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China's Public Budget Spending

China’s Public Budget Spending Rises by 3.4% in First Five Months of 2024

Beijing, June 24, 2024, The Europe Today: China’s general public budget spending increased by 3.4 percent year on year to 10.8359 trillion yuan (approximately 1.52 trillion U.S. dollars) in the first five months of 2024, according to the Ministry of Finance on Monday.

Key sectors, including education, social security, and employment, accounted for the largest portions of public budget spending. Meanwhile, sectors related to agriculture, forestry, and water conservancy experienced the fastest growth during this period.

The Ministry’s data also revealed a 2.8 percent year-on-year decrease in China’s general public budget revenue, totaling 9.6912 trillion yuan in the first five months. The Ministry explained that after adjusting for factors such as last year’s tax relief measures for micro, small, and medium-sized enterprises, there could be a comparable increase of about 2 percent in revenue.

Tax revenue specifically amounted to 8.0462 trillion yuan from January to May, reflecting a 5.1 percent year-on-year decline. However, after accounting for the impact of special factors, there is a comparable increase of approximately 0.5 percent.