Budget expenditure of China in 2019 increased by 8.1%

Budget of China in 2019 increased by 8.1% compared with the previous year, reported the Ministry of Finance.

budget Revenues last year grew by 3.8%. Tax revenues increased by 1% on the background of significant reduction of taxes.

non-tax revenues, including revenues from public enterprises, fines and confiscations, jumped by 20.2%.

In 2019, the budget expenditures made up 23.89 trillion yuan, revenues of 19.04 trillion yuan.

the Reduction of taxes and fees exceeded 2.3 trillion yuan ($329.5 billion) in 2019. The Ministry of Finance of China said that the reduction of taxes and fees will continue in 2020.

the Ministry of Finance has allocated for the year 2020 a quota for the issuance of special bonds by local authorities in the amount of 1.29 trillion yuan. In November, the Chinese authorities have moved to 2019 1 trillion yuan quota for the year 2020 to boost the economy.

Local authorities were used by 55.4% of the quota for the issuance of bonds, the report said the Ministry of Finance.

last year, China’s economy grew 6.1%, the lowest rate since 1990.

the Second largest economy in the world faced with downward pressure amid weakening investment and consumption, and trade conflict with the United States.

while trade tensions eased after the signing of the trade agreement the first phases between Washington and Beijing, the outbreak of coronavirus has created a new threat to the economy.