Economic recovery will provide support for fiscal revenue growth. Final accounts | Central | Economy

Recently, Minister of Finance Liu Kun presented the 2022 Central Financial Accounts Report to the Standing Committee of the National People's Congress, introducing the situation of last year's central financial revenue and expenditure final accounts. What are the highlights of this report? How has the proactive fiscal policy improved its effectiveness in supporting economic stability and promoting high-quality development over the past year?

From the content of the report, it can be seen that the overall financial operation in 2022 is stable, and the central financial situation is generally good. In 2022, the central general public budget revenue was 9488.714 billion yuan, which was 100% of the budget and an increase of 3.8% compared to 2021. The central general public budget expenditure was 1325.1265 billion yuan, accounting for 98.9% of the budget, an increase of 13.1%, mainly due to increased transfer payments to local governments.

Specifically, in terms of revenue, tax revenue was 8997.707 billion yuan, accounting for 96.7% of the budget, an increase of 1.2%; The non tax revenue was 49.1.007 billion yuan, accounting for 271.3% of the budget, an increase of 96.5%. This was mainly due to the recent balance profits paid by specific state-owned financial institutions and specialized institutions, as well as the increase in special income from oil special income funds driven by the rise in crude oil prices.

In terms of expenditure, the central government spent 3557083 million yuan, achieving 100% of the budget and an increase of 3.9%; The central government transferred 9694.182 billion yuan to local governments, accounting for 98.9% of the budget and an increase of 16.9%. The report shows that in 2022, the financial department will significantly increase the scale of central to local transfer payments, accelerate the integration of budget and performance management, further optimize the structure to ensure key areas, strengthen management to promote standardization, highlight performance and efficiency enhancement, and focus on supporting stable economic recovery and development

In 2022, the central government will increase efforts to reduce burdens and alleviate difficulties, focusing on stimulating the vitality of business entities. Accelerate the implementation of large-scale value-added tax deduction and refund policies, with a total of 2.46 trillion yuan of value-added tax deduction and refund refunded to taxpayer accounts; Strengthen policy support for small and medium-sized enterprises, with an annual increase of over 1 trillion yuan in tax reduction and fee reduction; We will strongly support enterprises in reducing their burdens and stabilizing their employment, and increase the proportion of unemployment insurance stable job returns for small and micro enterprises and large enterprises from 60% to 90%, and from 30% to 50%, respectively.

Focus on stabilizing investment and promoting consumption, and continuously unleash the potential of domestic demand. The report shows that the central budget's investment expenditure in 2022 is 639.928 billion yuan, mainly used for affordable housing projects, major infrastructure such as water conservancy, transportation, and energy, food security, regional coordinated development, social undertakings, as well as environmental protection and ecological construction.

In terms of promoting financial sinking, the central government will increase its transfer payments to local governments in 2022, with a total transfer payment scale of 9.69 trillion yuan, an increase of 1.4 trillion yuan, or 16.9%; Promote more fiscal funds to reach the grassroots level in counties and districts, with a direct funding scale of 4.1 trillion yuan.

In addition, to strengthen the bottom line of people's livelihood and promote rural revitalization, fiscal policies continue to exert efforts: promoting high-quality development of education, the proportion of national fiscal education funds to GDP remains above 4%, exceeding 4.8 trillion yuan for the whole year; Enhance the capacity of medical and health services, increase the per capita financial subsidy standard for medical insurance for urban and rural residents to 610 yuan, and increase the per capita financial subsidy standard for basic public health service funds to 84 yuan; Improve the level of social security, steadily implement the national pooling of basic pension insurance for enterprise employees, and allocate approximately 244 billion yuan of funds throughout the year; Promote the increase in grain production and harvest, and provide subsidies to actual grain farmers in three batches, totaling 40 billion yuan.

It is worth noting that in 2022, the finance department will continue to strictly implement the government's tight living requirements, with a total of 2.824 billion yuan allocated from the central government's "three public" funds, a decrease of 2.476 billion yuan compared to the budget. Among them, the expenses for going abroad on business amounted to 294 million yuan, a decrease of 370 million yuan; The cost of purchasing and operating official vehicles was 2.472 billion yuan, a decrease of 1.889 billion yuan; Official reception expenses amounted to 58 million yuan, a decrease of 217 million yuan.

The latest data shows that from January to May 2023, the general public budget revenue in China was 9969.2 billion yuan, a year-on-year increase of 14.9%. Among them, the revenue at the central and local levels increased by 13.1% and 16.5% respectively. The national general public budget expenditure was 10482.1 billion yuan, a year-on-year increase of 5.8%. Among them, central and local expenditures increased by 6.5% and 5.7% respectively, and expenditures in key areas were effectively guaranteed.

Liu Kun said that from this year's perspective, the overall recovery of China's economy will provide basic support for the growth of fiscal revenue. Next, the Ministry of Finance will strictly implement the budget approved by the National People's Congress, focus on the primary task of high-quality development and the strategic task of building a new development pattern, and implement a combination of macro policies, expanding domestic demand, reform and innovation, and risk prevention and resolution. It will also implement positive fiscal policies, promote sustained economic recovery, and achieve effective improvement in quality and reasonable growth in quantity.

"We should give full play to the role of government investment guidance, appropriately expand the investment scope of local government special bonds and use them as project capital, prepare well in the early stage of projects, improve the quality of project reserves, prioritize supporting mature and under construction projects, increase efforts in laying a foundation, promoting long-term development, addressing weaknesses, and adjusting structures, prevent blind expansion of investment, and encourage and attract more private capital to participate," said Liu Kun.

Follow official account: People's Daily Finance

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