SMM News: recently, the Ministry of Finance announced the financial revenue and expenditure in the first half of 2020.

In terms of general public budget revenue, from January to June, the national general public budget revenue totaled 9.6176 trillion yuan, down 10.8% from the same period last year. Among them, among the taxes related to land and real estate, the deed tax was 310.8 billion yuan, down 2.4% from the same period last year; the land value-added tax was 325.4 billion yuan, down 8.7% from the same period last year; the property tax was 139.8 billion yuan, down 5.3% from the same period last year; the cultivated land occupation tax was 75.7 billion yuan, down 8% from the same period last year; and the urban land use tax was 105 billion yuan, down 7.3% from the same period last year.

According to the general public budget expenditure, from January to June, the national general public budget expenditure totaled 11.6411 trillion yuan, down 5.8% from the same period last year.

The budget revenue of government funds accumulated from January to June, with the national government fund budget revenue of 3.1479 trillion yuan, down 1% from the same period last year. According to the central and local governments, the budgetary income of central government funds was 159.1 billion yuan, down 20% from the same period last year; the budgeted income of local government funds was 2.9888 trillion yuan, an increase of 0.3% over the same period last year, of which the income from the transfer of state-owned land use rights was 2.8129 trillion yuan, an increase of 5.2% over the same period last year.

The budget expenditure of government funds accumulated from January to June, with the national government fund budget expenditure of 4.5212 trillion yuan, an increase of 21.7% over the same period last year. According to the central and local governments, the budget expenditure of the central government fund is 63 billion yuan, down 27.9% from the same period last year; the budget-related expenditure of the local government fund is 4.4582 trillion yuan, an increase of 22.9% over the same period last year, of which 2.882 trillion yuan is related to the income from the transfer of state-owned land use rights, down 10.7% from the same period last year.

On the same day, the Ministry of Finance held a press conference on fiscal revenue and expenditure in the first half of 2020, introduced the fiscal revenue and expenditure in the first half of 2020, and answered reporters' questions.

According to Liu Jinyun, director of the State Treasury payment Center of the Ministry of Finance, judging from the trend of national revenue operation, the national fiscal revenue in the first half of the year increased by-3.9%,-21.4%,-26.1%,-15%,-10%, and 3.2% respectively, showing a continuous upward trend in the second quarter after a sharp decline in revenue in the first quarter. Separately measuring the impact of the epidemic and the impact of tax reduction and exemption measures taken in response to the epidemic, the monthly income growth from January to June was reduced by about 1, 13, 25, 15, 10, and 5 percentage points, respectively.

With regard to the overall issuance of anti-epidemic special treasury bonds, Liu Jinyun replied that as of July 16, 12 issues of anti-epidemic special treasury bonds had been issued, with a total of 720 billion yuan issued, completing 72% of the task of issuing 1 trillion yuan. Among them, 200 billion yuan, 100 billion yuan and 420 billion yuan will be issued for 5 years, 7 years and 10 years respectively. The main features of the issue are as follows: first, the issuing interest rate is in line with market expectations. The average issuing interest rate is 2.75%, which is well linked up with the yield of the secondary market of treasury bonds. Second, the demand for subscription remains strong. The average bid ratio (actual bid volume / planned issuance) reached 2.63 times, 0.1 times higher than the general bookkeeping interest-bearing treasury bonds since June. Third, the market evaluation is positive. Market institutions generally believe that the issuance of anti-epidemic special treasury bonds is highly transparent and the rhythm is relatively balanced, thus maintaining the smooth operation of the bond market.

In addition, with regard to the issuance and use of government special bonds in the first half of the year, Wang Kebing, an inspector of the Budget Department, said that with the examination and approval of the National people's Congress, 3.75 trillion yuan of new special bonds will be arranged in 2020, an increase of 74.4 percent over the previous year. With the approval of the State Council, the new special bond quota of 2.29 trillion yuan was issued in advance in three batches, and the fourth batch of 1.26 trillion yuan was just issued recently. Since the beginning of this year, the issuance of new special bonds has been used well.

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