According to the statistics released by China’s Ministry of Finance on May 18, in the first four months of this year, Mainland China’s general public budget revenue fell by 14.5 percent year-on-year, indicating that the Chinese economy has been hit hard by the Wuhan virus and its fiscal revenue has also declined. The general public budget revenue is a tax-based revenue according to Article 6 of China’s Budget Law.
The statistics further show that the revenue of the central government and local governments decreased by 17.7 percent and 11.5 percent year-on-year, respectively. The national government fund budget revenue decreased by 9.2 percent year-on-year. According to Article 9 of China’s Budget Law, the government fund budget revenue is revenue collected, charged or raised from specific targets and exclusively used for the development of certain public undertakings.
Tax revenue from industry sectors affected by the Wuhan virus has been hit the hardest. From January to April, hospitality and restaurants, transportation, and sports and entertainment declined by 46.8 percent, 29.8 percent, and 28.2 percent, respectively.
On a monthly basis, the national fiscal revenue from January to April decreased by 3.9 percent, 21.4 percent, 26.1 percent, and 15 percent respectively. The national fiscal revenue includes both tax and nontax revenues.
Source: People.com, May 18, 2020