Fiscal reform charts a new development path
4 months, 2 weeks ago

Fiscal reform charts a new development path

China Daily  

SHI YU/CHINA DAILY The resolution of the third plenary session of the 20th Central Committee of the Communist Party of China, held from July 15 to 18, said China will "deepen reform and advance Chinese modernization under the rule of law and ensure unity between reform and the rule of law". In this regard, China's financial policy has always been focused on establishing a modern fiscal system in line with the national governance system, in order to strengthen budget management, and promote fiscal and tax reforms. Taxation's new roles in national development China's financial sector has evolved substantially, supporting the construction of a high-level socialist market economy. The 18th CPC Central Committee's third plenary session in November 2013 outlined the goals of comprehensive reform, aiming to improve the socialist system and modernize national governance. Amid a new wave of fiscal and tax reforms, China's financial system is poised to embark on a new journey by fulfilling certain tasks.

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History of this topic

China's general public budget revenue sees accelerated growth in November
6 days, 20 hours ago

China's general public budget revenue sees accelerated growth in November

China Daily  

By Wang Keju | chinadaily.com.cn | Updated: 2024-12-17 19:53 China's general public budget revenue, which is the sum-up of tax revenue and nontax revenue, in November reached about 1.4 trillion yuan, representing an 11 percent year-on-year increase, according to a calculation by Huatai Securities based on the data from the Ministry of Finance. The country's tax revenue grew by 5.3 …

Experts see expansionary moves ahead
1 week, 2 days ago

Experts see expansionary moves ahead

China Daily  

A view of Shanghai's Pudong New Area. China may roll out unprecedented expansionary moves in macroeconomic adjustments next year after a top-level meeting signaled a significant shift of mindset in prioritizing the expansion of domestic demand amid external uncertainties, policy researchers and economists said. Measures in the pipeline may include the highest official projected deficit ratio on record, a sharp …

China to enact more proactive fiscal policy
Trending News
1 week, 2 days ago

China to enact more proactive fiscal policy

China Daily  

By Liu Yukun | chinadaily.com.cn | Updated: 2024-12-14 13:56 China will enact more proactive fiscal policy and moderately loose monetary policy with detailed measures to be delivered at the two sessions the next year, said an official on Saturday. Han Wenxiu, executive deputy director of the Office of the Central Committee for Financial and Economic Affairs, said the move marked …

How will Central Economic Work Conference shape 2025 economy?
Trending News
1 week, 3 days ago

How will Central Economic Work Conference shape 2025 economy?

China Daily  

Shi Yu/China Daily China concluded the much-awaited annual Central Economic Work Conference on Dec 12, outlining the government's main economic objectives and policy plans for 2025, which are largely in line with our CEWC preview and Politburo meeting. Therefore, after the March NPC unveils next year's overall policy stimulus package, we think the government may also ramp up additional policy …

Fiscal revenue growth seen as sign of economic recovery gaining traction
4 weeks ago

Fiscal revenue growth seen as sign of economic recovery gaining traction

China Daily  

By WANG KEJU | CHINA DAILY | Updated: 2024-11-25 07:10 A view of the Huangpu River in Shanghai. China's tax revenue growth returned to positive territory in October for the first time this year, suggesting that the country's economic activity is picking up pace and gaining stronger momentum, analysts said. According to the latest data released by the Ministry of …

Fiscal revenue growth seen as sign of economic recovery gaining traction
4 weeks ago

Fiscal revenue growth seen as sign of economic recovery gaining traction

China Daily  

A view of the Huangpu River in Shanghai. China's tax revenue growth returned to positive territory in October for the first time this year, suggesting that the country's economic activity is picking up pace and gaining stronger momentum, analysts said. According to the latest data released by the Ministry of Finance, China's general public budget revenue, which is the sum …

Policy support driving V-shaped recovery in Q4, experts say
Top News
1 month ago

Policy support driving V-shaped recovery in Q4, experts say

China Daily  

The skyline of Beijing. There are signs of a "V-shaped" recovery in the Chinese economy with a raft of policy support measures taking swift effect and more spending plans in the pipeline to consolidate the momentum, experts at national think tanks said. Dong Shaopeng, an advisory committee member of the Securities Association of China, said that by advancing investment projects, …

Policy support driving V-shaped recovery in Q4, experts say
1 month ago

Policy support driving V-shaped recovery in Q4, experts say

China Daily  

There are signs of a "V-shaped" recovery in the Chinese economy with a raft of policy support measures taking swift effect and more spending plans in the pipeline to consolidate the momentum, experts at national think tanks said. Dong Shaopeng, an advisory committee member of the Securities Association of China, said that by advancing investment projects, the ongoing round of …

