China's economic, social progress in 2023: Fiscal expansion and AFRE growth buttresses country for economic recovery

Despite the aftershocks of the COVID-19 pandemic and complex international environment in 2023, China’s fiscal revenue and total social financing still showed steady growth over the year, paving way for further economic recovery and prosperity in the coming year.

-The total general public budget revenue for the whole year was 21.6784 trillion yuan, an increase of 6.4% over the previous year; among which tax revenue was 18.1129 trillion yuan, an increase of 8.7%.

-The total general public budget expenditure for the whole year was 27.4574 trillion yuan, an increase of 5.4% over the previous year.

-The increment of the aggregate financing to the real economy(AFRE) for the whole year was 35.6 trillion yuan. By the end of the year, the stock of AFRE was 378.1 trillion yuan, a 9.5% increase compared to the end of the previous year, including the balance of RMB loans issued to the real economy, which reached 235.5 trillion yuan, an increase of 10.4%.