Briefly

2022 revenue up 9%, expenditure up 6%

China's fiscal revenue in 2022, excluding the impact of value-added tax — VAT — credit rebates, grew by 9.1 percent to 20.37 trillion yuan ($3.01 trillion) while fiscal expenditure rose by 6.1 percent to 26.06 trillion yuan, the Ministry of Finance said on Monday. Total revenue from VAT was 4.87 trillion yuan, up 4.5 percent, after excluding the impact of VAT credit rebates. Revenue from consumption tax was 1.67 trillion yuan, up more than 20 percent.

Anhui's 2022 GDP rises 3.5% to $671b

The 2022 GDP of East China's Anhui province reached 4.5 trillion yuan ($671 billion), up 3.5 percent year-on-year. Impressed by the positive growth, observers said this will help usher in sound economic and social progress and build a "beautiful Anhui". Hefei-based China Railway No 4 Engineering Group Co Ltd contributed over 120 billion yuan to the province's GDP, showcasing the growing role of the centrally administered State-owned enterprise. In 2022, CREC4 won new contracts worth 276.6 billion yuan in all and earned 152.6 billion yuan in revenue. It also received an honor as the only enterprise to win the title of "China Built" for railway engineering in China.

Trade in services grows to nearly $884b

China's trade in services grew 12.9 percent year-on-year to 5.98 trillion yuan ($884.44 billion) in 2022, the Ministry of Commerce said. Service exports expanded 12.1 percent to 2.85 trillion yuan, and service imports amounted to 3.13 trillion yuan, up 13.5 percent year-on-year, resulting in a deficit of 275.71 billion yuan, the ministry said in an online statement on Monday. Travel services continued to recover in 2022, as trade in this sector grew 8.4 percent to 855.98 billion yuan, the ministry disclosed.

Online retail sales up 4% at $2 trillion

China's online retail sales rose 4 percent to 13.79 trillion yuan ($2.04 trillion) in 2022, said the Ministry of Commerce. Online retail sales of physical goods reached 11.96 trillion yuan last year, up 6.2 percent and accounting for 27.2 percent of China's total retail sales, the ministry said in an online statement on Monday. China's foreign trade via cross-border e-commerce surged 9.8 percent to 2.11 trillion yuan in 2022, the General Administration of Customs said.

China Daily