Chinanews client, Beijing, January 28th (Reporter Li Jinlei) 2020 fiscal revenue and expenditure data are released.

  Statistics show that in 2020, national fiscal revenue will exceed 18 trillion yuan, and individual tax revenue will exceed 1.1 trillion yuan.

It is estimated that in 2020, the new burden of enterprises will be reduced by more than 2.5 trillion yuan.

Data map: Ministry of Finance.

Photo by Kang Yafeng issued by China News Service

  Fiscal revenue exceeds 18 trillion yuan

  On January 28, the Ministry of Finance held an online press conference on fiscal revenue and expenditure in 2020 to release the fiscal revenue and expenditure in 2020.

  Statistics show that in 2020, the national general public budget revenue will be 18,288.9 billion yuan, a year-on-year decrease of 3.9%.

Among them, the central general public budget revenue was 8277.1 billion yuan, a year-on-year decrease of 7.3%; the local general public budget revenue at this level was 10,012.4 billion yuan, a year-on-year decrease of 0.9%.

National tax revenue was 15,431 billion yuan, a year-on-year decrease of 2.3%; non-tax revenue was 2,858.5 billion yuan, a year-on-year decrease of 11.7%.

  "National general public budget revenue fell by 3.9%, better than expected." The Ministry of Finance said that the economy continued to recover steadily and fiscal revenue picked up quarter by quarter.

  Specifically, in the first four quarters of 2020, the national general public budget revenue increased by -14.3%, -7.4%, 4.7%, and 5.5%, respectively, showing that the revenue in the first quarter fell sharply and then bottomed out in the second quarter and rebounded from the negative in the third quarter. It turned positive and continued to improve in the fourth quarter.

A tax data map.

Photo by Chinanews reporter Li Jinlei

  Personal taxes and other income grow against the trend

  Data shows that tax revenues such as personal income tax and stamp duty have grown against the trend, with a large increase.

  Among them, personal income tax income was 1,156.8 billion yuan, a year-on-year increase of 11.4%.

According to the Ministry of Finance, it is mainly due to the recovery of residents' income following the economic recovery and the increase in property income such as equity transfers.

  Among the taxes related to land and real estate, deed tax was 706.1 billion yuan, a year-on-year increase of 13.7%; land appreciation tax was 646.8 billion yuan, a year-on-year increase of 0.1%.

The Ministry of Finance stated that land value-added tax and deed tax increased by 0.1% and 13.7% respectively, mainly due to the increase in land transfer and real estate sales.

  In addition, stamp duty was 308.7 billion yuan, a year-on-year increase of 25.4%.

Among them, the stamp tax on securities transactions was 177.4 billion yuan, a year-on-year increase of 44.3%.

  This is mainly due to the more active stock market trading in 2020.

According to data from the central bank, at the end of 2020, the Shanghai Composite Index closed at 3473.07 points, an increase of 422.95 points or 13.9% from the end of the previous year; the Shenzhen Component Index closed at 14,470.68 points, an increase of 4039.91 points or 38.7% from the end of the previous year.

The annual turnover of the two cities was 206.83 trillion yuan, a year-on-year increase of 62.3%.

Data map.

Photo by Lin Wen

  It is estimated that the new burden of enterprises will be over 2.5 trillion yuan

  Since 2020, in the face of the sudden new crown pneumonia epidemic, the Ministry of Finance, in conjunction with relevant departments, has adhered to a proactive fiscal policy to be more proactive and intensified in tax and fee cuts.

  According to the Ministry of Finance, it has introduced 7 batches of 28 targeted tax and fee reduction measures, including emergency measures to support epidemic prevention and control, as well as measures to help industries with greater difficulties affected by the epidemic, and support Measures for the resumption of work and production of enterprises, especially focusing on helping small and micro enterprises to tide over the difficulties, further increase tax support.

It is estimated that in 2020, the new burden of enterprises will be reduced by more than 2.5 trillion yuan.

  The Ministry of Finance pointed out that it will continue to promote tax and fee reduction policies.

Maintain policy continuity and stability, and continue to implement institutional tax and fee reduction policies such as deepening the reform of value-added tax and special additional deductions for personal income tax.

Continue to implement the inclusive tax reduction and exemption policy for small and micro enterprises.

Maintain the necessary support for economic recovery, promote the resumption of work and production of enterprises and the stable operation of the economy.

  "Resolutely prevent the weakening of the dividends of tax reduction and fee reduction policies." The Ministry of Finance stated that it will strengthen guidance and supervision of local work, strictly organize revenue discipline, collect taxes and fees in strict accordance with laws and policies, and increase the rectification of various illegal enterprise charges , Strictly investigate and deal with issues such as non-implementation of policies, increase the burden on enterprises, and harm the interests of the people, and ensure that various measures are implemented.

Data map: Bank staff count currency.

Photo by China News Agency reporter Zhang Yun

  The ratio of government debt to GDP is below the warning line

  Data show that as of the end of 2020, the balance of local government debt is 25.66 trillion yuan, which is within the limit of 28.81 trillion yuan approved by the National People's Congress, plus the central government debt balance included in budget management 20.89 trillion yuan, and the national government debt balance 46.55. Trillion yuan.

  The Ministry of Finance pointed out that according to the preliminary calculation of GDP for 2020 released by the National Bureau of Statistics of 101.6 trillion yuan, the ratio of government debt to GDP (debt ratio) is 45.8%, which is lower than the internationally accepted 60% warning line. The overall risk is control.

  In the next step, the Ministry of Finance will continue to improve statutory debt management and maintain a basically stable macro leverage ratio.

Taking into account the needs of stable growth and risk prevention, rationally determine the scale of government bonds and maintain a moderate expenditure intensity.

  At the same time, we will persevere in preventing and dissolving hidden debt risks, resolutely curbing the increase in hidden debts, and discovering, investigating, and holding accountable all kinds of new hidden debt behaviors, accountability for life, and reverse inspection of liabilities; and steadily dissolving hidden debts. For debt stocks, we will improve the normalized monitoring, verification, and supervision mechanism, and achieve early detection and early disposal of various hidden debt risks, and firmly hold the bottom line of avoiding systemic risks.

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