BEIJING — China’s fiscal revenue fell 2.8 percent year on year to 11.59 trillion yuan (about $1.62 trillion) in the first half (H1) of 2024, according to data released on Monday by the Ministry of Finance.
However, after accounting for the impacts of a higher base due to deferred tax payments for small and medium enterprises in the same period last year and the carryover effects of the tax reduction policy introduced mid-last year, fiscal revenue in H1 grew by approximately 1.5 percent year on year, the ministry said in a statement.
A breakdown of the data showed that the central government collected around 5 trillion yuan in fiscal revenue, down 7.2 percent year on year, while local governments collected 6.59 trillion yuan, up 0.9 percent, according to the statement.
The country’s fiscal expenditure rose 2 percent during the period to 13.66 trillion yuan, the data showed.
The central government’s fiscal expenditure rose 9.6 percent year on year, compared to a 0.9-percent increase in expenditure by local governments, according to the data.
The government has taken measures to ensure that people’s well-being and social security are not affected, the ministry said. Fiscal spending on urban and rural community services grew the fastest at 8 percent year on year. Spending on social security and employment increased by 4.2 percent. Spending on agriculture, forestry and water conservancy grew 6.8 percent.
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