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This issue provides an overview of the macroeconomic trends in Q4 2021, some policy updates and hot topic analysis.
Here are some macro-economic highlights:
Growth of aggregate financing to the real economy reduced by 3.44 trillion yuan in 2021
According to People’s Bank of China (PBoC), total aggregate financing to the real economy (AFRE) increased by 31.35 trillion yuan in 2021, which was 3.44 trillion yuan less than in 2020 but 5.68 trillion yuan more than in 2019.
Fiscal revenue increased by 10.7% while fiscal spending stayed flat
In 2021, fiscal revenue recorded a stable growth as a result of economic recovery and the rising industrial producer price index. The national public budget revenue grew by 10.7% year-on-year to 20.25 trillion yuan, an increase of 6.4% compared to 2019. It nearly doubled compared to 11.73 trillion yuan in 2012.
In January 2022, China’s State Council, the Central People’s Government released its “14th Five-Year Plan on Digital Economy Development”. This is the first time that China lists digital economy as one of the top priorities for national economic development. It is the supplement and extension of the fifth chapter (Accelerating Digital Development and Building a Digital China) of the “14th Five-Year Plan (2021-2025) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035” announced in early 2021.
Asia Pacific and China Tax Lead Partner, Central China Markets Leader, Shanghai Office Lead Partner, PwC China
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