Beijing's fiscal revenue has gotten to a strong start in the first quarter of this year, and the city will enhance fiscal and policy support for key areas to bolster the economy, said Han Jie, director of the Beijing Municipal Finance Bureau on Wednesday. 

According to the latest data, from January to February, Beijing’s general public budget revenue increased by 3% year on year to 128.07 billion yuan (US$17.72 billion). In January, fiscal revenue was up by 4.4%, followed by a 3% increase in February. Notably, tax revenue accounted for 83.8% of the total fiscal revenue.

Han attributed the growth to the rapid development of the information services and technology sectors. These industries significantly boosted fiscal revenue growth in the first two months of this year, surpassing their 2019 levels by 10 percentage points. 

In addition, the city’s general public budget expenditure in the first two months reached 165.14 billion yuan, up 5.8% year on year, which accounted for 20.6% of the annual budget. Spending on essential services for citizens increased by 6%, outpacing the overall growth rate of public budget expenditure. Han said these efforts have effectively supported the development of education, healthcare, elderly care, social security, employment and other sectors.

Beijing has always prioritized technology as a key area. This year, the city’s fiscal expenditure on science and technology development accounted for 14.1% of the expenditure in the municipal general public budget, a proportion that tops the whole country.

Furthermore, fiscal policies have played a crucial role in driving industrial upgrading. By focusing on areas such as artificial intelligence, Beijing has established four government funds, each exceeding 10 billion yuan. The city has also set up mechanisms such as subsidized loans and grants to foster the development of cutting-edge industries and build a modern industrial system.

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