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[ Fri, Jan 24th 2025 ]: Time
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[ Fri, Jan 24th 2025 ]: Fortune
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[ Fri, Jan 24th 2025 ]: Fortune
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China 2024 fiscal revenue growth shrinks, non-tax income jumps

China's fiscal revenue in 2024 grew 1.3% from a year earlier, slowing sharply from a 6.4% rise in 2023, finance ministry data showed on Friday, as a protracted property market slump and slowing domestic demand weighs on the economy.
The article from MSN discusses China's fiscal performance in the first four months of 2024. It highlights that China's fiscal revenue growth has significantly slowed down, with a year-on-year increase of only 3.3%, a sharp decline from the 11.9% growth seen in the same period of the previous year. This slowdown is attributed to a sluggish economic recovery and a property market downturn. However, there was a notable increase in non-tax income, which surged by 65.4%, primarily due to a significant rise in state capital gains. This increase was driven by a 100% jump in profits from state-owned enterprises, particularly from the China Investment Corporation (CIC), which saw its profits more than double. Despite the overall revenue growth, the article notes that fiscal expenditures grew by 3.5%, slightly outpacing revenue, indicating potential fiscal strain. The government's efforts to stimulate the economy through tax relief and other measures have contributed to the reduced tax revenue, while the increase in non-tax income provides some cushioning for fiscal operations.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/economy/china-2024-fiscal-revenue-growth-shrinks-non-tax-income-jumps/ar-AA1xMWLK ]