China's fiscal revenue dropped 10.1% year on year during the first five months of this year, latest data showed, according to The Xinhua News Agency reports.
The country's fiscal revenue amounted to about ¥8.67 trln (about $1.3 trln) during the period, according to the Ministry of Finance.
Excluding the impact of value-added tax (VAT) credit refunds, fiscal revenue grew 2.9% from a year earlier.
The central government and local governments collected ¥4.05 trln and ¥4.62 trln yuan in fiscal revenue, down 11.4% and 8.9%, respectively.
Tax revenue came in at ¥7.25 trln in the January-May period, down 13.6% year on year.
Fiscal spending rose 5.9% year on year to ¥9.91 trln in the first five months.
In 2022, tax refunds and cuts are expected to be about ¥2.5 trln, of which VAT credit refunds will account for some ¥1.5 trln, all of which will go straight to enterprises, according to the country's government work report.
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