Policy support driving V-shaped recovery in Q4, experts say
Top News
1 month ago

Policy support driving V-shaped recovery in Q4, experts say

China Daily  

The skyline of Beijing. There are signs of a "V-shaped" recovery in the Chinese economy with a raft of policy support measures taking swift effect and more spending plans in the pipeline to consolidate the momentum, experts at national think tanks said. Dong Shaopeng, an advisory committee member of the Securities Association of China, said that by advancing investment projects, …

Policy support driving V-shaped recovery in Q4, experts say
Top News
1 month ago

Policy support driving V-shaped recovery in Q4, experts say

China Daily  

The skyline of Beijing. There are signs of a "V-shaped" recovery in the Chinese economy with a raft of policy support measures taking swift effect and more spending plans in the pipeline to consolidate the momentum, experts at national think tanks said. Dong Shaopeng, an advisory committee member of the Securities Association of China, said that by advancing investment projects, …

Policy support driving V-shaped recovery in Q4, experts say
Top News
1 month ago

Policy support driving V-shaped recovery in Q4, experts say

China Daily  

By Zhou Lanxu | chinadaily.com.cn | Updated: 2024-11-20 14:59 The skyline of Beijing. There are signs of a "V-shaped" recovery in the Chinese economy with a raft of policy support measures taking swift effect and more spending plans in the pipeline to consolidate the momentum, experts at national think tanks said. Dong Shaopeng, an advisory committee member of the Securities …

Policy support driving V-shaped recovery in Q4, experts say
1 month ago

Policy support driving V-shaped recovery in Q4, experts say

China Daily  

The skyline of Beijing. There are signs of a "V-shaped" recovery in the Chinese economy with a raft of policy support measures taking swift effect and more spending plans in the pipeline to consolidate the momentum, experts at national think tanks said. Dong Shaopeng, an advisory committee member of the Securities Association of China, said that by advancing investment projects, …

China's fiscal revenue up 5.5% in October
1 month ago

China's fiscal revenue up 5.5% in October

China Daily  

BEIJING -- China's fiscal revenue increased 5.5 percent year on year in October, data from the Ministry of Finance showed Monday. In the first ten months of the year, China's fiscal revenue dipped 1.3 percent year on year. In the first ten months, the central government collected about 8.25 trillion yuan in fiscal revenue, down 3.9 percent year on year, …

China's fiscal revenue up 5.5% in October
1 month ago

China's fiscal revenue up 5.5% in October

China Daily  

Xinhua | Updated: 2024-11-18 22:13 File photo shows a worker counts Chinese currency renminbi at a bank in Lianyungang, East China's Jiangsu province. BEIJING -- China's fiscal revenue increased 5.5 percent year on year in October, data from the Ministry of Finance showed Monday. In the first ten months of the year, China's fiscal revenue dipped 1.3 percent year on …

China economy: Beijing approves $1.4 trillion debt package in latest measure to boost flagging growth
1 month, 2 weeks ago

China economy: Beijing approves $1.4 trillion debt package in latest measure to boost flagging growth

CNN  

Editor’s Note: Sign up for CNN’s Meanwhile in China newsletter which explores what you need to know about the country’s rise and how it impacts the world. Hong Kong CNN — China has approved a 10 trillion yuan plan to bolster its ailing economy by allowing local governments to refinance their debt, unveiling additional stimulus measures to counter a potentially …

China's Economic Stability: A Steady Beacon Amid Global Uncertainty
1 month, 3 weeks ago

China's Economic Stability: A Steady Beacon Amid Global Uncertainty

China Daily  

China's economy remains a stabilizing force in the global economy, despite the challenges of global geopolitical rivalries and rising government debt. The country's structural reforms and high-quality development strategies have contributed to its stability and growth. China's commitment to high-quality development and its willingness to engage in global trade and cooperation remain crucial for maintaining its economic prosperity and stability …

Growth target within reach on policy effort
2 months ago

Growth target within reach on policy effort

The Independent  

With a potent set of new policies being implemented on various fronts, China is on course to achieving its full-year economic growth target of around 5 per cent, signalling the resilience of the country’s economy despite challenges at home and abroad, said a senior expert. Chen Wenling, chief economist at the China Centre for International Economic Exchanges in Beijing, said …

China's general public budget expenditure rises
3 months, 3 weeks ago

China's general public budget expenditure rises

China Daily  

A cashier at a bank in Taiyuan, Shanxi province counts renminbi notes. China's general public budget expenditure expanded 2.5 percent year-on-year in the first seven months of 2024 and is poised to maintain a steady growth trend over the coming months, the Ministry of Finance said on Monday. According to the ministry, the country's general public budget expenditure amounted to …

