Rise in China’s fiscal income slows
Print Edition
GROWTH in China’s fiscal revenue remained low in April, while expenditure accelerated sharply, underscoring government efforts to combat downward pressure on the economy.
In the first four months of 2015, fiscal revenue gained 5.1 percent to 4.99 trillion yuan (US$804 billion), 6.3 percentage points lower than the rise seen in the same period last year.
The Ministry of Finance blamed lower global commodity prices that sparked a fall in import value, combined with slowing industrial activity.
Last month, the central government collected 628.5 billion yuan in fiscal revenue, up 8.1 percent year on year, while local governments saw fiscal revenue expand 8.2 percent to 721.7 billion yuan.
Affected by the sluggish property market, the real estate business tax fell 11.9 percent year on year, and deed tax tumbled 12.8 percent to 27.8 billion yuan.
In the same month, the national fiscal spending grew 33.2 percent from a year ago to 1.25 trillion yuan, with expenditure on transport surging 57.8 percent.
The slower fiscal revenue growth came as China’s year-on-year economic growth in the first quarter was 7 percent, the lowest quarterly growth rate since 2009.
The ministry last month urged local authorities to advance fiscal and tax reforms as it worries that slowing revenue would negatively impact meeting the 2015 development target.
The ministry asked local authorities to deepen fiscal reform, cut red tape and spend unused fiscal funds. They were also told to speed up local government debt issuance, improve management of fiscal funds and accelerate expenditure.
Premier Li Keqiang, speaking at the opening of the annual parliamentary session, stressed that a proactive fiscal policy and prudent monetary policy would continue in 2015 in a bid to hit the growth target of around 7 percent for the year.
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