Source: China State Council Information Office
China’s fiscal revenue totaled about 16.95 trillion yuan (2.59 trillion U.S. dollars) in the first 11 months of this year, down by 5.3 percent year on year, official data showed on Tuesday.
The decline narrowed from a fall of 5.5 percent in the first 10 months, according to data from the Ministry of Finance.
Tax revenue between January and November fell by 3.7 percent from a year earlier to 14.42 trillion yuan. Revenue from value-added tax, the largest fiscal revenue source of the country, fell by 10.2 percent year on year.
A breakdown showed the central government collected nearly 7.82 trillion yuan in fiscal revenue during the 11 months, down by 9.2 percent year on year, while local governments saw fiscal revenue dipping by 1.7 percent to about 9.13 trillion yuan.
Tuesday’s data also showed the country’s fiscal spending grew by 0.7 percent from a year earlier to nearly 20.78 trillion yuan during the period, with expenditure on social security and employment logging a 10.9-percent year-on-year increase.