China's fiscal revenue down 2.6% in Jan-July
3 months, 3 weeks ago

China's fiscal revenue down 2.6% in Jan-July

China Daily  

File photo shows a worker counts Chinese currency renminbi at a bank in Lianyungang, East China's Jiangsu province. BEIJING -- China's fiscal revenue dipped 2.6 percent year-on-year in the first seven months of this year, official data showed Monday. A breakdown of the data showed the country's tax revenue decreased 5.4 percent from one year earlier, while its non-tax revenue …

Fiscal reform charts a new development path
4 months, 2 weeks ago

Fiscal reform charts a new development path

China Daily  

SHI YU/CHINA DAILY The resolution of the third plenary session of the 20th Central Committee of the Communist Party of China, held from July 15 to 18, said China will "deepen reform and advance Chinese modernization under the rule of law and ensure unity between reform and the rule of law". In this regard, China's financial policy has always been …

China revs up fiscal policy support to spur economic recovery
4 months, 3 weeks ago

China revs up fiscal policy support to spur economic recovery

China Daily  

A cashier at a bank in Taiyuan, Shanxi province counts renminbi notes. BEIJING - China is making efforts to step up its fiscal policy support and ensure the implementation of established policies, aiming to consolidate its economic recovery as rising external headwinds weigh on growth. The country will strengthen its fiscal policy to ensure the economy sustains its recovery momentum, …

Fiscal policies to aid sci-tech innovation
4 months, 3 weeks ago

Fiscal policies to aid sci-tech innovation

China Daily  

Skyscrapers border a lush green landscape in Shenzhen's central business district. China will strengthen the implementation of fiscal and taxation policies supporting scientific and technological innovation, to promote industrial upgrades and foster new growth momentum, a senior official said on Wednesday. "Focusing on 'strengthening foundation and targeting key areas', we will further support the enhancement of capabilities in scientific and …

Modern fiscal system key for socialist market economy
4 months, 3 weeks ago

Modern fiscal system key for socialist market economy

China Daily  

SHI YU/CHINA DAILY The third plenary session of the 20th Central Committee of the Communist Party of China, held from July 15 to 18, adopted the resolution on further deepening reform comprehensively to advance Chinese modernization. In the years since the 18th National Congress of the CPC in 2012, China has realized that modernizing the fiscal system is necessary to …

China to step up fiscal policy implementation to spur economic recovery: official
4 months, 3 weeks ago

China to step up fiscal policy implementation to spur economic recovery: official

China Daily  

A Chinese clerk counts renminbi yuan banknotes in Nantong, East China's Jiangsu province. The country will issue the ultra-long special treasury bonds in a timely manner and make good use of the funds raised from the bond sales, Lin Zechang, of the Ministry of Finance, told a press conference. Lin said that the country will also speed up the issuance …

Broad govt spending needed to boost long-term growth
4 months, 4 weeks ago

Broad govt spending needed to boost long-term growth

China Daily  

A cashier at a bank in Taiyuan, Shanxi province counts renminbi notes. Reduced government spending decreased total market demand and could further suppress economic activity, affecting key economic areas such as business investment and consumer spending, leading to poor growth momentum and even contraction. As a matter of fact, government bonds are foundational financial assets and the base of the …

Fiscal and tax reform to promote modernization
5 months ago

Fiscal and tax reform to promote modernization

China Daily  

According to the communique and decision of the third plenary session of the 20th Central Committee of the Communist Party of China issued on Thursday, China will deepen the reform of the fiscal and taxation system. Comprehensively deepening of reform as well as the new round of fiscal and taxation system reform are based on the "Decision of the Central …

China's general budget expenditure up 2% in H1
5 months ago

China's general budget expenditure up 2% in H1

China Daily  

Chinese 100 yuan banknotes are seen in a counting machine at a bank in Beijing. China's general public budget expenditure saw a year-on-year increase of 2 percent in the first six months of 2024, data from the Ministry of Finance showed on Monday. According to the ministry, the country's general public budget expenditure amounted to nearly 13.66 trillion yuan during …

China to step up efforts for financial reforms
5 months ago

China to step up efforts for financial reforms

China Daily  

The Central Committee of the Communist Party of China holds a news conference on the guiding principles from the third plenary session of the 20th CPC Central Committee on July 19, 2024. China expects to improve its macroeconomic governance system with further efforts to deepen the reform of the fiscal and financial systems as well as enhanced fiscal policy consistency, …

