Tuesday, May 30, 2023

China’s fiscal revenue growth likely to slow sharply in H2


© Reuters. FILE PHOTO: Buildings in the Central Business District (CBD) are seen lit up during the night in Beijing, China April 15, 2021. REUTERS/Tingshu Wang

BEIJING (Reuters) -China’s fiscal revenue growth is likely to slow significantly in the second half, compared with a 21.8% year-on-year jump in the first six months, a finance ministry official said on Tuesday.

China’s economic recovery and rising domestic producer prices boosted fiscal revenue growth in the first half, Liu Jinyun told a news briefing.

First-half tax revenue rose 22.5% from a year earlier, while non-tax revenue grew 17.4%, Liu said.

Fiscal expenditures rose 4.5% in the first half from a year earlier, Liu said.

Xiang Zhongxin, a second ministry official, told the same briefing that local governments had issued a net 1.0144 trillion yuan ($156.56 billion) in special bonds by the end of June.

In March, China set an annual quota of 3.65 trillion yuan for local government special bonds this year.

The finance ministry will guide local governments to set a reasonable pace on bond issuance in the second half, Xiang said.

Half of funds raised from the special bonds in the first half went to projects in transport and urban infrastructure and industrial parks, Xiang said.

($1 = 6.4795 )

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