China's fiscal revenue expands slower in Q1
By Richard Fu |
April 16, 2013, Tuesday
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Print Edition
Print Edition
CHINA'S fiscal revenue grew at a slower pace in the first quarter due to tepid economic expansion, tax cut policies and slowing imports, the Ministry of Finance said yesterday.
The country's fiscal income added 6.9 percent to 3.2 trillion yuan (US$517 billion) in the first three months, after rising 14.7 percent in the same period last year. The central government's fiscal revenue fell 0.2 percent to 1.46 trillion yuan, while local governments' gained 13.7 percent to 1.74 trillion yuan.
The ministry said local governments earned more in revenue on activity in the housing market, which created taxes for them.
The nation's total tax income rose 6 percent to 2.74 trillion yuan in the first quarter, after gaining 10.3 percent a year earlier.
China's fiscal revenues include taxes, administrative fees and other sources like fines and earnings from state-owned assets.
The fiscal spending surged 12.1 percent to 2.7 trillion yuan in the quarter, the ministry said. Spending on education rose 9.3 percent to 382 billion yuan while healthcare expenses jumped 22.2 percent to 158 billion yuan.
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