China’s general public budget revenue tops 20 trln yuan in 2022

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BEIJING, (Xinhua) — China’s general public budget revenue increased 0.6 percent year on year to around 20.37 trillion yuan (about 3.01 trillion U.S. dollars) in 2022, official data showed Monday.

Excluding the impact of value-added tax credit refunds, general public budget revenue grew 9.1 percent from 2021, according to the Ministry of Finance.

The central government collected about 9.49 trillion yuan in revenue, up 3.8 percent year on year, while local governments saw revenue down 2.1 percent to about 10.88 trillion yuan.

Tax revenue totaled 16.66 trillion yuan in 2022, down 3.5 percent year on year.

Monday’s data also shows that the country’s general public budget spending expanded 6.1 percent year on year to 26.06 trillion yuan in 2022.

Sectors related to health, social security and employment, education and transport registered relatively faster growth in fiscal spending in 2022, according to the ministry.

(Source: Xinhua)

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