China's state budget has shrunk almost by 5%


May 17, Fineko/ China's state budget revenues for Jan-Apr decreased by 4.8% year-on-year, amounting to 7.42 trillion yuan (approx. $1.09 trillion at the current exchange rate).

ABC.AZ reports with reference to Finance Ministry of the People's Republic of China.

If not to take into account taxes returned to the population to stimulate economic activity, this indicator, on the contrary, increased by 5%.

Financial revenues at the central level decreased by 5.7% (when taking into account tax benefits, an increase of 4.5% was recorded), in the regions - decreased by 3.9% (a rise of 5.4%, if to take into account the stimulating measures of fiscal policy). As a whole, tax transfers decreased by 7.6% (including benefits, a rise of 3.7%), other budget revenues increased by 13.4%.

According to published statistics, the most noticeable decline in cash receipts was observed on VAT (-28.9%), taxes on the purchase of cars (-28.3%), as well as on the purchase of land and real estate (-27.4%).