China s fiscal revenue rises 25.7% in first 7 months
China s fiscal revenue jumped 25.7% from a year earlier to 5.11 trillion yuan (about 750 billion U.S. dollars) in the first seven months. In July alone, the fiscal revenue reached 778.32 billion yuan (114.85 billion U.S. dollars), up 16.2% year on year, rebounded from 14.7% in June but was still slower than May's 20.5%, the Ministry of Finance (MOF) announced.
Of the total, the January-July central fiscal revenue stood at 2.7 trillion yuan, while local governments collected about 2.42 trillion yuan, both up 25.7% year on year, according to the MOF. It estimates that the country's fiscal revenue growth will continue to slow in the coming months due to a higher comparison base last year and a slowing economy.
Meanwhile, national fiscal spending rose 16.6% year on year to about 581.1 billion yuan (85.75 billion U.S. dollars) in July, which took nationwide expenditure in the first seven months to 3.96 trillion yuan (584.64 billion U.S. dollars), up 16.9% from a year ago.
China budgeted 1.05 trillion yuan (154.4 billion U.S. dollars) of fiscal deficit this year to support economic growth. The Chinese central government has pledged that it would continue to implement a proactive fiscal policy this year.
China s fiscal deficit hit 950 billion yuan last year, a record high in six years, but still less than 3% of gross domestic product.
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