The financial revenue of the city of Hechi in Guangxi Zhuang autonomous region reached 2.45 billion yuan ($375 million) in the first quarter of 2021, a year-on-year increase of 22.5 percent, and 12.5 percentage points higher than the expected target.
The figure indicates a good start to the first year of the 14th Five-Year Plan period (2021-25), according to the Hechi municipal finance bureau.
Over the past three months, Hechi's fiscal revenues and expenditures performed well, with the general public budget revenue increasing 17.1 percent year-on-year, suggesting a continuous improvement in revenue quality.
Moreover, Hechi's fiscal revenue shows a high growth rate of 22.5 percent year-on-year, 7.7 percentage points higher than the average in Guangxi.
While implementing its tax and fee reduction policy, the fiscal expenditure of the city has been further strengthened, with local general public budget expenditure hitting 8.7 billion yuan, up 3.2 percent year-on-year.
Fiscal investment targeting people's livelihoods reached 6.9 billion yuan, accounting for 79.4 percent of the general public budget expenditure.