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China's fiscal growth slows down in July, finances stay tight

GROWTH in China's fiscal revenues slowed down in July and the government's finances this year remain tight, the Ministry of Finance said today.

Fiscal revenue grew 10.2 percent year on year to 669.6 billion yuan (US$98 billion) in July, down from 19.6-percent growth in June, the ministry said today on its Website.

"China's fiscal revenue has been growing from a year-on-year basis on the recovering economy," the ministry said. "However this year's whole-year fiscal revenue is still tight despite the recent growth."

China's fiscal revenue started to post year-on-year growth for three straight months since May after posting four straight months of falls.

Despite the recent growth, China's total fiscal revenue still edged down to 4.07 trillion yuan in the first seven months, a drop of 0.5 percent from a year ago.

China's shrinking tax income contributed to the falling fiscal revenue, dropping 3.5 percent year on year to 3.55 trillion yuan in the first seven months.

The falls included corporate income tax, value added tax on imports, tariffs, consumption tax and stamp duty on stock transactions.

In the same period, tax rebates on exports rose 17.9 percent as the central government granted more rebates on exports to revive the sector.

China's exports slid 23 percent year on year in July to US$105.4 billion. The sector has posted seven straight months of falls this year as the industry hardest hit by the global economic meltdown.

Authorities have already made efforts to strengthen fiscal income collection to fight tax evasion.


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