Fiscal revenue expands 7.2% in May
Print Edition
CHINA’S fiscal revenue continued to grow in May amid a stable economy, rising 7.2 percent year on year to 1.37 trillion yuan (US$220 billion), the Ministry of Finance said yesterday.
Central government revenue hit 749.4 billion yuan last month, up 4.5 percent year on year, while that of local governments totaled 617.6 billion yuan, up 10.7 percent from a year ago.
In the first five months, China’s fiscal revenue climbed 8.8 percent year on year to 6.12 trillion yuan, the ministry said in a report.
The ministry said the rise in fiscal income is in line with the trend of a stabilizing economy. However, growth still faces downward pressure in the coming months due to economic challenges, value-added tax reform and a large base figure from last year.
China’s economy grew 7.4 percent from a year earlier in the first quarter, but below the full-year target of 7.5 percent.
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