The data also showed that the national fiscal revenue growth has improved over the previous two months, rose to 18.7% in March. The other hand, the national fiscal expenditure increased by 34.7%, significantly higher than the level of revenue growth, analysts said, or to reflect the proactive fiscal policy has been launched to provide more liquidity to the real economy has to cope with economic downturn.
Personal income tax decreased by 12.7 billion yuan
The data show that from the main tax revenue in the first quarter, domestic VAT revenue of 660.2 billion yuan, an increase of 5.4%. The Ministry of Finance said that the increase in low, mainly by the industrial added value growth slowed, prices rose in particular, the industrial producer prices sharply down and the implementation of structural tax policies and other factors affecting. Domestic consumption tax revenue of 239.2 billion yuan, an increase of 15.1%. Sales tax revenue of 401.4 billion yuan, an increase of 7.6%. The corporate income tax revenue was 413.9 billion yuan, an increase of 20.5%.
It is worth noting that a quarter of personal income tax revenue of 191.1 billion yuan, down 12.7 billion 
yuan, down 6.2 percent. Mainly affected by the increase in personal income tax payroll deduction of the cost standards, as well as to adjust the individual businesses and business income tax rate structure to reduce impact.
From the expenditure, a quarter of total national expenditures 2.411805 trillion yuan, an increase of 606.448 billion yuan, an increase of 33.6% over the same period last year. Hot Keyboard , The central government spending and 384.198 billion yuan, an increase of 22.7%; local fiscal expenditure of 2.027607 trillion yuan, an increase of 35.9%.
The main tax revenue improved in March
The statistics show that in March the national fiscal revenue of 905.797 billion yuan, an increase of 142.6 billion yuan, an increase of 18.7 percent, well below the 26.7% level of growth in the same period last year. Point of view, a quarter of the national fiscal revenue down 18.4 percentage points higher than the same period last year.
In this regard the Ministry of Finance pointed out that the revenue growth down significantly due mainly to economic growth has slowed, resulting in significant downturn in the main tax increase. On the other hand, prices rose significantly back, including the CPI and PPI, respectively, 1.2 and 7 percentage points lower compared to the same period last year, but also to the turnover tax and other tax revenue increased in current prices dropped correspondingly.
But the first two months of this year, the fiscal revenue growth dropped to its lowest level in nearly seven years, was that many experts predict revenue growth "inflection point" approaching when compared to the growth rate of fiscal revenue in March compared with the previous two months, picked up 5.6 percent, a reflection of fiscal revenue situation has improved.
Improvement in the ring from the growth of all the main taxes than pulled. Domestic VAT in the first quarter revenue of 660.2 billion yuan, an increase of 5.4%, 1.9% historical growth rate than the first two months of low improve by 3 percentage points, a quarter of domestic consumption tax and corporate income tax, respectively, year on year real growth of 15.1% and 15%, increase 0.7% and 3% growth respectively over the first two months of growth, first quarter operating income also realized 401.4 billion yuan, increased by 1.7 percentage points higher than the previous two months.
In addition, some is still negative growth year on year in state taxes fall in income has also narrowed. Ministry of Finance said that the real estate sales decline in first quarter, real estate sales tax decreased by 19.7 billion yuan, down 17.5 percent, but the decline has narrowed by 5 percentage points compared to January-February. On the other hand, the Ministry of Finance said that by the stock market turnover dropped significantly affect the stamp duty on securities transactions in the first quarter revenue of $ 9.2 billion, down 40 billion yuan, a decline of 30%.
To provide liquidity to the real economy
The expenditure side, the national fiscal expenditure in March 1.019391 trillion yuan, an increase of 262.391 billion yuan, an increase of 34.7% over the same month last year. Which the central level expenditure of 152.908 billion yuan, up 19.2 percent; local fiscal expenditure of 866.483 billion yuan, an increase of 37.8%.
Relative to revenue in the doldrums, spending growth continues to remain at a high level, analysts are said to reflect the proactive fiscal policy has begun to play a flexible effect. Gao Hua Securities analyst, said Yu Song, fiscal deposits decreased by 406 billion yuan in March, on the one hand, due to the slowdown in revenue growth, on the other hand, comes from spending the rapid growth of the overall fiscal deposits decreased mean to the real economic mobility, and drop far more than in recent years, the level in March of this year.
Areas of expenditure in the first quarter was significantly higher than the average growth rate of expenditure items, including an increase of 68.2 percent of health care spending, an increase of 74.7 percent of the housing security expenditure, an increase of 64.8% energy saving and environmental protection expenditures and doubled transportation spending, affordable housing projects, livelihood investment growth rate of 2.8 times. The rest of education, agriculture, forestry and water affairs, resource exploration, the power of information spending slightly faster than average growth.
Goldman Sachs expects the full year, the fastest growth in fiscal expenditure will be mainly concentrated in five main areas: affordable housing, transportation, agriculture / water conservancy, education and health care.
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