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China's fiscal revenue up 3.8% in January-November period

0 Comment(s)Print E-mail Xinhua, December 18, 2019
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China's fiscal revenue increased 3.8 percent year on year to around 17.9 trillion yuan (about 2.6 trillion U.S. dollars) in the first 11 months of 2019, official data showed Tuesday.

The central government collected about 8.61 trillion yuan in revenue during the period, up 4.8 percent year on year, while local governments saw revenue up 3 percent to about 9.29 trillion yuan, according to data from the Ministry of Finance (MOF).

Specifically, revenue from domestic value-added tax in the period increased 2.3 percent from one year earlier to about 5.79 trillion yuan, while that from domestic consumption tax surged 19.4 percent to 1.24 trillion yuan.

Meanwhile, revenue from individual income tax decreased 26.8 percent year on year to 950.2 billion yuan in the period.

Revenue from value-added tax and consumption tax on imported goods dropped 8.7 percent to 1.47 trillion yuan, while that from tariffs declined 2.2 percent.

China's fiscal spending expanded 7.7 percent year on year to around 20.65 trillion yuan during the January-November period, the MOF data showed.

The central government spent a total of 3.04 trillion yuan in the first 11 months, up 8.3 percent from the same period last year, while local governments' spending grew 7.6 percent year on year to 17.6 trillion yuan.

Expenditure on energy conservation and environmental protection boasted the fastest growth in the period, up 14.3 percent year on year, the ministry said.

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