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Growth of fiscal spending slows in May
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GROWTH of China's fiscal expenditures slowed to 2.6 percent to 1.31 trillion yuan (US$211.1 billion) in May, down from a rise of 33.2 percent in April, Ministry of Finance said today.
Central government spending rose 8.6 percent from a year ago, slowing from 19.7 percent in April, while growth in local government spending slid to 1.2 percent from 36.7 percent, the ministry said.
The sharp slowdown in local spending came after local governments "earmarked spending in advance in some key projects", the ministry said without making it specified.
Fiscal revenues grew 5 percent to 1.43 trillion yuan in May from a year earlier, slowing from a 8.2 percent rise in April.
Due to the plunge of import commodity price and cooling real estate sector, value-added taxed and consumption taxes dropped 20.5 percent to 98.2 billion yuan while tariff income decreased 18.5 percent to 20.4 billion yuan, the ministry said.
The minister announced in a separate note on Wednesday that it has approved a second batch of local government debt swaps worth 1 trillion yuan to ease the financial strains, doubling the size of the existing swap program announced in March.
Zhao Yang, analyst at Nomura Securities Co, expected that around 4.1 trillion yuan local government debt would expire in 2015, and fiscal pressure remains high to call for further increase in the quota and other solutions like public-private partnerships.
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