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15 July 2015

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Hunan’s Fiscal Revenue Growth Stable in First Four Months

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In the first four months of this year, the Hunan provincial fiscal revenue has steadily increased. According to the data released by the Hunan Provincial Finance Department, the general public budget revenue of the province during this period was over 173 billion CNY, a year-on-year increase of 8.31%.

In January and February, due to the strong taxation growth of real estate and steel industries, the general public budget revenue grew rapidly, with a cumulative increase of 10.84% and 13.23% respectively; in March and April, it maintained steady growth despite a slight decline, increasing by 8.08% and 8.31%, respectively.

Non-tax revenue has decreased; tax revenue has grown strongly; and the quality of fiscal revenue has improved. In the past four months, overall tax revenue (including the income tax turned over to central government) amounted to over 139 billion CNY, an increase of 18.16% over the same period last year. Non-tax revenue was over 33.7 billion CNY, a year-on-year decrease of 19.41%.

Between January and April, fiscal expenditure also maintained a steady and rapid growth. The budget accelerated the release of indicators, and the state treasury balanced dispatching funds, focusing on protecting the people's livelihood, poverty alleviation spending, and construction of key projects. In the first four months, the provincial general public budget expenditures totaled 236-odd billion CNY, a year-on-year increase of 14.4%. Expenditure on the people's livelihood completed over 167 billion CNY, up 13.67% and accounting for more than 70% of the general public budget expenditure.

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Translator: Yu Jiangjiang

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