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China's economy is expected to continue to operate within a reasonable range in the fourth quarter, officials from the Ministry of Finance said Thursday. With the low fiscal revenue base in the fourth quarter of last year and the absence of factors to raise the threshold of personal income tax in October last year, the growth of national fiscal revenue is expected to pick up.
Officials from the Ministry of Finance attending the press conference said that from the perspective of the central government, certain financial institutions and profits handed over by the central enterprises will also have some revenue into the Treasury, which is expected to achieve the annual budget target of 5.1% increase in central financial revenue.
"In general, the fiscal revenue in the first three quarters was generally stable. If the tax reduction and other factors are restored, it is expected that the growth rate of the national fiscal revenue will basically match the growth rate of the current price of GDP and remain within a reasonable range." Liu Jinyun, director of the treasury centralized payment center of the Ministry of finance, said.
Officials from the Ministry of Finance attending the conference also said that at present, the effect of tax reduction and fee reduction is good. In the next step, they will continue to pay attention to the tax burden changes of various industries, evaluate the policy effect and improve relevant policies and measures. The reform of consumption tax will be carried out orderly according to the principle of basic stability of the overall tax burden. The Ministry of finance is working with relevant departments to study and draft consumption tax law.


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