China’s 2021 Fiscal Revenues Rise 10.7% from 2020

China’s fiscal revenues rose 10.7% to 20.25 trillion yuan ($3.2 trillion) in 2021 from a year earlier, exceeding the government’s goal of an 8.1% increase, the Finance Ministry said Tuesday.

Both the central government and local governments topped their goals for fiscal revenues, bolstered by economic recovery and increases in producer prices, Vice Finance Minister Xu Hongcai said at a news conference.

China’s GDP grew 8.1% in 2021. However, that partly reflected a low comparison base in 2020, when the economy was disrupted by Covid-19 and expanded just 2.2%.