Fiscal measures power socioeconomic development in Shanxi
North China's Shanxi province has fully implemented fiscal policies and accelerated the reform of its fiscal and taxation system to support its high-quality development over the past few years.
The province's general public budget revenue increased from 151.6 billion yuan ($21.85 billion) in 2012 to 283.5 billion yuan in 2021 with an average annual growth of 8.9 percent and the general public budget expenditure increased from 276 billion yuan to 504.7 billion yuan with an average annual growth of 7.9 percent.
The Shanxi Department of Finance has coordinated funds to guarantee projects with priority, such as the ecological protection and high-quality development of the Yellow River basin, the development of the Taiyuan-Xinzhou Integrated Economic Zone and central urban agglomeration, as well as the multiplication of market players.
Shanxi has also continuously implemented large-scale tax and fee reductions. Since 2013, the province has cut taxes and fees by over 360 billion yuan.
Special support has been given to technological innovation with annual financial technology expenditures increasing to 8.3 billion yuan in 2021 from 3.3 billion yuan in 2012.
The province has set up special funds to support and optimize the development of small and medium-sized enterprises, optimized compensation and subsidy policies, and promote cooperation between banks and guarantors, benefiting over 300,000 small and micro-sized enterprises and market entities.
In addition, Shanxi has increased its expenditures on people's livelihoods to 397.6 billion yuan in 2021 from 225.3 billion yuan in 2012, with the annual expenditure on people's livelihood accounting for about 80 percent of the province's total fiscal expenditures.
Among the expenditures, 20 billion yuan has been put in employment subsidy funds, helping 5.14 million people in urban areas find employment, and 631.5 billion yuan has been spent in the education sector over the past 10 years.