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October 17, 2009

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Home » Business » Economy

Fiscal income rises for 5th month

CHINA'S fiscal revenue rose last month to post a fifth straight monthly growth this year, indicating fresh evidence of an economic recovery.

The economic rebound swelled a 33-percent jump in fiscal revenue to 560.9 billion yuan (US$82 billion) last month, the Ministry of Finance said yesterday on its Website.

In the first nine months of this year, China's total fiscal revenue increased 5.3 percent year on year to 5.15 trillion yuan.

Since May, China's fiscal revenue has posted a year-on-year growth after declining for four consecutive months.

In the first nine months, individual income tax and domestic consumption tax rose. But the tax revenue from corporate income, tariffs and stamp duty on share transactions dropped.

Several economic indicators last month have shown that China's economic recovery is picking up momentum.

Foreign investment in China grew 18.9 percent from a year earlier to US$7.9 billion last month.

Even exports, the sector hardest hit by the global financial crisis, improved. September exports tumbled 15.2 percent year on year to US$115.9 billion, the smallest drop this year.

China's fiscal expenditure also soared 32.9 percent to 657.7 billion yuan last month.

Its total fiscal expenditure jumped 24 percent to 4.5 trillion yuan in the first nine months, with most of the funds channeled to public utilities, transport, health care, social welfare, urban affairs and environmental protection.


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