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China's fiscal revenue rises 4.2%
Source: Xinhua |
September 12, 2012, Wednesday
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Print Edition
Print Edition
CHINA'S fiscal revenues grew 4.2 percent annually to 786.3 billion yuan (US$124 billion) in August, the Ministry of Finance said yesterday.
The country's central fiscal revenue dropped 6.7 percent annually to 376.5 billion yuan last month, while that of local governments rose 16.8 percent to 409.8 billion yuan, the ministry said in a statement.
During the first eight months, China's fiscal revenues grew by 10.8 percent from a year earlier to 8.23 trillion yuan, the statement said.
The growth rate shed 20.1 percentage points from the same period last year.
The ministry attributed the slower growth to the slowing economy, falling prices and structural tax reductions.
China's economy expanded 7.8 percent annually in the first half of 2012, down 1.8 percentage points from a year earlier.
The consumer price index, a key gauge of inflation, rose 2 percent year on year in August, accelerating from 1.8 percent in July, the National Bureau of Statistics said.
Tax revenues nationwide rose 8.9 percent annually to 7.06 trillion yuan in the first eight months, accounting for 85.78 percent of the nation's total fiscal revenues.
In August, revenues from value-added taxes, which make up a majority of total tax revenues, dropped 8.5 percent year on year to 179.3 billion yuan.
The statement attributed the decline to a slowdown in industrial growth, increasing moderation of factory prices and structural tax cuts.
Business tax revenues increased 15.2 percent to 108.2 billion yuan last month, as business tax from the financial sector jumped 38.5 percent and that of the property sector rose 21 percent on rising sales.
Corporate income taxes surged 47.2 percent annually to 72.9 billion yuan last month, according to the statement.
The country's central fiscal revenue dropped 6.7 percent annually to 376.5 billion yuan last month, while that of local governments rose 16.8 percent to 409.8 billion yuan, the ministry said in a statement.
During the first eight months, China's fiscal revenues grew by 10.8 percent from a year earlier to 8.23 trillion yuan, the statement said.
The growth rate shed 20.1 percentage points from the same period last year.
The ministry attributed the slower growth to the slowing economy, falling prices and structural tax reductions.
China's economy expanded 7.8 percent annually in the first half of 2012, down 1.8 percentage points from a year earlier.
The consumer price index, a key gauge of inflation, rose 2 percent year on year in August, accelerating from 1.8 percent in July, the National Bureau of Statistics said.
Tax revenues nationwide rose 8.9 percent annually to 7.06 trillion yuan in the first eight months, accounting for 85.78 percent of the nation's total fiscal revenues.
In August, revenues from value-added taxes, which make up a majority of total tax revenues, dropped 8.5 percent year on year to 179.3 billion yuan.
The statement attributed the decline to a slowdown in industrial growth, increasing moderation of factory prices and structural tax cuts.
Business tax revenues increased 15.2 percent to 108.2 billion yuan last month, as business tax from the financial sector jumped 38.5 percent and that of the property sector rose 21 percent on rising sales.
Corporate income taxes surged 47.2 percent annually to 72.9 billion yuan last month, according to the statement.
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