July fiscal spending more than doubles
By Richard Fu |
August 11, 2012, Saturday
|
Print Edition
Print Edition
CHINA'S fiscal spending rose last month, more than doubling the pace recorded in June, the latest evidence the government is boosting investment to combat an economic slowdown.
Fiscal expenditure jumped 37.1 percent on an annual basis to 952.8 billion yuan (US$149.8 billion) in July after rising 17.7 percent in June, the Ministry of Finance said yesterday. Of the spending, 167 billion yuan was by the central government while the rest was by local governments.
The economy grew at the slowest pace in more than three years in the second quarter while the latest monthly data also pointed to weaker growth in industrial output and retail sales, raising expectations the government will take further steps to stimulate growth.
China has been fast-tracking approval of several major infrastructure projects and providing subsidies for energy-saving home appliances to bolster growth.
The finance ministry said fiscal expenditure was focused on areas to improve people's livelihood. Fiscal expenditure jumped 39.2 percent on affordable housing and 32 percent on education in the first seven months. In total, fiscal spending rose 23.4 percent in the January-July period compared with a year earlier.
Yesterday's data also showed fiscal revenues grew 8.2 percent to 1.07 trillion yuan in July, slowing from a 9.8 percent rise in June.
Receipts from corporate income tax rose 2.8 percent in July due to falling corporate earnings and tax reductions while revenue from value-added tax increased 0.7 percent.
Fiscal expenditure jumped 37.1 percent on an annual basis to 952.8 billion yuan (US$149.8 billion) in July after rising 17.7 percent in June, the Ministry of Finance said yesterday. Of the spending, 167 billion yuan was by the central government while the rest was by local governments.
The economy grew at the slowest pace in more than three years in the second quarter while the latest monthly data also pointed to weaker growth in industrial output and retail sales, raising expectations the government will take further steps to stimulate growth.
China has been fast-tracking approval of several major infrastructure projects and providing subsidies for energy-saving home appliances to bolster growth.
The finance ministry said fiscal expenditure was focused on areas to improve people's livelihood. Fiscal expenditure jumped 39.2 percent on affordable housing and 32 percent on education in the first seven months. In total, fiscal spending rose 23.4 percent in the January-July period compared with a year earlier.
Yesterday's data also showed fiscal revenues grew 8.2 percent to 1.07 trillion yuan in July, slowing from a 9.8 percent rise in June.
Receipts from corporate income tax rose 2.8 percent in July due to falling corporate earnings and tax reductions while revenue from value-added tax increased 0.7 percent.
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