China's fiscal revenue growth continued to slow in the first quarter, mainly as a result of the country's tempered economic expansion, structural tax reforms and slowing imports, the Ministry of Finance said Monday.

 

The nation's fiscal revenue grew 6.9 percent year-on-year to 3.2 trillion yuan ($513 billion) in the first quarter, slowing from the 14.7-percent rate seen in the same period last year, the ministry said in a statement.

 

In 2012, China's fiscal revenue saw a rise of 12.8 percent.

 

The ministry attributed the slower growth to tepid economic strength, ongoing tax breaks, slowing imports and the high comparison base of last year.

 

In the first three months, the central government collected 1.46 trillion yuan in fiscal revenue, down 0.2 percent year-on- year, while local governments saw fiscal revenue expand 13.7 percent to 1.74 trillion yuan on the back of robust transactions in the housing market, the ministry said.

 

Of the total fiscal revenue, tax income totalled 2.74 trillion yuan, up 6 percent from a year earlier, but the growth rate was down 4.3 percentage points from the same period in 2012.

 

Fiscal revenue in China includes taxes, administrative fees and other government income, including fines and earnings from State-owned assets.

 

The country's fiscal spending climbed 12.1 percent year on year to 2.7 trillion yuan in the first quarter, according to MOF. 

Name

Email

Title

Comment

smaller | bigger

Subscribe via email (Registered users only)

I have read and agree to the Terms of Usage.

Write the displayed characters

Add Comment