Author: Chen Yikan

　　Affected by the epidemic, tax rebates, and the downturn in the property market, local general public budget revenue declined overall in the first half of this year, but Shanxi, Inner Mongolia, Shaanxi, and Xinjiang maintained double-digit high growth rates against the trend.

　　According to the analysis by several experts of CBN, a common reason for the rapid growth of fiscal revenue in the above-mentioned four places in the first half of the year is that the four places are all energy-rich areas, and the rise in energy prices in the first half of the year led to a substantial increase in local fiscal revenue.

　　According to data from local finance and statistics departments, the general public budget revenue of Shanxi, Shaanxi, Inner Mongolia and Xinjiang in the first half of this year was 182.3 billion yuan, 171.9 billion yuan, 157.6 billion yuan and 91.1 billion yuan respectively, an increase of 28.6% and 19.4% year-on-year respectively. , 36.6% and 17.8%, significantly higher than the national average (-7.9%).

　　A key reason for the decline in local fiscal revenue in the first half of the year was the implementation of the unprecedented value-added tax refund.

　　Therefore, after excluding the tax refund factor, the growth rates of general public budget revenue in Shanxi, Shaanxi, Inner Mongolia, and Xinjiang in the first half of the year were as high as 44%, 34.7%, 49.4%, and 40.9%, respectively, leading the country (4.7%).

　　Xue Weiqian, deputy director of the Treasury Payment Center of the Ministry of Finance, recently stated publicly that Shanxi, Inner Mongolia, Shaanxi, and Xinjiang continued to maintain rapid growth, mainly driven by the increase in the income of energy and resources industries.

　　Professor Ma Guangrong, deputy director of the Institute of Finance and Taxation at Renmin University of China, told Yicai that the above four provinces are all energy-rich provinces, and rising energy prices at home and abroad have driven rapid growth in fiscal revenue.

In addition, these four provinces were relatively less affected by the epidemic in the first half of this year.

　　Shanxi Province is an important resource-based province in China. Relying on the advantages of abundant coal resources and convenient transportation conditions, Shanxi Province has gradually formed an industrial system dominated by mining and steel smelting in recent years. , crude steel, steel and other output ranks in the forefront of the country.

Inner Mongolia is also a resource-rich province, with 21 mineral resources such as coal, rare earth, and lead, ranking first in the country.

The reserves of coal, oil and natural gas in Shaanxi and Xinjiang also rank in the forefront of the country, and they are truly resource-rich provinces.

　　Affected by the large amount of currency issuance by the United States and Europe and the superimposition of the conflict between Russia and Ukraine, international energy prices continued to rise in the first half of this year, driving domestic energy prices to rise.

　　Taking Inner Mongolia as an example, according to data from the Inner Mongolia Development and Reform Commission, the average price of thermal coal in Inner Mongolia in the first half of the year was 419.61 yuan/ton, up 35.13% year-on-year; the average coke price in the region was 2,752.71 yuan/ton, up 41.67% year-on-year.

Prices of natural gas and refined oil also rose significantly in the first half of the year.

　　In order to ensure energy security and stabilize energy prices, major energy provinces have assumed the responsibility of stabilizing production and supply, increasing coal and other production capacity.

For example, the state requires 300 million tons of new coal production capacity this year.

Among them, Shanxi issued a document requesting that local coal production this year increase by 107 million tons compared with last year.

　　The rise in the price of coal and other energy sources and the increase in superimposed output have enabled the industrial added value of coal and other industries in resource-based provinces to maintain rapid growth, and the profits of related companies have increased significantly.

For example, data from the Shanxi Bureau of Statistics shows that the coal industry grew by 11.2% in the first half of the year.

From January to May, the industrial enterprises above designated size in Shanxi Province achieved a profit of 182.81 billion yuan, an increase of 87.7%

　　"The financial reports of many domestic energy listed companies in the first half of this year have been released one after another, showing that profits have increased significantly." Ma Guangrong said.

　　For example, the 2022 semi-annual performance forecast recently disclosed by Shanxi Coking Coal (000983.sz) shows that the net profit attributable to shareholders of listed companies in the first half of this year is about 5.346 billion yuan to 5.930 billion yuan, a year-on-year increase of about 175% to 205%.

The reason for the sharp increase in profit was that the Company's coal product profit increased significantly year-on-year due to factors such as strong coal market demand and rising prices.

