China's Oct fiscal revenue rises 14.8% year-on-year

BEIJING - China's fiscal revenue intake in October rose 14.8 percent year-on-year to 786.03 billion yuan ($118.66 billion) though the growth rate is likely to slow over the rest of the year, the Ministry of Finance (MOF) said Thursday.

The October figure took China's fiscal revenue in the first ten months to 7.0899 trillion yuan ($1.07 trillion), up 21.5 percent year-on-year, the MOF said in a statement on its website.

From January to October, central fiscal revenues increased 19.3 percent year-on-year to about 3.7363 trillion yuan, a slowdown from the 20.7-percent growth rate in the January-September period.

In the first ten months, local governments collected about 3.3537 trillion yuan in revenue, up 24.1 percent year-on-year, according to the statement.

On the expenditure side, national fiscal spending jumped 38.5 percent year-on-year to 648.83 billion yuan in October.

For the January-October period, nationwide expenditure rose 22.3 percent year-on-year to 6.0993 trillion yuan, the statement said.

The ministry said it expects the year-on-year rate of increase of fiscal revenue growth to slow in November and December compared to October amid slower economic growth and last year's high comparison base.