China 2024-04-15T05:14:42+03:00
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China's fiscal revenue falls in first 9 months

China's fiscal revenue falls in first 9 months

finance, China, statistics, PRC, Fiscal revenue
China's yuan. Photo by Xinhua.
China's yuan. Photo by Xinhua.

China's fiscal revenue dropped 6.6% year on year during the first nine months of 2022, official data showed. This was reported by The Xinhua News Agency.

The country's fiscal revenue amounted to approximately ¥15.3 trln (about $2.13 trln) during this period, according to the Ministry of Finance.

Excluding the impact of value-added tax credit refunds, fiscal revenue grew 4.1% from a year earlier.

The central government collected about ¥6.99 trln in fiscal revenue, down 8.6%, and local governments collected ¥8.32 trln, down 4.9%.

Tax revenue came in at nearly ¥12.44 trln in the January-September period, down 11.6% year on year.

Fiscal spending rose 6.2% year on year to hit around 19.04 trln during the period, according to the ministry.

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