Chongqing — Behind the increase and decrease of specific fiscal figures implies the change of revenue and expenditure flow and the policy orientation and economic performance. What are Chongqing's budgetary revenue and expenditure in the first half of this year, and what kinds of signals are sent?

On July 26, the Information Office of the Chongqing Municipal Government held a press conference on implementing Chongqing's fiscal revenue and expenditure in the first half of the year. Chongqing's fiscal revenue has returned to the level before the epidemic. In the first half of the year, the general public budget revenue reached 121.5 billion yuan, an increase of 15.3% over the same period last year and an increase of 2.4% over the same period in 2019. In terms of total income, tax revenue and non-tax revenue were 85.8 billion yuan and 35.7 billion yuan, respectively, both of which grow steadily.

Li Hong, deputy director and spokesman of Chongqing Finance Bureau, said that Chongqing's fiscal revenue continued to grow steadily in the first half of the year, which was in line with expectations and coincided with the steady and stable economic situation of the whole city. From a concrete analysis, the development of Chongqing’s fiscal revenue has five characteristics.

Firstly, the cumulative growth rate of tax revenue has maintained double-digit growth for five consecutive months, which is in line with the stable growth of the city's economic operation.

Li Hong said that in the first half of the year, Chongqing's GDP grew by 12.8%. The general public budget revenue growth rate is 15.3%, and the two indicators are basically synchronized. The cumulative growth rate of general public budget revenue is positive every month, especially the tax revenue, which directly reflects the economic development. It has increased by more than 20% for five consecutive months.

Secondly, all districts and counties' general public budget revenue has increased positively, which is in line with the judgment of regional coordination of the city's economic operation. In the first half of the year, the general public budget revenue of the first district, northeast Chongqing and southeast Chongqing increased by 14.1%, 23.6%, and 10%, and the overall regional development is balanced. The supporting role of the central city is obvious, and the tax revenue has increased by 22.6%.

From the tax revenue perspective, in the first half of the year, the driving force of tax growth in Chongqing appeared in many places. It is consistent with the judgment that the demand for economic operation of the whole city has rebounded.

"Driven by the accelerated recovery of various industries, industrial transformation and upgrading, and the continuous improvement of corporate profitability, investment and consumption demand in our city has steadily rebounded. The tax revenue of real estate construction, finance, commerce, and other services increased by 14.4%, 18.9%, and 19.7%, respectively," said Li Hong.

In the first half of the year, Chongqing's industrial tax revenue contributed 41% of the city's tax revenue growth. Li Hong said that the manufacturing industry became the strongest engine driving the city's industry and even the whole economy in the first half of the year. The added value of the high-tech manufacturing industry and strategic emerging manufacturing industry increased by 31.9% and 30.1%, respectively, driving the growth of industrial tax revenue by 34.9% and contributing 41% of the tax increase.

In addition, the main tax categories of enterprises have increased rapidly. It is consistent with the judgment of improving the quality and efficiency of the city's economic operation. Li Hong said that the value-added tax and enterprise income tax are strongly related to the operating efficiency of enterprises, and the tax reduction and fee reduction policies for enterprises, tiny and micro-enterprises, and individual businesses, are in place. In the first half of the year, the city's value-added tax and enterprise income tax increased by 28.5% and 22.3%, respectively, increasing by 9.85 billion yuan over the same period last year.

If we analyze the growth rate of general public budget revenue in the first half of the year, we can find that it increased by 23.6% in the first quarter and 15.3% in the second quarter compared with the same period last year. The average growth rate of the two years was 2.6% negative growth in the first quarter and 1% growth in the second quarter.2%” Li Hong said that this set of data shows that our city's macroeconomic policy of stability and continuity in the early stage has made great efforts, and the economic fundamentals have recovered.

Chongqing's fiscal expenditure still maintained a high intensity in the first half of the year in terms of expenditure. The general public budget expenditure was 229.3 billion yuan, an increase of 5.8% over the same period last year. The expenditure on education, science and technology, social security, employment, and housing security only increased. For example, to speed up the construction of science and technology innovation centers with national influence, we have strengthened the system supply and issued 30 financial funds for science and technology innovation. The municipal finance has added 1 billion yuan this year.

In addition to the general public budget, the budgetary revenue of Chongqing's government-managed funds was 111.4 billion yuan, an increase of 31.2% over the previous year, and the expenditure was 98.3 billion yuan, a decrease of 22.6% over the previous year.

The budget revenue of state-owned capital operation is 1.8 billion yuan, down 26.3% from the same period last year. The expenditure is 700 million yuan, a decrease of 11.9% from the same period last year.

The budgetary revenue of social insurance funds was 109.3 billion yuan, an increase of 29.4% over the previous year, and the expenditure was 98 billion yuan, an increase of 6.4% over the previous year.

(Shi Ruiye, as an intern, also contributed to this article)