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MOF: Over RMB1 trillion deducted from due taxes and fees in 2021

On January 25, the Chinese Ministry of Finance (MOF) publicized 2021 national fiscal report. According to the report, in 2021 China's general budgetary revenue broke through the RMB20 trillion (USD3.15 trillion) threshold to RMB20.25 trillion (USD3.19 trillion), and general budgetary expenditure was RMB24.63 trillion (USD3.88 trillion), up by 0.3%. Meanwhile, in 2021 over RMB1 trillion (USD0.16 trillion) was cut from due taxes and fees.

The Ministry stated that in 2022 it will implement policies focusing upon strengthening economical stability, promoting manufacturing industry and supporting small and micro businesses.