China to step up efforts for financial reforms
5 months ago

China to step up efforts for financial reforms

China Daily  

The Central Committee of the Communist Party of China holds a news conference on the guiding principles from the third plenary session of the 20th CPC Central Committee on July 19, 2024. China expects to improve its macroeconomic governance system with further efforts to deepen the reform of the fiscal and financial systems as well as enhanced fiscal policy consistency, …

Fiscal, tax system reforms key to development
5 months, 1 week ago

Fiscal, tax system reforms key to development

China Daily  

CAI MENG/CHINA DAILY The Central Economic Work Conference held in December proposed to arrange a new round of fiscal and tax system reform measures. The upcoming fiscal and tax system reform needs to better define the roles of the central government and local governments, improve the delineation of governance and fiscal responsibilities between them, and carry out corresponding reforms in …

China reports generally stable growth in final accounts for 2023
5 months, 3 weeks ago

China reports generally stable growth in final accounts for 2023

China Daily  

Chinese 100 yuan banknotes are seen in a counting machine at a bank in Beijing. BEIJING -- China's final central government accounts for 2023 were generally stable, with notable progress achieved in the areas of financial reform and development, according to a report delivered to the country's top legislature on Tuesday. The central government's general public budget revenue totaled 9.96 …

Tax policy to better support economic recovery
8 months ago

Tax policy to better support economic recovery

China Daily  

The Inner Street Culture Creative Park is bustling with activity during the night market in Qingxiu district, Nanning city, Guangxi Zhuang autonomous region, on April 16, 2024. China's fiscal authorities will intensify efforts in areas like fully supporting sci-tech innovation and expanding domestic demand to further facilitate economic recovery, a senior official from the Ministry of Finance said on Monday …

China's new budget book reveals fiscal priorities for 2024
9 months, 1 week ago

China's new budget book reveals fiscal priorities for 2024

China Daily  

A woman shows banknotes and coins included in the 2019 edition of the fifth series of the renminbi. Greater fiscal input The ultra-long special treasury bonds to be issued over each of the next several years, along with other arrangements including budget deficits, special-purpose bonds, preferential tax and fee policies as well as government subsidies, mark the country's strengthened fiscal …

Fiscal moves to bolster recovery
9 months, 2 weeks ago

Fiscal moves to bolster recovery

China Daily  

Chinese 100 yuan banknotes are seen in a counting machine at a bank in Beijing, China. At a news conference on Wednesday on the sidelines of the ongoing annual session of the national legislature, Lan Fo'an, minister of finance, said work will be done to expand fiscal expenditure appropriately to ensure sufficient funding for major national strategic tasks, markedly increase …

Increase in fiscal revenue result of and boost to solid recovery
10 months, 2 weeks ago

Increase in fiscal revenue result of and boost to solid recovery

China Daily  

Chinese 100 yuan banknotes are seen in a counting machine at a bank in Beijing, China. In 2023, the national fiscal revenue exceeded 21 trillion yuan, an increase of 6.4 percent from the previous year. In 2023, the Chinese government's tax revenue was 18,113 billion yuan, an increase of 8.7 percent year-on-year, among which the value-added tax was 6,933.2 billion …

China’s economy expanded 5.2% last year, hitting the government’s target despite an uneven recovery
11 months ago

China’s economy expanded 5.2% last year, hitting the government’s target despite an uneven recovery

Associated Press  

HONG KONG — China’s economy for the October-December quarter grew at a quicker rate, allowing the Chinese government to hit its target of about 5% annual growth for 2023 even though trade data and the economic recovery remain uneven. Officials from China’s National Bureau of Statistics said that measures including “strengthened macro regulation, and redoubled efforts to expand domestic demand, …

Country's strategic priorities reflect Chinese wisdom
11 months, 2 weeks ago

Country's strategic priorities reflect Chinese wisdom

China Daily  

The financial district of Pudong New Area. In addition, the nation's recently announced strategic priorities — science technology, innovation, development of a modern industrial system, the boosting of domestic demand, support for agriculture and rural farmers, integration of urban-rural development, coordinated regional development, immense social development, high-level opening-up and prevention of risks in key areas — vividly reflect the economic …

Tax reliefs strengthen private sector
1 year ago

Tax reliefs strengthen private sector

China Daily  

High-rises dominate the skyline on both sides of the Huangpu River in Shanghai. Measures worth $170 billion stabilize corporate finances, boost innovation China's private enterprises are reaping many benefits from tax and fee reliefs. Tax and fee payment rebates, deductions or deferments were worth nearly 1.24 trillion yuan for private businesses in the first 10 months of this year. Jiao …

