China September fiscal revenue rises 12.1%, slower growth expected(69406)

China September fiscal revenue rises 12.1%, slower growth expected

China s fiscal revenue stood at 628.72 billion yuan (94.66 billion U.S. dollars) in September, up 12.1% from a year earlier, the Ministry of Finance announced.

For the first nine months this year, fiscal revenues rose 22.4% from the same period last year to 6.3 trillion yuan. In which, central fiscal revenues were up 20.7% from a year earlier to 3.32 trillion yuan, while local governments collected about 2.98 trillion yuan, up 24.2% year on year.

Meanwhile, national fiscal spending was up 28.8% year on year to stand at 846.9 billion yuan in September. For the first nine months, nationwide expenditures totaled 5.45 trillion yuan, an annual increase of 20.6%.

The ministry attributed the revenue growth in the first nine months to China s relatively rapid economic recovery.

However, China has seen a slowdown in fiscal revenue growth on a quarterly basis, as the annual growth of revenue for the third quarter this year was 12.2%, compared with the 22.7% for the second quarter and 34% for the first.

The ministry expected the declining trend of revenue growth to continue in the fourth quarter due to a relatively slower economic growth and high comparison basis for the same period last year.

China September fiscal revenue rises 12.1%, slower growth expected

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