China's fiscal revenue fell 2.7% in the first four months, and stamp taxes on securities transactions plummeted by more than 50%

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The latest data released by the Ministry of Finance of China show that the general public budget revenue in the first four months of this year was 8 trillion yuan, a year-on-year decrease of 2.7%, of which stamp duties fell by 17% year-on-year, land transfer revenue fell by 10% year-on-year, and stamp taxes on securities transactions plummeted by more than 5%. become.

On Monday (20th), China's Ministry of Finance announced fiscal revenue and expenditures, which showed that from January to April, the country's general public budget revenue was 8,092.6 billion yuan, a year-on-year decrease of 2.7%, of which stamp duties fell by 17.1% year-on-year, and the transfer of state-owned land use rights Revenue was 1,053.6 billion yuan, down 10.4% year-on-year, while stamp taxes on securities transactions plummeted 52.7%. Previously, the first quarter fiscal revenue and expenditure released by the Ministry of Finance on April 22 showed that the national general public budget revenue was 6,087.7 ​​billion yuan, a year-on-year decrease of 2.3%.

Senior financial commentator Zheng Xuguang said in an interview with Radio Free Asia on Tuesday that China's continued decline in fiscal revenue in recent months is closely related to the international environment and China's domestic situation. He said: "The stock market transactions are light. Last year's epidemic policy has been withdrawn and the tax-free policy has also been withdrawn. (Government) revenue should increase. But real estate continues to shrink, and in the field of land transfer, local governments have always had troubles, and the establishment of state-owned enterprises has hidden It is a sexual financing platform through which the government borrows money from banks.”

Land transactions slowed down, government finances and tax revenues fell

According to the latest data, in the first four months of this year, national tax revenue was 669.38 billion yuan, a year-on-year decrease of 4.9%, and a year-on-year increase of about 0.5% after deducting the impact of special factors; non-tax revenue was 139.88 billion yuan, a year-on-year increase of 9.4%.

Caixin estimates that China’s land transfer revenue in April fell by 21.2% year-on-year, a decline that was 2.6 percentage points larger than in March, indicating that the real estate industry continues to be sluggish.

Mr. Qian, a businessman from Qingdao, Shandong Province, said in an interview with this station that compared with before the outbreak, the current environment can be described as a world of ice and fire. He lamented: "In the prime areas of Qingdao, the previous housing prices have dropped by about 20 to 30 percent compared to now. In slightly remote locations, many housing prices have been cut in half, and no one is buying them."

There are fewer and fewer new buildings. New buildings outside the Fifth Ring Road in Beijing are 23% off.

Mr. Qian said that he often drives out, and the busy scene of construction sites in the past has disappeared: "There are many unfinished buildings in Qingdao, and there are no new buildings now. When I drive on the road, I can hardly see new buildings under construction. Including some of me Relatives who are engaged in interior decoration said that during the epidemic, there were a lot of decoration projects. Last year and this year after the epidemic, many decoration companies closed down. "

Ma Yili, a real estate agent in Beijing, told this station that it is difficult to sell government land and the price of commercial housing is also falling. He gave an example of a newly-sold property outside the Fifth Ring Road in Beijing. The minimum selling price dropped from more than one million yuan to less than 800,000 yuan, but still no one interested: "Two bedrooms and one living room are less than 800,000 yuan, and about 770,000 yuan." , (the developer) basically gives a profit, the unit price is about 20,000 yuan per square meter, now it is 23% off, a disguised price reduction, with a down payment of 90,000 yuan.”

Last week, governments in many places in China launched a series of real estate optimization policies, including down payment reductions, interest rate cuts, affordable housing refinancing, etc., and also attempted to purchase housing through government state-owned enterprises. An article by Liang Zhonghua published on the China Business Network website on Monday said that these measures may boost housing demand in the short term, speed up the construction progress of projects under construction, and lead to a certain improvement in housing sales and production indicators, but its intensity and sustainability still need to be further improved.