Hello to all our viewers! Welcome to the program “The Truth of a Century”.
In 2024, the financial situation of the Chinese Communist Party (CCP) authorities can be described as “building up a mountain of debt”.
The Vice President of Central University of Finance and Economics revealed that the debt of local CCP governments is close to one trillion yuan. When adding the central government debt of 30 trillion yuan, the total debt of the CCP currently approaches 130 trillion yuan, while the total GDP in 2023 was 126 trillion.
This means that the combined local and central debt of the CCP has already exceeded 104% of the GDP for the whole year of 2023, far surpassing the international alert line of 60%.
If China is likened to a company operated by the CCP, this company is on the verge of bankruptcy, crying out for money everywhere.
So, what to do? The CCP has once again resorted to the old method of “robbing the rich and sharing the land”, only with some new terms.
Today, we will discuss the four major tactics of the CCP’s “money grab” in 2024 based on public reports from domestic and foreign media.
According to the data from the CCP Ministry of Finance, from January to July 2024, out of the 31 provincial-level administrative regions in China, except for Shanghai with a surplus of 70 billion yuan, the rest of the provinces are in deficit.
Among them, 23 provinces have fiscal deficits exceeding 100 billion yuan; 15 provinces have deficits exceeding 200 billion yuan, and four provinces have deficits exceeding 300 billion yuan. Sichuan ranks first with a deficit of 410 billion yuan.
To increase revenue for local governments, many tax departments in various regions have issued tax notices to local private enterprises, checking back several decades and demanding payment of taxes for those years.
For example, on June 13, WeWei Corporation announced that it had received a tax notice from the tax authority of Zhijiang City, issued by the State Administration of Taxation, demanding the company to declare and pay overdue consumption taxes from January 1, 1994, to October 31, 2009.
The notice stated that Zhijiang Brewery owed 85 million yuan in taxes during the period from January 1994 to October 2009.
On April 18, the Second Taxation Division of the Guangdong Foshan G…
(End of Part 1)