FILE PHOTO: A man stands on the sidewalk at Pudong financial district in Shanghai August 11, 2014. REUTERS/Carlos Barria
January 25, 2022
BEIJING (Reuters) -China’s fiscal revenues rose 10.7% in 2021 from a year earlier to 20.25 trillion yuan ($3.20 trillion), Vice Finance Minister Xu Hongcai said on Tuesday.
Fiscal expenditures rose 0.3% in 2021 from a year earlier to 24.63 trillion yuan, Xu told a news conference.
China cut taxes and fees by over 1 trillion yuan last year, Xu said.
The government will unveil greater tax and fee cuts in 2022 in response to the downward pressure on the economy, Xu said.
The central government will boost its transfer payments to local governments to help ease their fiscal strains and deliver the planned tax and fee cuts, he said.
($1 = 6.3281 Chinese yuan renminbi)
yuan renminbi)
(Reporting by Kevin Yao and Beijing newsroom; Editing by Christian Schmollinger and Kim Coghill)
Source: One America News Network
