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December 14, 2016

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Fiscal revenue rises slower but spending climbs faster

CHINA’S fiscal revenue rose slower in November amid a cooling economy while growth in fiscal spending continued to outpace that of revenue, the Ministry of Finance said yesterday.

Fiscal revenue rose 3.1 percent in November from the same month of last year to 1.15 trillion yuan (US$166.5 billion), data from the ministry showed.

But the growth slowed from the 5.9 percent increase in October. The slowdown was expected as the ministry said in October that the country would face a grim situation in fiscal revenue increase in the last quarter of the year amid continued economic downward pressure.

Tax revenue fell 2.5 percent annually to 855.4 billion yuan in November, reversing from a 7.2 percent gain in October as China continued to lower business costs as part of the broad supply-side structural reform.

In the first 11 months, fiscal revenue totaled 14.83 trillion yuan, up 5.7 percent year on year, the ministry.

However, China’s fiscal spending touched 1.81 trillion yuan last month, up 12.2 percent year on year. In the first 11 months, fiscal spending rose 10.2 percent to 16.58 trillion yuan.

Standard Chartered Bank economist Ding Shuang said China may set a higher budget deficit goal of 3.5 percent of GDP for 2017.


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