Beijing’s Stimulus Measures Propel Tax Revenue Growth Amid Weak Consumption Confidence
Stimulus Measures Elevate Tax Revenue
Beijing's recent stimulus measures have successfully driven tax revenue growth, marking a significant change in fiscal dynamics.
Year-on-Year Growth in October
- Tax revenue increased by 1.8% to 1.907 trillion yuan (US$263 billion).
- Non-tax revenue surged by 40%, boosting total fiscal receipts by 5.5%.
These shifts coincide with improved consumer sentiment, especially evident during the Double 11 shopping festival.
Impact of Local Government Spending
Fiscal expenditure also grew by 10.4% in October, demonstrating increased spending among local governments to stimulate the economy.
- Growth in spending is aimed at achieving the national economic target of around 5%.
Experts from Guosheng Securities see a significant shift in the central government’s approach, emphasizing the potential for new policies to emerge in the near term.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.