(Yicai) Feb. 14 -- China's southern Guangdong province maintained its position as the Chinese provincial-level region with the most fiscal income for the 34th consecutive year despite logging a slight dip last year.

Guangdong's general public budget revenue, the sum total of tax and non-tax revenues, fell 2.3 percent to CNY1.35 trillion (USD185.2 billion) in the 12 months ended Dec. 31 from a year earlier, according to official figures.

The fiscal income of eastern Jiangsu province rose 1.1 percent to a record of over CNY1 trillion, reaching the mark for the first time since 2021 and beating that year's figure by about CNY2 billion (USD274.4 million). It dropped below the threshold due to large-scale tax cuts and rebates in 2022.

Guangdong and Jiangsu were the only Chinese provincial-level regions with a fiscal income of more than CNY1 trillion. Zhejiang province ranked third with CNY870.6 billion (USD119.4 billion), followed by Shanghai with CNY837.4 billion and Shandong province with CNY771.1 billion.

Since 2001, Guangdong, Jiangsu, Zhejiang, Shanghai, and Shandong have made up the top five without exception, said Luo Zhiheng, chief economist at Yuekai Securities. The top four mostly match their gross domestic product rankings, Luo added.

Although Shanghai ranks outside the top five in GDP, its significant fiscal income was due to high tax contributions from wholesale and retail, finance, business services, transportation, and foreign trade.

Last year, 26 provincial-level regions logged fiscal income growth, with Guangdong, Henan province, and three others reporting a drop.

By region, fiscal income in the northeast rose 6.2 percent, in the east by 0.8 percent, in the central area by 1.8 percent, and in the west by 3.2 percent, Luo said. The northeast's strong performance was mainly due to high non-tax revenue growth, Luo pointed out.

Due to real estate market adjustments, low inflation, and tax relief policies, the national and local fiscal income growth was lower last year than the prior one. China's general public budget revenue climbed 1.3 percent to CNY21.97 trillion (USD3.01 trillion), while the local figure rose 1.7 percent to CNY11.93 trillion.

Local finances remain under pressure in the short term, with more proactive fiscal policies needed this year, Luo noted. The long-term outlook suggests that as new policy effects emerge and the macro economy improves, fiscal income may gradually be unleashed, promoting stable local financial operations, Luo said.

Editor: Martin Kadiev