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Revenue rises slowly; spending surges
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China’s fiscal revenue rose slower in August while expenditure surged to the biggest since April as the government undertook a more expansionary fiscal policy, the Ministry of Finance said yesterday.
Government revenue gained 6.2 percent year on year to 967.1 billion yuan (US$152 billion) in August, down from a 12.5 percent rise in July and a 13.9 percent jump in June.
“Declining producer prices, slowing imports, ongoing structural tax cuts and fee deductions were the main drivers for the sluggish revenue growth,” the ministry said.
Corporate income taxes dropped 15.4 percent in August, while contributions from the value-added tax on imported goods and consumption taxes fell 16 percent.
The ministry cautioned that the “growth of fiscal revenue still faces relatively big pressure in coming months.”
Revenue in the first eight months totaled 10.4 trillion yuan, up 7.4 percent year on year.
Fiscal spending jumped 25.9 percent last month — the biggest rise since April — to 1.3 trillion yuan, outpacing a 24.1 percent growth in July.
Overall spending in the first eight months added 14.8 percent to 10.3 trillion yuan.
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