The financial support from the income of state-owned assets is expected to be strengthened. The pace of fiscal expenditure accelerated and continued to tilt towards infrastructure. The support of special bonds for government fund expenditure continued to show.
According to the data of the Ministry of finance, in the first quarter of 2022, the national general public budget revenue was 6203.7 billion yuan, a year-on-year increase of 8.6%, 1.9 percentage points lower than that from January to February. Among them, the local general public budget revenue at the same level was 3308.8 billion yuan, a year-on-year increase of 9.5%, 0.3 percentage points narrower than that from January to February. The national tax revenue was 5245.2 billion yuan, a year-on-year increase of 7.7%, 2.4 percentage points lower than that from January to February; Non tax revenue was 958.5 billion yuan, a year-on-year increase of 14.2%, an increase of 0.5 percentage points over January February. "Steady growth" is this year's policy. The intensity of tax reduction and fee reduction continued to be strengthened. Financial and franchise institutions such as the central bank supplemented fiscal revenue by turning in profits. In the first quarter, the growth of local fiscal revenue and tax revenue continued to narrow. In addition, the year-on-year growth rate of non tax income in the first quarter continued to accelerate compared with that from January to February, and the income of state-owned assets was an important boost.
The steady performance of value-added tax and enterprise income tax is mainly affected by the steady industrial production and the rise in the price of industrial products. The tax related to land and real estate has improved compared with the previous February, which may reflect the slight improvement of real estate transactions. The policies of "stabilizing house price" and "stabilizing land price" are gradually taking effect.
In the first quarter of 2022, the national general public budget expenditure was 6358.7 billion yuan, a year-on-year increase of 8.3%, 1.3 percentage points higher than that from January to February. Among them, the local general public budget expenditure was 5678.3 billion yuan, a year-on-year increase of 8.8%, 1.5 percentage points faster than that in the previous February. Under the force of the steady growth policy, the fiscal expenditure in the first quarter continued to exert force and further tilted to the local government.
Fiscal expenditure in the first quarter continued to tilt to the field of infrastructure. In the first quarter, the public budget spent 491.6 billion yuan on urban and rural communities, with a year-on-year increase of 7.5%, 0.1 percentage point lower than that in the previous February, which was basically the same. The public finance spent 412.1 billion yuan on agriculture, forestry and water, with a year-on-year increase of 8.4%, an increase of 3.9 percentage points over the previous February, corresponding to the higher growth rate of water conservancy project investment in the first quarter. The scale of public financial expenditure on transportation was 325.9 billion yuan, with a year-on-year increase of 10.9%, which was 3.1 percentage points lower than that in the previous February. The epidemic had an impact on the operation and investment of transportation and logistics related industries, but the certainty of infrastructure investment continued to be strong during the year.
In the first quarter of 2022, the budget revenue of national government funds was 1384.2 billion yuan, a year-on-year decrease of 25.6%. The budgeted revenue of local government funds was 1298.9 billion yuan, a year-on-year decrease of 26.5%, 2.2 percentage points lower than that in the previous February; Among them, the income from the transfer of state-owned land use rights reached 11958 billion yuan, a year-on-year decrease of 27.4% and a decrease of 2.1 percentage points. The income from the transfer of state-owned land is still the main item affecting the income of government funds.
In terms of expenditure, in the first quarter of 2022, the national government fund budget expenditure was 2478.7 billion yuan, a year-on-year increase of 43%, an increase of 15.1 percentage points compared with the previous February. The acceleration of local government fund budget related expenditure was the main contribution. The budget related expenditure of local government funds increased by 42.9% year-on-year, an increase of 15.8 percentage points compared with the previous February; However, the income and related expenses from the transfer of state-owned land use rights decreased by 1.5% year-on-year. In the first quarter of last year, there was no significant difference in the year-on-year growth rate of the income related to the transfer of state-owned land use rights and the budget expenditure of local government funds. Mainly due to the absence of special bond issuance in the first quarter of last year, financial funds gave priority to supporting projects under construction; This year, the policy has returned to steady growth, the issuance of special bonds has been significantly accelerated, and the expenditure structure of government funds has been improved, making the year-on-year growth gap between the two expenditures continue to be large.
Risk tip: global inflation is rising too fast; Liquidity flows back to US debt; The impact of the global covid-19 epidemic has expanded.
