Fiscal revenue expands 11% to US$190b in July
Print Edition
China’s fiscal revenue grew 11 percent from a year earlier to 1.18 trillion yuan (US$190 billion) in July, slowing from 12.1 percent in June on tax cuts and a tepid economic recovery, the Ministry of Finance said yesterday.
In July, the central government’s revenue rose 8.8 percent from a year earlier to 604 billion yuan, while local governments’ revenue gained 13.5 percent to 580 billion yuan, driven by a surge in taxes from property and land sales, the ministry said.
This brought the country’s fiscal income to 8.04 trillion yuan in the first seven months of this year, up 8 percent year on year. The pace was 3.6 percentage points slower than in the same period of last year.
Government spending in the January-July period rose 8.9 percent to 6.9 trillion yuan.
The ministry said earlier that fiscal revenue would not increase rapidly in the second half due to the slow economic recovery and ongoing plans to cut taxes.
China’s gross domestic product grew 7.5 percent in the second quarter, weakening further from a 7.7 percent gain in the first three months.
The value-added tax pilot program would be expanded nationwide, effective this month, the ministry said, to help the service sector grow and to reduce the tax burden of corporations.
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