-on-year decrease of 6.5%; The local general public budget revenue at this level was 3507.2 billion yuan, a year-on-year increase of 1%. "Overall, fiscal revenue has continued to recover, which is basically consistent with the positive trend of macroeconomic recovery," said Li Xuhong, Vice Dean of the National Accounting Institute in Beijing. In terms of tax revenue, in the first quarter, the national tax revenue was 4917.2 billion yuan, a year-on-year decrease of 4.9%, and maintained stable growth after deducting special factors. Among them, industries such as cultural tourism consumption and advanced manufacturing have seen rapid tax growth. Specifically, the tax revenue from the accommodation and catering industry, which is closely related to consumer spending, increased by 44.7%, while the tax revenue from the cultural, sports, and entertainment industries increased by 26.7%. The tax revenue from the transportation, warehousing, and postal industries increased by 6.8%, and the tax revenue from the retail industry increased by 5.7%. In terms of manufacturing, the tax revenue of the manufacturing industry in the first quarter decreased year-on-year, and after deducting special factors, it achieved stable growth. Under the influence of incomparable factors, some segmented industries still show a growth trend and perform well in tax revenue, such as the railway transportation equipment manufacturing industry with a tax revenue growth of 9.5% and the computer manufacturing industry with a tax revenue growth of 6.8%. "The tax revenue growth rate of the service consumption industry such as accommodation and catering, as well as the advanced manufacturing industry, is significantly higher than the overall growth rate of fiscal revenue, reflecting the continuous recovery of service consumption and the steady development of new quality productivity in the first quarter." said Luo Zhiheng, Chief Economist of Yuekai Securities. In terms of fiscal expenditure, in the first quarter, the national general public budget expenditure was 6985.6 billion yuan, a year-on-year increase of 2.9%. "Despite the centralized settlement of related expenses and the increase in expenditure base after the transition of epidemic prevention and control in the same period last year, the first quarter of this year still maintained a growth of 2.9%, which is not easy, reflecting the proactive fiscal policy of advancing and improving quality and efficiency." said Wang Dongwei. Financial funds are obtained and used by the people. Luo Zhiheng stated that from the perspective of expenditure structure, the growth rate of expenditures related to people's livelihoods such as social security, employment, and housing security is higher than the overall growth rate of fiscal expenditure, reflecting the continuous optimization of fiscal expenditure structure. The progress of fiscal expenditure is reasonably accelerated. In the first quarter, 24.5% of the national general public budget expenditure was completed, higher than the average level in the past three years. More than 80% of the transfer payment budget has been allocated. As of
Edit：He Chuanning Responsible editor：Su Suiyue
Source：Xinhua
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