Published on : 06/08/2024

On August 6, 1952, at the 16th meeting of the Central People's Government Committee, the annual national fiscal revenue and expenditure budget was approved. The report pointed out that 1952 was the first year since the establishment of the People's Republic of China in which the fiscal revenue and expenditure were balanced.

The report noted that compared to the actual revenue and expenditure of 1951, the total revenue and total expenditure plans for 1952 had increased by 41.66% and 55.52% respectively, reaching a complete balance. The income and expenditure for the 1952 budget were both 158.8 billion CNY.

The report mentioned that due to the fundamental improvement of the financial and economic situation, it would be possible to improve the living conditions of administrative, educational and military personnel. Standards for supply and wages for these personnel had already been raised this year. The living conditions of workers and farmers would also improve further compared to last year.

The report also made reference to the unprecedented rate of financial and economic development of the country based on the Korean War, land reform, suppressing reactionaries, and the recovery and reform of the people's economy.

The execution of the 1951 national budget resulted in better situations than previously forecasted. In terms of revenue, the total exceeded the original budget by 80.28%. Among them, urban taxes exceeded by 117.71%, state-owned enterprise profits and depreciation payments exceeded by 101.59%, and agricultural taxes exceeded by 11%.

In addition, according to incomplete statistics, the national purchasing power in 1951 increased by about 25% compared to 1950.