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Growth in fiscal revenue slows
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The growth in China’s fiscal revenue slowed in August for the third consecutive month but the central government revenue rebounded as the economy recovered, the Ministry of Finance said yesterday.
The country’s fiscal revenue, comprising income from the central and local governments, grew 9.2 percent from a year earlier to 858.8 billion yuan (US$190 billion) in July, slowing from 11 percent in July and 12.1 percent in June, due to tax cuts, according to the ministry.
However, the central government revenue rose 11.2 percent to 422.2 billion yuan, faster than July’s 8.8 percent and June’s 9.9 percent, as economic growth picked up and trade rebounded.
Meanwhile, local governments saw the growth in their August revenue slow to 6.5 percent from 13.5 percent in July.
The ministry said the 3.5 percent growth in central government revenue in the first eight months missed the official annual target of 7 percent set at the beginning of the year.
“The central government revenue rose gradually recently for several months but the growth is still lower than the target due to a decline in import tariff collection,” the ministry said.
“We expect central government revenue to continue to rise for the rest of the year as the economy and trade warm up,” the ministry added.
In the first eight months, the government’s fiscal revenue rose 8.1 percent to 8.9 trillion yuan while government spending climbed 8.6 percent to 7.87 trillion yuan.
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