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 6.53 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

Many traditional industries in China are showcasing their latest products and innovations towards green and low‑carbon development at the 2024 World Manufacturing Convention which kicked off on Friday in east China's Aunhui Province.

In July this year, China issued a guideline on accelerating the green development of the manufacturing industry to speed up the construction of a modern industrial system and promote new industrialization.

At the four-day event, themed "Intelligent Manufacturing for a Better Future", a cement company is displaying a model of a smart factory powered by green electricity.

"The car is powered by the energy storage of wind power and solar power in our factory. The electric mining cars are unmanned. The entire process, from the mining end, achieves high-end, intelligent, and green operations. The waste heat of our cement plant can be recycled to generate electricity that can supply 50 percent of our plant's needs," said the exhibitor of the cement company. The automobile industry is also transforming and upgrading. Many regions across China have prioritized new energy vehicles as a strategic emerging industry. The new energy vehicles are also a highlight of the exhibition at the convention.

Apart from using clean energy, products with eye-catching appearance designs and excellent performance were also highlighted.

With the development of the sector of the new energy vehicle, a variety of new products and cutting-edge technologies are also being upgraded, bringing people more new choices.

Around 1,000 guests from both at home and abroad are attending the convention.

Held since 2018, the World Manufacturing Convention has attracted over 600 top executives from Fortune 500 companies to date. More than 3,600 projects have been signed at the event, generating actual investment of over 1.5 trillion yuan (about 212 billion U.S. dollars).

Chinese traditional industries showcase green innovations at World Manufacturing Convention