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Spending takes up over 4 times revenue growth
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CHINA spent more than four times the growth in its fiscal revenue in October as the government accelerated spending to “meet the target of steady growth this year.”
Fiscal spending rose 36.1 percent from a year earlier to 1.35 trillion yuan (US$212 billion) last month, compared with a 5.7 percent annual drop in 2014. Fiscal revenue rose 8.7 percent to 1.44 trillion yuan, the Ministry of Finance said yesterday.
The surge in spending was the biggest percentage rise since July 2012, lifting the total expenditure 18.1 percent in the first 10 months of the year.
Government revenue has been hurt as companies face “downward economic pressure, structural tax cuts” and the slowest annual economic growth in a quarter-century.
“Fiscal revenue will face considerable difficulties in the next two months,” the ministry said in a statement. “As revenue growth slows, fiscal expenditure has clearly been expedited to ensure that all key spending is completed.”
In the first 10 months, 1.7 trillion yuan was spent on education, 1.3 trillion yuan on social security and jobs, and 1 trillion yuan for urban and rural communities.
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