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September 12, 2009

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Fiscal Revenue Surges In August

CHINA'S fiscal revenue last month surged 36.1 percent over the same month last year to 523.75 billion yuan (US$76.68 billion), the Ministry of Finance said yesterday.

It is the fourth month in a row China's monthly fiscal revenue has risen annually, after it grew 4.8 percent in May.

The ministry said the strong rebound was based on the relatively low basis in August last year.

July's fiscal revenue rose by 10.2 percent.

The August figure brought the total fiscal revenue in the first eight months to 4.59 trillion yuan, or an increase of 2.6 percent from the same period last year.

It is the first time this year accumulative fiscal revenue grew over that in the same period last year.

Analysts said the strong rebound in the August figure was also backed up by a strengthened economic recovery, as indicated by latest economic data.

"Major economic data are suggesting a clearer trend in the consolidation in China's economic recovery," said National Bureau of Statistics spokesman Li Xiaochao.

Li was referring to an acceleration in the growth of the country's industrial output, investment and consumption last month.


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