Fiscal revenue soars
Source: Xinhua |
August 12, 2010, Thursday
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Print Edition
Print Edition
CHINA'S fiscal revenue jumped 25.7 percent from a year earlier to 5.1 trillion yuan (US$750 billion) in the first seven months of this year, the Ministry of Finance said yesterday.
In July alone, the fiscal revenue reached 778.32 billion yuan, up 16.2 percent year on year, the ministry said in a statement on its website.
The monthly growth rate in July rebounded from 14.7 percent in June, but was still slower than May's 20.5 percent.
Of the total, the January-July central fiscal revenue stood at 2.7 trillion yuan, while local governments collected about 2.4 trillion yuan, both up 25.7 percent year on year, according to the statement.
The ministry attributed July's slower growth to a relatively high comparison base over the same period last year, when China's economy began recovering from the global economic downturn.
The ministry estimates that the country's fiscal revenue growth will continue to slow in the coming months due to a rising comparison base last year and a slowing economy.
In July alone, the fiscal revenue reached 778.32 billion yuan, up 16.2 percent year on year, the ministry said in a statement on its website.
The monthly growth rate in July rebounded from 14.7 percent in June, but was still slower than May's 20.5 percent.
Of the total, the January-July central fiscal revenue stood at 2.7 trillion yuan, while local governments collected about 2.4 trillion yuan, both up 25.7 percent year on year, according to the statement.
The ministry attributed July's slower growth to a relatively high comparison base over the same period last year, when China's economy began recovering from the global economic downturn.
The ministry estimates that the country's fiscal revenue growth will continue to slow in the coming months due to a rising comparison base last year and a slowing economy.
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