(Yicai) Jan. 31 -- China’s provincial-level regions saw their fiscal revenues climb last year, with Guangdong’s still ahead of the pack, as tax breaks and other financial help were withdrawn in the wake of the Covid-19 pandemic.

Guangdong’s general public budget revenue, which consists of taxes and fees, was CNY1.4 trillion (USD194.9 billion) in 2023, according to official data. Jiangsu was second with CNY993 billion (USD138.3 billion), while Zhejiang was third and Shanghai fourth at over CNY800 billion each.

Xizang Autonomous Region’s fiscal revenue increased at the fastest pace, jumping by almost 32 percent, followed by Jilin province’s at 26 percent.

Unlike the previous year, all 31 of China’s provincial-level regions had higher fiscal revenues in 2023, reflecting the nation’s economic recovery following the pandemic as well as low local comparative figures the year before due to big tax cuts.

Tax cuts caused large revenue fluctuations in many regions, so data for the two-year period ended Dec. 31 should provide a more accurate picture of revenue growth, according to Luo Zhiheng, chief macroeconomic analyst at Yuekai Securities.

Over the past two years, western provinces came away with the quickest average annual increase of 6.5 percent, he said, adding that the primary driver was rising commodity prices.

By comparison, central regions had annual growth of 4.9 percent, Luo said. Eastern parts added 0.9 percent, dragged down mainly by a decline in exports and a drop in income from land sales. Northeastern regions saw the slowest growth, just 0.1 percent.

The eastern provinces of Guangdong and Jiangsu, the country’s top revenue collectors, suffered declines of 0.9 percent and 0.4 percent, respectively, Luo added.

Editors: Tang Shihua, Emmi Laine