Fiscal income up 9.4%, spending surges
Print Edition
China’s fiscal revenue grew 9.4 percent year on year in September, while expenditure posted its biggest rise in five months amid government’s efforts to stabilize economic growth, the Ministry of Finance said yesterday.
Government revenue rose 9.4 percent year on year to 1.09 trillion (US$171 billion) in September, compared with a 6.2 percent gain in August.
“Declining producer prices and a structural tax cut amid an economic downturn increased pressure on fiscal revenue,” the ministry said, as it cautioned that fiscal growth in most parts of the country will face difficulties in the fourth quarter.
Corporate income tax dropped 4.3 percent in September due to slowing earnings, while stamp duty on equity transactions doubled to 13.3 billion yuan last month.
Revenue in the first nine months totaled 11.4 trillion yuan, up 7.6 percent.
Fiscal expenditure jumped 26.9 percent to 1.78 trillion yuan in September, posting its highest level since April and faster than an increase of 25.9 percent in July.
Local government spending surged 31.7 percent, the ministry said. Overall spending over the nine months added 16.4 percent to 12.1 trillion yuan.
The world’s second-largest economy is facing its slowest rate of growth in a quarter of a century, with its third-quarter growth falling to 6.9 percent year on year, below 7 percent for the first time in six years.
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