China Reports Higher Fiscal Revenue Growth in November
Image Source : China Visual
BEIJING, December 20 (TMTPOST) —— China's fiscal revenue growth accelerated in November from October, according to data released by the Ministry of Finance.
In November alone, China's fiscal revenue grew 24.6% from a year earlier, and the growth rate was 9 percentage points higher than in October.
From January to November, the national fiscal revenue was about 18.55 trillion yuan ($2.66 trillion), down 3% year-on-year.
As for the structure of fiscal revenue, tax revenue in November increased by 28.4% year-on-year, exceeding the 7.5% growth rate of non-tax revenue, indicating that the quality of fiscal revenue is generally good. Previously, the growth rate of non-tax revenue has continued to exceed that of tax revenue since October 2021. Especially during the outbreak of the pandemic in Shanghai and other places in the second quarter of 2022, with the increasing downward pressure on the economy, the fiscal revenue continued to be sluggish, relying on the support of high growth of non-tax revenue.
The rapid growth in tax revenue in November came from the main taxes. Among them, the domestic consumption tax increased by 1.57 times year-on-year, an increase of 9.6 percentage points over October. Corporate income tax also improved significantly, accelerating sharply by 18.6 percentage points year-on-year to 31.1% in November.
Although the year-on-year growth rate of China's domestic value-added tax was lower than that of the overall tax revenue, it still increased by 17.8%, and the growth rate was 5.6 percentage points higher than that in October.
Despite sluggish demand and continued underperformed imports, value-added tax and consumption tax on imported goods increased by 40% year-on-year in November, a significant increase of 29 percentage points over October. The year-on-year growth rate of tariffs also accelerated significantly by 21.9 percentage points to 25.3%, which may be mainly due to the low base in the same period of 2021.