On April 22, Yi Gang, Governor of the People's Bank of China, said at the Boao Forum for Asia 2022 Annual Conference that the People's Bank of China has handed over a total of over 1 trillion yuan of profits to the central government in accordance with the law, mainly for tax refunds and transfers to local governments. Payment and turn-in arrangements are made ahead of schedule according to the progress of tax rebates and fiscal expenditures.
The balance of profit mainly comes from the accumulation of profits of the People's Bank of China in the past few years, which is equivalent to increasing fiscal expenditure by 1% of the total GDP, reflecting the coordinated linkage of monetary policy and fiscal policy, and jointly exerting efforts to stabilize the macroeconomic market.
(Reporter Wang Enbo and Liu Chao, Produced by Liu Peng)
Responsible editor: [Luo Pan]