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Li Jing, reporter of Yangtze Business Daily Pentium News

The “national account book” for the first half of 2024 is released.

Data released by the Ministry of Finance on July 22 showed that in the first half of the year, the national general public budget revenue was 11,591.3 billion yuan, a year-on-year decrease of 2.8%. After deducting the impact of special factors such as the tax deferral of small and medium-sized enterprises in the same period last year, the tax reduction policy introduced in the middle of last year led to a tail-end reduction in revenue, and the comparable growth was about 1.5%, continuing to maintain a recovery growth trend. In terms of expenditure, in the first half of the year, the national general public budget expenditure was 13,657.1 billion yuan, a year-on-year increase of 2%.

The national general public budget revenue fell by 2.8%, mainly due to the fact that some tax deferrals for small and medium-sized enterprises in the manufacturing industry in 2022 were deposited in the first few months of 2023, which raised the base, and the four tax reduction policies introduced in mid-2023, which resulted in a tail-end reduction in fiscal revenue this year and other special factors that lowered the revenue growth rate.

In terms of central and local governments, in the first half of the year, the central government’s general public budget revenue was 500.11 billion yuan, a year-on-year decrease of 7.2%; the local general public budget revenue at the same level was 659.02 billion yuan, a year-on-year increase of 0.9%.

In terms of taxation, in the first half of the year, the national tax revenue decreased by 5.6% year-on-year, mainly affected by the above special factors. In terms of tax types, domestic value-added tax decreased by 5.6%, mainly affected by the high base of the same period last year and the policy tail-end reduction in revenue; domestic consumption tax increased by 6.8%, mainly due to the increase in production and sales of refined oil, cigarettes, and alcohol; the value-added tax and consumption tax on imported goods increased by 0.7%, which was basically consistent with the slight increase in general trade imports; personal income tax decreased by 5.7%, mainly due to the policy of increasing the standard of special additional deductions for personal income tax issued in the middle of last year; export tax rebates were 1,138 billion yuan, 143.3 billion yuan more than the same period last year.

From the perspective of major tax revenue items, domestic consumption tax and export tax rebate performed well, increasing by 6.8% and 14.4% year-on-year respectively. The growth of domestic consumption tax was mainly due to the increase in production and sales of refined oil, cigarettes, and alcohol; while export tax rebate reflected strong support for the growth of foreign trade exports.

The reporter of Yangtze Business Daily Pentium News noted that the tax reduction policies introduced last year have continued to have a negative impact on some tax data this year. This includes the halving of the stamp duty on securities transactions implemented in August last year, which made the low tax rate implemented in the first eight months of this year correspond to the relatively high tax rate in the same period last year; and the policies introduced in the middle of last year to increase the additional deduction ratio of value-added tax for advanced manufacturing enterprises and increase the pre-tax additional deduction ratio of R&D expenses for enterprises in some industries, which lowered the tax growth in the first half of this year.

In terms of fiscal expenditure, financial departments at all levels continue to optimize the structure of fiscal expenditure, highlight the importance of priorities, strictly implement the requirements of living a tight life, strengthen the financial support for major national strategic tasks and basic people's livelihood, and achieve "small money is stingy, big money is generous". In the first half of the year, the national general public budget expenditure was 13657.1 billion yuan, a year-on-year increase of 2%. In terms of central and local governments, the central general public budget expenditure was 1826.7 billion yuan, a year-on-year increase of 9.6%; the local general public budget expenditure was 11830.4 billion yuan, a year-on-year increase of 0.9%.

Among the major expenditure areas nationwide, social security and employment expenditures related to people's livelihood were 2269.7 billion yuan, up 4.2%; education expenditures were 2029.1 billion yuan, up 0.6%; housing security expenditures were 397.3 billion yuan, up 2%, maintaining momentum. Agriculture, forestry and water expenditures related to the issuance of additional treasury bonds were 1152.8 billion yuan, up 6.8%; urban and rural community expenditures were 1047.2 billion yuan, up 8%, maintaining a relatively fast growth rate.

In 2023, my country will issue an additional 1 trillion yuan in treasury bonds to support post-disaster recovery and reconstruction and improve disaster prevention, mitigation and relief capabilities. The National Development and Reform Commission recently revealed that as of now, all 15,000 projects for which additional treasury bonds were issued last year have started construction, with a focus on supporting post-disaster recovery and reconstruction and improving disaster prevention and mitigation capabilities, key flood control and management projects, natural disaster emergency response capabilities, and urban drainage and waterlogging prevention projects.