Hunan province's fiscal revenue exceeds 325 billion Yuan in 2021

Hunan Province's local general public budget revenue has achieved generally stable growth while making further progress. It increased 8% to 325.07 billion yuan in 2021, according to the Hunan Provincial Fiscal Work Conference on January 13.

In 2021, the provincial fiscal system has vigorously implemented financial resources construction projects to deliver more tangible results in economic development. All-round efforts have been made to build "three hubs"—developing Hunan into a hub of advanced manufacturing industry of national importance, a hub of technological innovation with core competitiveness, and a hub of reform and opening up in inland regions. The province has focused on improvements in key areas, shored up and reinforced weaknesses, and fostered new drivers of growth. Reform tasks have been accelerated. Hunan Province was commended by the State Council for two consecutive years for solid progress in financial management reform. The province is a front-runner in the country.

Data showed that in 2021 Hunan's local general public budget revenue reached 325.07 billion yuan, a year-on-year increase of 8%. Of the total, tax revenue increased 9.1% to 224.6 billion yuan, and non-tax revenue stood at 100.47 billion yuan or 30.9%. Expenditure in the provincial general public budget was 836.48 billion yuan, an increase of 3.4%. Proportion of people's livelihood expenditure remained at more than 70%.

The conference proposed that in 2022, the province's fiscal system will focus on decisions and plans set by the CPC Central Committee and the CPC Hunan Provincial Committee, and prioritize stability while pursuing progress. Efforts will be made to consolidate foundations, implement the CPC Central Committee’s policy of scaling up tax and fee cuts, and promote financial resources construction projects. The “Year of Budget Reform” action will be launched. Proactive fiscal policies will be adopted to improve efficiency, ensure moderate expenditure intensity, speed up expenditure progress, and increase accuracy and effectiveness. Accounting supervision will be strengthened to improve government debt management, prevent financial operation risks, and promote high-quality financial and economic development.

Translator: Xiao Juan