Chinese local gov't fiscal revenue maintains steady growth

Xinhua | Updated: 2023-06-07 09:53
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Workers pack Chinese wolfberry products at a factory in Helan county of Yinchuan, Northwest China's Ningxia Hui autonomous region, Jan 31, 2023. [Photo/Xinhua]

BEIJING -- Chinese local governments' fiscal revenue maintained steady growth in the first four months of this year, backed by supportive measures, releasing positive signals for the nation's solid economic recovery.

Local governments' finances saw a revival this year. From January to April, Chinese local governments generated a total of 4.56 trillion yuan (about $641.71 billion) in fiscal revenue, up 14.8 percent year on year, data from the Ministry of Finance showed.

In the first quarter of this year, most provincial-level governments registered positive growth in fiscal revenue, with Henan Province and Ningxia Hui Autonomous Region logging over 10 percent growth, according to data released by local governments.

"The rapid economic improvement and the low base last year due to the pandemic paved the way for a recovery momentum of the growth of fiscal revenues this year," said Wang Zecai, a researcher with the Chinese Academy of Fiscal Sciences.

Many provincial-level regions have seen fast growth in value-added tax and corporate income tax, attesting to the quickened recovery of market vitality and the sound development of enterprises, said Feng Qiaobin with the Development Research Center of the State Council.

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