　　At present, the tax revenue of major energy provinces mainly comes from value-added tax, corporate income tax and resource tax. The rise in energy prices and the large increase in industrial added value directly drive the growth of value-added tax revenue.

The substantial increase in corporate profits directly drives the substantial increase in corporate income tax.

The resource tax is taxed ad valorem, and rising prices will naturally lead to a substantial increase in resource tax.

　　Benefiting from the above-mentioned rising energy prices and corporate profits, the related tax revenue of energy-rich provinces has increased significantly.

For example, data from the Shanxi Provincial Bureau of Statistics shows that in the first half of this year, Shanxi's corporate income tax increased by 1.1 times, and resource tax increased by 98.6%.

According to data from the Shaanxi Department of Finance, in the first five months, the resource tax in Shaanxi increased by 1.26 times year-on-year, and the domestic value-added tax increased by nearly 20%.

　　Wang Zhenyu, dean of the Institute of Local Finance of Liaoning University, told Yicai that the general public budget revenue in the above four places has increased significantly, mainly driven by the rise in coal prices in resource-based areas, and the corresponding value-added tax refund scale does not have a large share in these provinces. As well as factors such as the base, the growth rate of the same caliber is higher.

　　In addition to the rise in coal and other energy prices, which has driven the growth of local fiscal revenue, the rapid development of strategic emerging industries in the above four regions has also contributed to the increase in local fiscal revenue.

　　For example, data from the Shanxi Bureau of Statistics shows that the new kinetic energy of Shanxi's industry is growing strongly.

In the first half of the year, among the industries above designated size in the province, the added value of automobile manufacturing increased by 28.0% year-on-year, and new energy vehicles increased by 2.8 times year-on-year.

　　Tian Xinru, deputy director of the Bureau of Statistics of Inner Mongolia Autonomous Region, said at a recent press conference on the local economic performance in the first half of the year that the local transformation and upgrading are in good shape, and new kinetic energy continues to grow.

For example, in the first half of the year, the added value of the local high-tech industry of the designated industry increased by 30.0% year-on-year, and the growth rate was 21.6 percentage points higher than that of the designated industry in the region.

　　Lian Guodong, deputy general manager of Shanxi Wanfang Construction Engineering Project Management Consulting Co., Ltd., told Yicai that the rapid economic growth of Shanxi Province in the first half of the year should also see that the rise in coal prices has contributed a lot to the growth rate.

In the context of green development, the proposition given to Shanxi is to not only shoulder the important task of ensuring the supply of energy bases, but also realize transformation and development, and solve the dilemma and problems of "one coal dominates".

Therefore, there is still a long way to go to accelerate the cultivation of non-coal industries and form a driving force for subsequent growth.

It is necessary to open an umbrella on sunny days, and to promote industrial upgrading and transformation when coal prices are high.

　　Affected by the stabilization and recovery of China's economy, the control of the epidemic, the gradual fading of the policy-based reductions in superimposed value-added tax credits and tax rebates, and the implementation of a package of measures to stabilize the economy, the Ministry of Finance expects that fiscal revenue will gradually recover in the second half of the year.

The above-mentioned four places will also be affected by this favorable factor, superimposed on the high energy prices, and the fiscal revenue of the four places is expected to maintain steady growth in the second half of the year.

　　The Inner Mongolia Development and Reform Commission expects that coal supply will remain high in the second half of the year, and the industry's inventory is generally at a moderately high level. The market is expected to be stable. Although demand still has strong growth momentum, the supply and demand situation tends to be balanced. Fluctuates nearby, and the price will drop in the off-season of autumn demand.

In the second half of the year, the price of coke will be adjusted.

The high cost of natural gas sources has pushed natural gas to maintain a high year-on-year trend in the second half of the year. However, due to weak demand, the year-on-year increase will be lower than that in the first half of the year.

In the second half of the year, the price of refined oil is expected to fall slightly along with the high crude oil price.

　　Although the fiscal revenue of the four regions has increased significantly, the scale of fiscal revenue is relatively small compared to developed regions, which is limited in driving the increase in national fiscal revenue.

In addition to the general public budget, due to the downturn in the land market and the sharp drop in land sales revenue, the local government fund revenue in some provinces has fallen sharply, which has also affected local disposable financial resources.

For example, the budget revenue of government funds in Inner Mongolia in the first five months of this year fell by 36% year-on-year.