Fiscal revenue of China's central govt exceeds 9 trillion yuan in 2021

The fiscal revenue of China's central government exceeded 9 trillion yuan (about 1.35 trillion U.S. dollars) in 2021, Chinese Finance Minister Liu Kun said on Tuesday (June 21).

The figure increased 10.5 percent year on year to 9.15 trillion yuan last year, and, if transfers from several central funds were to be taken into account, the total revenue would be 9.34 trillion yuan, Liu said while delivering a report to the 35th session of the Standing Committee of the 13th National People's Congress.

Liu said the increase was driven by factors including continued economic recovery and relatively high growth in the producer price index.

The report also showed that central government spending stood at 11.72 trillion yuan, down 0.9 percent, and, if transfers to central funds were to be taken into account, the figure would come to 12.09 trillion yuan.

With a proactive fiscal policy that is more effective and sustainable, China has improved its tax and fee reductions, strengthened its support for major strategic tasks, and proceeded actively in technological innovation and economic structural adjustments last year, the report said.

Given the rising complexity and uncertainty of the development environment this year, Liu stressed the importance of efforts to accelerate the implementation of existing policies, strengthen macro policy adjustments, prepare incremental tools, forge ahead with pro-growth measures, and effectively control major risks in a bid to keep the economy within a reasonable range.