baccaratwebsite| National public finance revenue fell by 3.8%: personal income tax fell by 19% year-on-year, and the growth rate of infrastructure expenditure increased
editor 2024-05-21 22:14:13 Finance 20
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AprilBaccaratwebsiteThe national public budget revenue decreased by 3% compared with the same period last year.BaccaratwebsiteFrom 0.8% to 2.0049 trillion yuan, the personal income tax has dropped significantly. Fiscal expenditure increased by 6.BaccaratwebsiteFrom .1 to 1.9627 trillion yuan, expenditure on infrastructure has rebounded significantly. Government fund income fell 18 per cent to 309 billion yuan, while expenditure fell 36 per cent to 440 billion yuan. The issuance of special bonds and treasury bonds is expected to accelerate financial support.
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In April, China's public revenue and government fund revenue and expenditure showed different trends, which deserve the attention of investors. According to the latest data, the national general public budget revenue reaches 2.0049 trillion yuan, while expenditure is 1.9627 trillion yuan. At the same time, the national government fund budget income is 309 billion yuan, the expenditure is 440 billion yuan. The growth rate of public revenue has declined, but the growth rate of government spending has increased. Public revenue fell 3.8% compared with the same period last year, personal income tax revenue decreased significantly, and the decline in tax revenue and general revenue may reflect the lack of economic activity. In terms of taxes, personal income tax income fell by 19%, while the growth rate of value-added tax and consumption tax rebounded. VAT revenue fell by 9.6%, enterprise income tax revenue increased slightly by 0.7%, and the growth rate of consumption tax became positive. Property tax, real estate tax and urban land use tax continued to maintain a relatively high growth. [decline or reflection of tax revenue and public revenueBaccaratwebsiteEconomic activity needs to be improved. In terms of fiscal expenditure, public expenditure increased by 6.1% in April compared with the same period last year. Expenditure at the central and local levels increased by 10% and 5% respectively, and the growth rate accelerated. The growth rate of infrastructure expenditure has rebounded significantly, the growth rate of science and technology expenditure has increased significantly, and education and social security employment spending has also increased. [the acceleration of public spending, especially the sharp rebound in infrastructure spending, shows the government's increased investment in infrastructure construction. The growth rate of revenue and expenditure of government funds has declined, and the income of local government funds has been dragged down by the weakness of land income. In April, revenue from government funds across the country fell 18% from a year earlier, and revenue from state-owned land transfer fees fell 21%. The transaction area and total price of land decreased compared with the same period last year. Government fund spending fell 36% in April, and the issuance of special bonds was relatively small, but the pace of issuance accelerated in May. The decline in land revenue and the slow issuance of special bonds are a drag on broad fiscal revenue, but fiscal spending is expected to be supported by the acceleration of government bond issuance. In addition, the physical workload of issuing additional treasury bonds is accelerated, and the pace of issuing ultra-long-term special treasury bonds is expected to be more balanced. With the increase in the issuance and use of special bonds, government fund expenditure is expected to stabilize in the second quarter and gradually pick up in the third quarter. The government has accelerated the start of the project to issue additional treasury bonds to promote post-disaster recovery and reconstruction and enhance the capacity for disaster prevention and reduction. The acceleration of the physical workload of additional treasury bonds and the uniform pace of issuance of ultra-long-term special treasury bonds indicate that the financial strength will be further accelerated. Risk hint: the economy is falling faster than expected; policy implementation is not as strong as expected. Investors should pay attention to the strength of policy implementation and economic downside risks when making investment decisions. ]