CHINA China's general public revenue up 0.6% in 2022 after tax cuts


China's general public revenue up 0.6% in 2022 after tax cuts


09:06, January 31, 2023

A worker operates an assembly line for automotive combustion engines in Haikou, south China's Hainan Province, January 30, 2023. /CFP

China's general public budget revenue edged up 0.6 percent to 20.4 trillion yuan ($3 trillion) in 2022 as the country stabilized its economy and helped market entities weather the COVID-19 pandemic.

The country stepped up tax cuts in 2022 to ease the burden on businesses. Therefore, excluding tax rebates, general budget revenue increased 9.1 percent for the year, data from the Ministry of Finance showed on Monday.

General public budget expenditures increased by 6.1 percent, with social security and employment expenditures rising 8.1 percent and health care expenditures increasing by 17.8 percent.

China's tax revenue narrowed by 3.5 percent to 16.7 trillion yuan in 2022 compared to the previous year.

The country refunded a record 2.4 trillion yuan worth of value-added tax credits to taxpayers in 2022, which the ministry said helped ease the burden on enterprises and boost market vitality and consumption.

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