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China says 2021 fiscal revenues rise 10.7% y/y, boosted by economic recovery

BEIJING, Jan 25 (Reuters) - China's fiscal revenues rose 10.7% in 2021 from a year earlier, bolstered by last year's economic recovery, Vice Finance Minister Xu Hongcai said on Tuesday, as the government makes 2022 budget plans.

Gross domestic product (GDP) expanded 8.1% in 2021, the fastest in a decade due partly to the low base from 2020 when COVID-19 jolted the economy, comfortably beating an official target of "above 6%".

"Steady GDP growth laid a good foundation for fiscal revenue growth," Xu told a news conference.

2021 revenues totalled 20.25 trillion yuan ($3.20 trillion), trailing expenditures of 24.63 trillion yuan, which grew 0.3%, Xu said.

China cut taxes and fees by over 1 trillion yuan last year, Xu said.

The government is making its 2022 budget plans by analyzing the economic situation and many uncertain factors, Xu said without elaborating, though there are concerns over a recent rise in COVID-19 infections.


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