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Ministry: Fiscal revenue, expenditures up in 2022

By Zhang Yue | chinadaily.com.cn | Updated: 2023-01-30 19:06

A Chinese clerk counts renminbi yuan banknotes in Nantong, East China's Jiangsu province. [Photo/IC]

China's fiscal revenue grew 9.1 percent year-on-year in 2022 to 20.37 trillion yuan ($3.02 trillion) after excluding the impact of value-added-tax credit rebates, the Ministry of Finance said on Monday.

The country’s fiscal expenditure went up by 6.1 percent last year. Total revenue of VAT last year came in at 4.87 trillion yuan, up 4.5 percent after excluding the impact of VAT credit rebates. Revenue from consumption tax came in at 1.67 trillion yuan, up 20.3 percent from a year earlier.

The MOF said in a statement on its website this year fiscal policy will work more actively to support growth. Fiscal spending will be further intensified, while more effort will be made to catalyze the role of special local government bonds to drive growth. The structure of fiscal spending will also be optimized to catalyze social investment and boost consumption.

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