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Fiscal revenue rise 14 percent in June
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China's fiscal revenue rose 13.9 percent in June year on year, posting its biggest gain this year partly due to higher property tax payments, the Ministry of Finance said today.
Government revenue reached 1.53 trillion yuan (US$246.5 billion) in June, leading the first half revenue growth 6.6 percent higher to 7.96 trillion yuan.
The revenue gain last month was contributed by taxes paid by companies who posted stronger earnings and a warmer property market, the monthly report said.
Property-related tax income climbed 3.7 percent in June from a year earlier, its first annual increase this year, it added.
Domestic consumption tax surged, up 31.4 percent on a yearly basis to 86.1 billion yuan, while corporate income tax increased 17.5 percent to 274 billion yuan, the ministry said.
Also today, data showed the gross domestic product reached an annual growth of 7 percent in the second quarter of 2015, which is slightly above market expectations.
Experts see the figure to lift hope for China to stabilize its real economy though pressure remains.
"We have to admit that the revenue side is still facing a downward pressure since the market entered a shock stage and GDP growth is expected to keep slowing," said Xu Gao, chief economist at Everbright Securities Co.
Annual growth in fiscal expenditure quickened to 13.9 percent in June from May's 2.6 percent, lifting monthly spending to 1.88 trillion yuan, the ministry said, without giving further elaboration on the allocation. In April, expenditure spiked 33 percent from a year earlier.
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