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China's 2012 fiscal revenues rise 12.8 percent
Source: Shanghai Daily |
January 22, 2013, Tuesday
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Online Edition
Online Edition
China's fiscal revenue growth slowed sharply in 2012 due to economic downshift and tax breaks, the Ministry of Finance (MOF) said today.
The nation's fiscal revenues rose 12.8 percent year-on-year to 11.7 trillion yuan (US$1.9 trillion) in 2012, with the growth rate dropping 12.2 percentage points from a year earlier, the MOF said in a statement.
The ministry attributed the slowdown to a softening economy, weakening corporate profits, milder inflation and structural tax breaks.
China's fiscal spending climbed 15.1 percent year on year to 12.6 trillion yuan in 2012, according to MOF data.
The nation's fiscal revenues rose 12.8 percent year-on-year to 11.7 trillion yuan (US$1.9 trillion) in 2012, with the growth rate dropping 12.2 percentage points from a year earlier, the MOF said in a statement.
The ministry attributed the slowdown to a softening economy, weakening corporate profits, milder inflation and structural tax breaks.
China's fiscal spending climbed 15.1 percent year on year to 12.6 trillion yuan in 2012, according to MOF data.
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