In the first quarter of this year, the national general public budget revenue was 571.5 billion yuan, a year-on-year increase of 24.2%.

Among them, tax revenue increased by 24.8% year-on-year.

The economy determines finances, and finances reflect the economy.

The fiscal revenue growth rate in the first quarter was "bright." The main driving force behind it was that my country's economy started well in the first quarter, and the economy continued to recover steadily.

The growth trend of fiscal revenue has created favorable conditions for promoting the sustained and healthy development of the economy and society.

　　Fiscal revenue in the first quarter was in line with expectations.

At present, my country's economy is showing a sustained and stable recovery. The GDP in the first quarter increased by 18.3% year-on-year, 10.3% year-on-year, and an average growth rate of 5.0% over the two years.

Correspondingly, fiscal revenue in the first quarter increased by 24.2% year-on-year, and 6.4% compared with the same period in 2019, with an average growth of 3.2% in the two years.

Comparing these two indicators, the fiscal revenue growth rate in the first quarter and the GDP growth rate in the first quarter basically "resonate with each other at the same frequency."

Although the expansion of the PPI growth rate has contributed to the fiscal revenue growth in the first quarter, the main reason is undoubtedly the continuous and stable recovery of the national economy.

　　Observing fiscal revenue, in addition to looking at the scale of revenue, it is also necessary to check the income structure in order to have a clear understanding of the overall outlook of fiscal revenue and its derived practical significance.

From the perspective of the main tax composition of fiscal revenue in the first quarter, domestic value-added tax increased by 23.9% year-on-year and decreased by 5.3% compared with the same period in 2019. After deducting the incomparable value-added tax rate for the same period in 2019, it increased by about 4%; domestic consumption tax, Corporate income tax increased by 18.5% and 12.7% year-on-year, respectively, and decreased by 0.9% and 1.7% compared with the same period in 2019, close to the level before the epidemic; personal income tax increased by 19% year-on-year and increased by 23.1% year-on-year, except for residents In addition to the growth in income, it is also related to the increase in income from equity and other property transfers and dividend income.

　　Domestic value-added tax and corporate income tax are the two tax categories with the largest contribution to my country's fiscal revenue, which reflect the operating conditions of enterprises to a large extent.

In the first quarter, the value added of the industrial enterprises above designated size nationwide increased by 24.5% year-on-year. From January to February, the total profit of industrial enterprises above designated size nationwide reached 1,114 billion yuan, a year-on-year increase of 1.79 times.

It can be seen that the improvement in business conditions of the company is close to returning to the pre-epidemic level, which has helped the recovery growth of these two tax revenues in the first quarter.

In the first quarter, domestic consumption tax and corporate income tax increased year-on-year but declined compared to the same period in 2019, which means that certain companies still have certain operating difficulties due to the impact of the epidemic, and it will take time to get back on track.

For example, contact consumption such as accommodation and catering has not yet recovered to the pre-epidemic level, and physical store retail operations are still weak.

　　Therefore, fiscal revenue in the first quarter is in line with expectations, which can be understood from two aspects.

First, the relatively high year-on-year growth rate of fiscal revenue reflects the continuous and stable recovery of the national economy, the increasing momentum for development, and the accumulation of positive factors.

In the first quarter, major indicators such as GDP, total retail sales of consumer goods, investment in fixed assets, and total imports and exports of goods all achieved double-digit growth, providing a reliable guarantee for double-digit growth in fiscal revenue during the same period.

Second, some tax revenues in fiscal revenue still declined compared with 2019, which reflects that the foundation of domestic economic recovery is not strong yet, and it is also facing some new situations and new problems.

For example, manufacturing investment in the first quarter increased by 29.8% year-on-year, but fell by an average of 2.0% in two years, indicating that manufacturing investment has not returned to the level before the epidemic. In addition, some service industries and small and micro enterprises are also facing more difficult.

Because of this, in the first quarter of fiscal revenue, different tax revenues have different performances, which are closely related to the current economic performance.

　　Compared with the relatively rapid growth of fiscal revenue in the first quarter, the growth rate of fiscal expenditure is not high, with a year-on-year increase of 6.2%. This is related to the progress of related project expenditures, on the other hand, it is also related to the government’s tightening of life and reducing unnecessary expenditures. Related, but key expenditures such as basic people's livelihood have grown rapidly, and expenditures in key areas have been strongly guaranteed.

Among them, expenditures on education, health, social security and employment increased by 13.8%, 8.3%, and 6.1% respectively.

In addition, from a broader perspective, maintaining the continuity, stability, and sustainability of macroeconomic policies, optimizing and implementing tax reduction policies, further supporting and stimulating technological innovation, and earnestly improving people’s livelihood and well-being are all areas where there is great financial success.

　　Finance is the foundation and important pillar of national governance, and it assumes important responsibilities in optimizing resource allocation, maintaining market unity, promoting social equity, and achieving long-term stability in the country.

Only when fiscal revenue has revenue, can revenue and expenditure be combined to fully reflect the basic functions and important role of finance.

Fiscal revenue in the first quarter achieved a "good start". While reflecting the continuous performance of the overall plan to promote normalization of epidemic prevention and control and economic and social development, it also adjusted the structure of fiscal expenditures to ensure that it was maintained and pressured, and limited fiscal funds were used on the blade. , Precise focus and focus, laid a financial foundation for the orderly development of economic and social work this year and the maintenance of overall stability.

　　Zhang Deyong, Researcher, Institute of Financial Strategy, Chinese Academy of Social Sciences