BEIJING: China’s fiscal revenue increased 5.5% year-on-year (YoY) in October, data from the Ministry of Finance showed Monday. This growth marks a continuation of the positive trend observed in the country’s fiscal performance, aligning with signs of stronger economic recovery momentum.
According to Emirates News Agency, a breakdown of the data reveals that the country’s tax revenue saw a modest increase of 1.8% from a year earlier. The sustained growth in fiscal revenue highlights the ongoing recovery of China’s economy, as noted by Yang Zhiyong, head of the Chinese Academy of Fiscal Sciences.
Despite the positive gains in October, China’s fiscal revenue over the first ten months of the year experienced a slight decline of 1.3% YoY. The central government collected approximately 8.25 trillion yuan (about 1.15 trillion U.S. dollars) in fiscal revenue during this period, representing a 3.9% decrease YoY. In contrast, local governments reported a 0.9% increase in fiscal revenue, totaling around 10.25 trillion
yuan, according to the ministry.
The country’s fiscal expenditure showed a 2.7% YoY increase during the same ten-month period. Notably, the central government’s fiscal expenditure rose by 7.9% YoY, while local governments recorded a 1.8% increase in expenditure.