China to extend tax, fee supports for enterprises
1 year, 2 months ago

China to extend tax, fee supports for enterprises

China Daily  

A woman shows banknotes and coins included in the 2019 edition of the fifth series of the renminbi. BEIJING -- China will extend several preferential tax and fee policies to continue easing the burden on enterprises and support the development of businesses, the Ministry of Finance said Wednesday. China will continue to exempt registration fees for certain epidemic-prevention drugs and …

China projected to lead the growth of Asia in 2023
1 year, 8 months ago

China projected to lead the growth of Asia in 2023

China Daily  

China will likely become the only major economy in the world with growth accelerating in 2023, and its economic recovery is brightening the outlook for the whole region, economists of the Asian Development Bank said on Tuesday in Beijing. ADB's Asian Development Outlook April 2023, which was released on the same day, predicted that the economic growth in China will …

China to expand fiscal spending to support economic recovery
1 year, 11 months ago

China to expand fiscal spending to support economic recovery

China Daily  

A worker counts Chinese currency renminbi at a bank in Linyi, East China's Shandong province. China will appropriately expand fiscal spending as the government aims to provide "more direct and effective" fiscal support for economic recovery in 2023, according to the Ministry of Finance. "We will appropriately expand fiscal spending by optimizing the tool mix of fiscal deficit, local government …

2023 policy focused on solid recovery
2 years ago

2023 policy focused on solid recovery

China Daily  

Containers are unloaded at Qingdao Port in Shandong province in March. Key Party meeting maps direction, major tasks for development next year Reviving the COVID-19-battered economy will be a key policy priority for China next year as the top leadership has sent a strong signal to push overall improvement of economic activity and substantially expand domestic demand, economists said on …

2023 policy focused on solid recovery
2 years ago

2023 policy focused on solid recovery

China Daily  

Containers are unloaded at Qingdao Port in Shandong province in March. Key Party meeting maps direction, major tasks for development next year Reviving the COVID-19-battered economy will be a key policy priority for China next year as the top leadership has sent a strong signal to push overall improvement of economic activity and substantially expand domestic demand, economists said on …

Two outlooks for 2023. Will it be heads or tails?
2 years ago

Two outlooks for 2023. Will it be heads or tails?

China Daily  

The skyline of Beijing. Internal factors contributing to the volatility in economic growth include the rigid prevention and control measures in some regions, the problems facing the real estate sector and weakened consumption. The Party announced "Chinese path to modernization" as the guiding framework for China's development going forward. Under this scenario, China's GDP growth would probably be less than …

China pledges support for ailing economy, analysts doubt impact
2 years, 6 months ago

China pledges support for ailing economy, analysts doubt impact

Al Jazeera  

Beijing says it will roll out additional tax cuts and postpone social security payments for firms to support growth. China has pledged tax cuts and infrastructure spending to support economic growth, as economists poured doubt on a strong rebound for the world’s second-largest economy as long as lockdowns persist. Beijing will increase annual tax cuts by more than 140 billion …

Govt mulls over more fiscal support
2 years, 7 months ago

Govt mulls over more fiscal support

China Daily  

Proactive policies help hard-hit market players through large-scale tax refunds China is considering additional fiscal policy support while mounting an all-out effort to put existing measures into place, providing a strong buffer against downward pressures on the national economy, officials and experts said on Tuesday. They added that large-scale tax refunds have started to benefit hard-hit market players in the …

China's fiscal policy to be more sustainable in 2021
3 years, 9 months ago

China's fiscal policy to be more sustainable in 2021

China Daily  

China's fiscal policy will remain proactive but to be more sustainable this year, focusing on promoting its efficiency and quality. China's fiscal policy will remain proactive but to be more sustainable this year, focusing on promoting its efficiency and quality, reflecting a "people-centered" principle, Finance Minister Liu Kun, said at a news conference on Friday. According to the finance minister, …

China to improve its fiscal policy quality
3 years, 11 months ago

China to improve its fiscal policy quality

China Daily  

A teller counts cash at a bank branch in Hangzhou, capital of East China's Zhejiang province. The government will normalize its implementation of the specified transfer payment mechanism to raise fiscal spending efficiency while "tightening the belt" to save money and enrich the people, said Liu. "We will increase the fiscal funds straightly channeled to the prefecture and county-level governments, …

Fiscal goals including tax, fee cuts set to be met
4 years, 4 months ago

Fiscal goals including tax, fee cuts set to be met

China Daily  

The government will be able to achieve its annual fiscal targets, according to its projection of steady economic recovery, cutting more than 2.5 trillion yuan in taxes and fees to support business and mitigate the impact of COVID-19, Finance Minister Liu Kun said in an interview with CCTV late on Thursday. The next stage of fiscal reforms will likely tackle …

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