Marginal rise in China’s November fiscal spending
Print Edition
CHINA’S fiscal spending in November rose marginally year on year, suggesting a weaker-than-expected support for economic growth.
The fiscal expenditures rose 0.8 percent from a year earlier to 1.28 trillion yuan (US$207 billion) in November, the Ministry of Finance said yesterday.
That compared with a 10.1 percent increase recorded in the first 11 months. Total spending amounted to 12.63 trillion yuan so far this year, completing 82.5 percent of the annual budget.
The ministry attributed the slowdown to accelerated spending in the earlier part of the year to boost the economy.
China International Capital Corp said that slower fiscal spending in the fourth quarter marks insufficient government support for China’s economic growth, already dragged down by a property downturn.
It said expenditure in December will continue to grow slowly due to monthly deficit controls and central government’s call to contain extravagant spending.
Concerning the government’s income, the finance ministry yesterday said China’s fiscal revenue rose 9.1 percent year on year in November to 995.3 billion yuan. That slowed down from October’s 9.4 percent increase but still outpaced the 8.3 percent growth for the first 11 months of this year.
Central government revenue recorded a 12.1 percent year-on-year boost due to the increase in revenue collected from financial institutions.
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