From January to July this year, Shandong province's general public budget revenue reached 504.2 billion yuan ($77.75 billion), up 22.3 percent and 17.6 percent over the same period in 2020 and 2019 respectively, statistics from the Shandong Provincial Department of Finance showed.

[Photo/Sipa]

Tax revenue is the barometer of the economy as it best reflects the quality of revenue, said local officials. From January to July this year, the province's tax revenue reached 363.8 billion yuan, up 24 percent and 12.9 percent respectively over the same period in 2020 and 2019.

Value-added tax, corporate income tax and personal income tax, which are closely related to economic performance, totaled 212.9 billion yuan, up 26.4 percent and 11.7 percent respectively over the same period in 2020 and 2019.

The tax revenue of the province's secondary industry reached 143.2 billion yuan, up 25.6 percent and 8.8 percent respectively over the same period in 2020 and 2019. Tax revenue from the tertiary industry totaled 199.3 billion yuan, up 33.6 percent and 27.4 percent from the same period in 2020 and 2019 respectively.

Over the period, the province's general public budget expenditure reached 662.8 billion yuan, an increase of 9.8 percent and 4.2 percent over the same period in 2020 and 2019 respectively.

The province spent 67.1 billion yuan on health care, an increase of 12.2 percent and 15.6 percent over the same period in 2020 and 2019 respectively. Spending on education reached 132.9 billion yuan, an increase of 7.9 percent and 8 percent over the same period in 2020 and 2019 respectively.