China's general public budget revenue, which is the sum-up of tax revenue and non-tax revenue, reached more than 21.97 trillion yuan ($3.03 trillion) last year, increasing 1.3 percent year-on-year, the latest data from the Ministry of Finance showed on Friday.
The fiscal revenue had showed greater growth momentum toward the end of the year, following the implementation of a package of incremental policies announced by the meeting of the Political Bureau of Communist Party of China Central Committee on Sept 26, the ministry said. The national general public budget revenue decreased by 2.2 percent year-on-year during the first nine months of 2024. Yet, the growth rate of the country's fiscal revenue gradually increased month by month since then, driving a slight growth in annual revenue, it said.
Data from the ministry also showed that the tax revenue totaled 17.50 trillion yuan in 2024, with a decrease of 3.4 percent from a year earlier, while the non-tax revenue was 4.47 trillion yuan, increasing 25.4 percent from 2023. The central general public budget revenue was 10.04 trillion yuan, growing 0.9 percent over the previous year; and the responding figure for local governments was 11.93 trillion yuan, increasing 1.7 percent year-on-year.
