Perspective on the first quarter report of fiscal revenue and expenditure in 2024
Editor's note: The first quarterly report on fiscal revenue and expenditure for 2024 has been released recently. In the first quarter of this year, what is the situation of the mainland's fiscal revenue and expenditure? In what areas has the revenue increased, and in what areas has the expenditure accelerated? This issue of Think Tank Data will work with you to decode the new signals in the "decline" and "increase" of fiscal revenue and expenditure.
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■China Economic Times reporter Hu Pan
This year's "Government Work Report" makes it clear that the active fiscal policy should be moderately strengthened, and the quality and efficiency should be improved. Judging from the fiscal revenue and expenditure in the first quarter, the fiscal policy is moving forward, and the policy effectiveness is being released at an accelerated pace, providing strong support for the sustained economic recovery.
According to data recently released by the Ministry of Finance, in terms of revenue, fiscal revenue continues to maintain a recovery growth trend on a comparable basis. In the first quarter of this year, the national general public budget revenue was 6,087.7 billion yuan, a year-on-year decrease of 2.3 percent, after deducting the impact of special factors such as the tax deferral, storage and storage of small, medium and micro enterprises in the same period last year, and the reduction of revenue from some tax reduction policies introduced in the middle of last year, the comparable growth rate was about 2.2 percent.
In terms of expenditure, the level of protection for expenditure in key areas has continued to increase. In the first quarter of this year, the national general public budget expenditure was 6,985.6 billion yuan, a year-on-year increase of 2.9 percent. In the first quarter of this year, it still maintained a growth of 2.9% in the first quarter of this year, which is not easy, and also reflects the active fiscal policy to move forward and improve quality and efficiency.
It is worth mentioning that by the end of February this year, the Ministry of Finance had already distributed all the funds of 1 trillion yuan for the issuance of additional treasury bonds to the local governments. Judging from the data of the first quarter, the expenditure on urban and rural communities, agriculture, forestry and water resources, disaster prevention and control, and emergency management increased by 12.1%, 13.1%, and 53.4% year-on-year respectively, all of which achieved double-digit growth.
In the future, the proactive fiscal policy should further promote development, protect people's livelihood, prevent risks, and promote reform. For example, it is necessary to make overall plans for the use of special financial funds and government investment funds and other policy tools to support the development and growth of strategic emerging industries and accelerate the transformation and upgrading of traditional industries; it is necessary to make overall plans for the use of relevant government bond funds, local government special bonds, investment in the central budget and other policy tools to promote the expansion of effective social investment; it is necessary to implement and improve fiscal and taxation support policies, actively promote the trade-in of durable consumer goods such as automobiles and household appliances, and promote the expansion of domestic consumption; we must pay attention to improving people's livelihood and well-being, and persist in doing our best. We will do what we can to protect and improve people's livelihood and continuously improve the quality of people's lives.
Observations
Chief Producer丨Wang Hui and Che Haigang
Producer丨Li Piguang, Wang Yu, Liu Weimin
Editor-in-Chief丨Mao Jinghui Editor丨Zou Duo