日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語Fran?ais
Business

Government seeks to expand non-tax revenue

By CHEN JIA | CHINA DAILY | Updated: 2019-11-20 00:00
Share
Share - WeChat

China's 2 trillion yuan ($281 billion) tax and fee cut plan continued to pull down government income in October, pushing officials to expand non-tax revenue and maintain stable fiscal spending to support economic growth, according to the Ministry of Finance.

The central and local governments' budgeted income rose 3.8 percent from a year earlier to 16.7 trillion yuan in the first 10 months of this year, slower than the 7.4 percent growth rate in the January-to-October period in 2018, the ministry reported on Tuesday.

By comparison, fiscal spending reached a total of 19.06 trillion yuan from January to October, up by 8.7 percent from a year earlier, and 1.1 percentage points higher than the growth rate in the same period in 2018, the official data indicated.

To offset economic slowdown risks and maintain stable spending, the central government has increased the budgeted deficit, and increased the usage of a special fund that was set up to stabilize the budget, according to a document from the Ministry of Finance.

Local governments, which collected 8.7 trillion yuan in the first 10 months, have taken measures to increase nontax income including selling some assets, the document said.

Several provincial-level governments, including Hubei and Jilin, have cut the budgeted fiscal expenditure, mainly because of the reduction of tax income, it showed.

Finance Minister Liu Kun said at a news conference in September that China will be able to achieve its annual fiscal budget goals this year, and the total tax and fee reduction may exceed 2 trillion yuan.

Experts said that the tax and fee cuts may continue in 2020, maintaining a measure to increase companies' profit and encourage their investment, but not as strong as 2 trillion yuan, given the financial difficulties the government is facing.

This year, the targeted deficit-to-GDP ratio was set at 2.6 percent. "It is not necessary to largely adjust the fiscal deficit ratio in 2020, and the benefits of the tax cut will gradually appear," said Tang Jiqiang, a professor at Southwestern University of Finance and Economics.

In October, China's tax income dropped around 4 percent year-on-year. It was the fifth consecutive month that recorded a negative rate compared with a year ago, the Ministry of Finance said. Among the different taxes, individual income tax declined the most, at a rate of 28.6 percent in October from a year earlier. The growth rate of the value-added tax was 3.2 percent, slower than 10.3 percent in October 2018.

However, China's fiscal position would remain significantly stronger than those of most developed economies, said Yu Yongding, a senior economist with the Chinese Academy of Social Sciences.

China has the space to implement a policy package to tackle the risks of a continued growth slowdown, especially on the fiscal front, while the side effects and limits of such a package should also be taken into account, said Yu.

To further spur the economy, China has eased the restrictions on infrastructure construction financing, allowing many fixed-asset investment projects to lower the capital ratio. The authorities also permitted local governments to use part of special-purpose bonds as project capital to support major national infrastructure projects.

Today's Top News

Editor's picks

Most Viewed

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 国产精品欧美亚洲日本综合 | 欧美激情综合色综合啪啪五月 | 初女破苞国语在线观看免费 | 久久狠狠 | 黄a在线观看 | www.av88| 欧美一级片在线看 | 亚洲一区二区三区在线免费观看 | 欧美日韩国产在线 | 欧美人禽 | 国产精品久久久久久久久久久久 | 日日麻批的全部过程 | 日韩a级片 | 91国色 | 日韩乱视频 | 中文字幕av亚洲精品一部二部 | 天天干天天射天天操 | 色欲天天婬色婬香视频综合网 | 嫩草影院地址一二三网址 | 超污视频在线看 | 日本一本久道 | 欧美三级在线播放 | 久久精品伊人网 | 国产色在线 | 小优视频为爱而生懂你更多茄子 | 欧洲另类在线1 | 午夜视频1000 | 色yeye在线观视频 | 久久三区 | 午夜婷婷精品午夜无码A片影院 | 婷婷精品国产一区二区三区日韩 | 正在播放国产无套露脸 | 免费一级特黄3大片视频 | 一区二区国产在线播放 | 深夜爽爽爽gif福利免费 | 91精品国产综合久久婷婷香蕉 | 丁香成人影院 | 日韩中文字幕一区二区三区 | 精品免费国产一区二区三区四区介绍 | 丁香六月综合网 | 亚洲精选一区 |