Beijing, China – China’s general public budget revenue increased 0.6 percent year-on-year to around 20.37 trillion yuan (about US$3.01 trillion) in 2022, state news agency (Xinhua) reported on Monday.
General public budget revenue grew 9.1 percent from 2021, excluding the impact of value-added tax credit refunds, according to the Ministry of Finance.
The central government collected about 9.49 trillion yuan in revenue, up 3.8 percent year-on-year, while local governments saw revenue down 2.1 percent to about 10.88 trillion yuan.
Tax revenue totalled 16.66 trillion yuan in 2022, down 3.5 percent year-on-year.
Monday’s data also shows that the country’s general public budget spending expanded 6.1 percent year-on-year to 26.06 trillion yuan in 2022.
Sectors related to health, social security and employment, education and transport registered relatively faster growth in fiscal spending in 2022, according to the ministry.