Fiscal Revenue

China’s fiscal revenue saw a yearon-year increase of 21.8 percent in the first six months of the year to exceed 11.7 trillion yuan ($1.8 trillion), official data showed on July 20.

It rose 8.6 percent from the corresponding pre-pandemic level in 2019, according to the Ministry of Finance.

Fiscal expenditure went up 4.5 percent in the first six months from a year earlier to 12.17 trillion yuan ($1.9 trillion). various modes including railways, highways and water routes to the Beibu Gulf in Guangxi Zhuang Autonomous Region, before being shipped off to other parts of the world along the sea routes. The corridor offers a faster alternative for western Chinese provinces and autonomous regions other than transporting goods via the eastern coast.

From January to June, the Chinese section of corridor transported 47,880 20-foot equivalent units of cargo, a notable yearon-year increase of 147 percent, according to official data.

In the same period, landsea freight trains departing from Chongqing made 952 trips, surging 147 percent year on year.

People’s Bank of China (PBC) said on July 16.

Though technically ready for cross-border use, the digital yuan is currently designed mainly for domestic retail payments, the central bank said in a white paper on the progress of the digital yuan.

“Looking ahead, the PBC will actively respond to initiatives of G20 and other international organizations on improving crossborder payments, and explore the applicability of central bank digital currency in cross-border scenarios,” the report read.

The PBC will also work with relevant central banks and monetary authorities to set up exchange arrangements and regulatory cooperation mechanisms on digital fiat currency, according to it.