The inflection point of fiscal revenue has appeared

Du Tao, a reporter from Economic Observation Network, on July 14, the Ministry of Finance held a press conference on the fiscal revenue and expenditure in the first half of 2022. According to data from the Ministry of Finance, in the first half of the year, the general public budget revenue of the country was 1052.21 billion yuan. After deducting the retained tax refund factors, it increased by 3.3%, and the calculation of natural caliber decreased by 10.2%. The national tax revenue was 8556.4 billion yuan. After deducting the retained tax refund factors, it increased by 0.9%, and the calculation of natural caliber decreased by 14.8%.

Li Li, deputy dean and researcher of the Chinese Academy of Fiscal Sciences, said that after the deduction deduction of retention tax refund factor, the monthly accumulated national public budget revenue still maintains a year -on -year increase. As factors such as tax refund policies have weakened General public budget revenue in the second half of the year will return to stable growth.

On the same day, Feng Qiaobin, deputy minister of the Macro Department of the Development Research Center of the State Council, told reporters that in general, the inflection point of fiscal revenue in the first half of the year has appeared.

Feng Qiaobin further explained that the first is that the bottom of the economic operation has passed, and the fiscal revenue has changed from negative to positive. In June, general public budget revenue in the country increased by 5.3%, which was negative to positive from negative growth in May. As one of the important indicators reflecting economic operation, from the unique perspective of its own, the bottom of my country's economic operation has been determined that the bottom of China's economic operation has passed and is returning to the normal growth track.

"Secondly, the income reduction effect of retaining tax refund is approaching the end. In order to cope with the triple pressure, this year my country has implemented a large-scale VAT tax refund policy. April to June, the country's total tax refund was 1.72 trillion yuan. The policy has been "big head to the ground." Affected by this, the decline in general public budget income calculated in June has narrowed significantly, from -1.2%in May to -10.5%from May to -10.5%, showing that its reducing effect is close to the end. It can be expected that after removing the maximum factors that affect the fiscal revenue, the fiscal revenue in the second half of the year will stabilize in the channel of positive growth. "

"The third is to actively actively develop fiscal policies, make every effort to steadily grow, and protect resistance. From the perspective of expenditure, general public budget expenditures in the country in the first half of the year increased by 5.9%; %. Some areas related to steady growth, fiscal expenditure is great. "

From the perspective of Lili, in terms of tax division, in the four main tax types, in addition to the domestic value -added tax rebate, income decreased, and the deduction of tax refund factor decreased by 0.7%, and the calculation of natural caliber decreased by 45.7%. Domestic consumption tax and personal income tax have remained rapidly growing, with a year -on -year increase of 9.8%and 8.7%, respectively. Corporate income tax has also maintained a steady increase, an increase of 3.2%year -on -year, forming a stable support for fiscal revenue.

Luo Zhiheng, chief economist of Yuekai Securities and Dean of the Research Institute, believes that the analysis of the fiscal situation

You must see both severe nature and highlights. The impact of the epidemic does not change the medium- and long -term trend of China's economy. Under the support of factors such as economic building heating, the warning of the real estate market, and the basic completion of the tax refund concentration, the subsequent fiscal revenue will gradually recover, and the grass -roots government's revenue and expenditure will be revenue and expenditure. The pressure will be alleviated.

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