Last year, general fiscal revenue grew to 20.25 trillion yuan from 11.73 trillion yuan in 2012.  

During the same period of time, fiscal expenditures totaled 193.64 trillion yuan, with an average annual growth of 8.5 percent, providing solid financial support for achieving the first centenary goal of building a moderately prosperous society in all respects, Vice Minister of Finance Xu Hongcai told a press conference on Tuesday. 

Over the past decade, China’s fiscal macro-adjustment has been continuously improved. The nation’s proactive fiscal policy, combined with timely and appropriate adjustment and fine-tuning, have effectively reduced the impact of business cycle fluctuations and strongly supported high-quality economic and social development, Xu said, noting that with steady economic development and accelerated growth of government revenue, the country is able to continuously  build up infrastructure and improve people’s welfare.  

China has maintained the intensity of necessary government spending and ensured that major national strategic tasks were met. Additionally, well-targeted measures have been implemented to cut taxes and administrative fees, reducing the burden on businesses by 8.8 trillion yuan from 2013 to 2021, Xu noted. 

From 2015 to 2021, an additional 12.2 trillion yuan of special bonds for local governments were issued to support the expansion of government investment. 

Meanwhile, tax authorities have arranged series of work to serve overall economic and social development, so as to actively contribute to high-quality development, Wang Daoshu, deputy head of the State Taxation Administration said during the press conference. 

Besides encouraging technology companies to focus on innovations aided with targeted tax reductions, authorities have focused on regional development coordination as well. Tailored policies have been rolled out to support large-scale development of China’s western region, the growth of the free trade port in Hainan and other national strategic projects, Wang said. 

Supporting the nation’s opening-up policy was also a major job when it comes to taxation work. From 2013 to 2021, a total of 10.6 trillion yuan of export tax rebates were granted to enterprises, an average annual growth rate of 6 percent, supporting the steady development of foreign trade. 

Since the 18th National Congress of the CPC, China has voluntarily lowered its overall tariff level from 9.8 percent in 2010 to 7.4 percent now, Xu said.