China's general public budget revenue down 2.6 pct in Jan-Aug

China's general public budget revenue dropped 2.6 percent year on year to nearly 14.78 trillion yuan (around 2.10 trillion U.S. dollars) in the first eight months of 2024, according to the data released by the Ministry of Finance on Friday.

Excluding the special factors like tax reduction policies, the revenue increased around 1 percent year on year, said the ministry.

The central government collected around 6.54 trillion yuan in revenue, down 6.2 percent year on year, while local governments saw revenue edge up 0.4 percent to over 8.24 trillion yuan.

Specifically, the domestic value-added tax (VAT) exceeded 4.59 trillion yuan, down 4.9 percent year on year in the eight months, while the excise tax exceeded 1.13 trillion yuan, up 4.2 percent year on year.

The corporate income tax approached 3.14 trillion yuan, a year-on-year decrease of 5 percent, while the individual income tax reached 968.5 billion yuan, a year-on-year decrease of 5.2 percent.

The VAT and excise tax on imports exceeded 1.26 trillion yuan, up 1.8 percent year on year, while tariffs reached 163.4 billion yuan, down 2.7 percent year on year.

China's general public budget spending expanded 1.5 percent year on year to nearly 17.39 trillion yuan in the eight months, according to the Ministry of Finance said Monday.

Specifically, various sectors registered growth in the spending, including that in social security and employment, which increased 3.3 percent year on year to exceed 2.82 trillion yuan.

The spending in education exceeded 2.56 trillion yuan, up 0.5 percent year on year, while nearly 1.50 trillion yuan in agriculture, forestry and water conservancy, up 5.4 percent year on year, and about 1.30 trillion yuan in urban and rural communities.

General public budget revenue refers to income for government finance through participation in the distribution of social products. It is the financial guarantee to ensure the functioning of government.

General public budget spending refers to the allocation of funds raised by the national fiscal authorities to meet the needs of economic construction and various undertakings.

China's general public budget revenue down 2.6 pct in Jan-Aug

China's general public budget revenue down 2.6 pct in Jan-Aug

China has allocated 81 billion yuan (about 11.04 billion U.S. dollars) in subsidies for the country's trade-in promotion for 2025, said an official from the Ministry of Finance in Beijing on Wednesday. Fu Jinling, director of the Department of Economic Construction at the Chinese Ministry of Finance, said the ministry has expanded its subsidy program to cover a wider range of sectors and has also raised the funding standards for areas with significant financial needs and high public interest

"For instance, we will expand the support for equipment restoration to more fields like electronic information, production safety, and facility agriculture. We will expand the categories of home appliance products eligible for trade-in subsidies from eight to 12, and introduce new subsidies for purchasing new digital products such as mobile phones. We also raised the standards for subsidies for new energy public buses and power battery renewals, with the average subsidy per bus increased from 60,000 yuan (about 8,183.53 U.S. dollars) to 80,000 yuan (over 10,900 U.S. dollars)," said Fu.

By the end of 2024, China's central government had exhausted its 150 billion yuan (approximately $20.45 billion USD) allocation for trade-in consumption.

The Ministry of Finance also allocated another 150 billion yuan (about 20.45 billion U.S. dollars) for large-scale equipment restoration to local governments across the country, with the use clearly defined for specific projects.

China allocates 81 bln yuan for 2025 trade-in subsidies