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E-mail China.org.cn, February 17, 2025
Shou Xiaoli:
Thank you, Mr. Liao. The floor is now open for questions.
21st Century Business Herald:
Everyone is generally concerned about the state of fiscal operations. How do you view the fiscal revenue and expenditure situation in 2024? Have the budget goals set at the beginning of the year been achieved? Thank you.
Liao Min:
Thank you for your questions. At present, the annual fiscal revenue and expenditure data is being compiled. Based on the preliminary information we have, which I briefly introduced earlier, I will give you further analysis. The fiscal performance in 2024 can be summarized in three sentences:
First, the overall trend has improved. As we know, in the first nine months, national general public budget revenue decreased by 2.2% due to factors such as insufficient demand, negative PPI growth and revenue reductions from policy changes. However, starting in October, the implementation of a series of incremental policies effectively boosted social confidence, leading to an economic rebound and a positive shift in fiscal revenue growth, which steadily increased month by month. In the following months, the year-on-year monthly growth rate of national general public budget revenue remained positive and continued to rise.
Second, the goal of balancing revenue and expenditure can be achieved. On the revenue side, a recovery trend has been maintained, and annual fiscal revenue is expected to meet the budget target. On the expenditure side, national general public budget expenditure exceeded 28 trillion yuan, providing essential financial support for economic and social development, thereby ensuring a balanced budget for the year.
Third, key priorities have been effectively ensured. The structure of fiscal expenditure has been further optimized. For example, investment in essential livelihood services and key sectors has increased, ensuring sufficient funding for areas such as education, agriculture, forestry and water management, social security and employment, and housing support. In the first 11 months, spending on social security and employment exceeded 3.8 trillion yuan, while education expenditure surpassed 3.6 trillion yuan, totaling approximately 7.4 trillion yuan — about one-third of general public budget expenditure — providing significant support. Additionally, spending on agriculture, forestry and water management exceeded 2.2 trillion yuan. These figures show that fiscal support for key areas has remained strong.
These three points offer a brief overview of the situation regarding general public budget revenue and expenditure. Detailed data on annual fiscal revenue and expenditure will be released to the public in due course, following appropriate procedures. Thanks for your questions.
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