China faces pressure in fiscal revenue
Print Edition
CHINA is facing pressure in fiscal revenue this year as the government’s income grew slowly in September even as it spent aggressively to support economic growth, the Ministry of Finance said in a statement yesterday.
The central and local government revenue rose 6.3 percent to 995.3 billion yuan (US$162.6 billion) in September, while expenditure totaled 1.4 trillion yuan, up 9.1 percent from last year, according to the statement.
In August, revenue rose 6.3 percent while spending climbed 6.2 percent.
The ministry in May urged central and local governments to accelerate spending of their budget on designated projects to maintain economic growth.
“Looking at the fourth quarter, the economy is still slowing and an expansion in value-added tax reform could reduce tax collection,” the ministry said. “A high base last year makes it difficult for the central government to raise revenue this year” adding that local government revenue could also rise slower, resulting in a widening deficit.
The central government revenue has been hurt as export tax refunds increased while receipts of value-added tax and tariffs declined. The local government revenue also rose slower than last year due to a drop in real estate-related taxes, the ministry said.
For the first nine months of this year, the central government revenue gained 6 percent from a year ago, missing the budget by 1 percentage point.
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