China’s state budget revenues top 20 trillion yuan

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China’s state budget revenues top 20 trillion yuanOfficial data released by the authorities show that China’s state budget revenues in 2022 increased by 0.6 percent year on year to approximately 20 trillion 370 billion yuan (about $3 trillion 10 billion).Official data released by the authorities show that China’s state budget revenues in 2022 increased by 0.6 percent year on year to approximately 20 trillion 370 billion yuan (about $3 trillion 10 billion). The Ministry of Finance announced that state budget revenues for 2022 increased by 9.1 percent compared to 2021, excluding value added tax refunds.

In 2022, the central government collected 3.8% more resources than the previous year, resulting in 9.49 trillion yuan. On the other hand, local government revenues decreased by 2.1% year on year and remained at about 10 trillion 880 billion yuan. It was reported that tax revenues were down 3.5 percent from the previous year, totaling $16 trillion 660 billion in 2022.

On the other hand, data released on January 30 showed that government spending covered by the budget increased by 6.1 percent year on year to reach 26 trillion 60 billion yuan in 2022. The Ministry of Finance stated that in 2022 a relatively faster increase in budget spending on healthcare, social security, employment, education and transport was recorded.

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