Event: according to the data released by the Ministry of finance, in April 2022, the national general public budget revenue decreased by 41.3% year-on-year, and the previous value increased by 3.4%; In April, the national general public budget expenditure decreased by 2.0% year-on-year, with the previous value increasing by 10.4%. From January to April 2022, the cumulative revenue of national government funds decreased by 27.6% year-on-year, and the previous value was - 25.6%; The cumulative expenditure of national government funds increased by 35.2% year-on-year, compared with the previous value of 43.0%.
The specific interpretation is as follows:
I. under the comprehensive effect of the implementation of the minimum tax rebate policy and the increasing impact of the epidemic on the economy, fiscal revenue fell sharply year-on-year in April.
In April, the general public budget revenue decreased by 41.3% year-on-year, of which the tax revenue decreased by 47.3% (the former value was - 0.2%) year-on-year, and the non tax revenue increased by 10.3% (the former value was 14.9%) year-on-year. The main reason for the year-on-year drop in tax revenue in April is that the tax rebate policy was officially implemented in the current month, and the policy effect was released intensively. Superimposed on the original tax rebate policy, the tax rebate of value-added tax for the whole month was about 800 billion, which was treated by offsetting income. If the 800 billion yuan is included in the statistics again, the year-on-year decline of tax revenue in April will be narrowed to about 4.6%, which is still wider compared with the decline last month, which is mainly related to the rebound of the epidemic disturbing tax related economic activities.
In terms of tax categories, in April, except that the year-on-year growth rate of China's consumption tax revenue was accelerated due to the sharp decline of the base in the same period last year, the year-on-year growth rate of other major taxes fell comprehensively (or the decline deepened), reflecting the negative impact of the overweight of epidemic prevention and control measures on various tax related economic activities. Among them, under the joint action of the implementation of the retention tax rebate policy and the disturbance of industrial production by the epidemic, the year-on-year decline of China's value-added tax revenue in April significantly deepened to - 124.7% from - 4.0% last month.
II. The sharp reduction of fiscal revenue, the disturbance of the epidemic and other factors constrained the expenditure side, and the intensity of fiscal expenditure weakened in April.
In April, general public budget expenditure decreased by 2.0% year-on-year, compared with an increase of 10.4% last month. Considering that the base did not rise but fell in the same period last year, the intensity of fiscal expenditure in April this year was indeed significantly weaker. The main reason behind this is that this year's budget deficit ratio has been reduced to 2.8% from 3.2% of the previous year. Under the constraint of the deficit ratio, the deep year-on-year decline in fiscal revenue growth in April will inevitably affect the intensity of expenditure. In addition, in the context of the rebound of the epidemic, governments at all levels have paid more attention to epidemic prevention and control, and the sealing and control measures under the epidemic have led to the failure of some projects corresponding to expenditure to be smoothly promoted, which is also an important reason for the weakening of fiscal expenditure in April. This can be confirmed by the changes in the growth rate of each sub item expenditure in April.
Specifically, in April, except that the year-on-year growth rate of expenditure on health, agriculture, forestry and water affairs was accelerated compared with that of the previous month, the growth rate of other major sub items decreased significantly, which is in line with the structural characteristics of fiscal expenditure in the high incidence period of the epidemic. It is worth mentioning that the recent downward pressure on the economy has increased, and the importance of stable growth of infrastructure has increased. However, among the three infrastructure expenditures in April, only the year-on-year growth rate of expenditure on agriculture, forestry and water affairs accelerated to 28.4% from 14.0% last month (largely due to the lower base in the same period last year), while the expenditure on urban and rural social affairs and transportation decreased by 11.1% and 7.7% respectively year-on-year (up 7.4% and 7.3% last month). However, the total infrastructure expenditure in April increased by 3.9% year-on-year. Although it was significantly slower than 9.5% last month, it was significantly higher than the overall growth rate of fiscal expenditure.
