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China fiscal revenue grows at slower pace

Updated: Nov 12,2015 4:18 PM     Xinhua

China’s fiscal revenue grew by 8.7 percent year on year to 1.44 trillion yuan ($227 billion) in October, the Ministry of Finance (MOF) said on Nov 12.

The pace slowed from 9.4 percent for September, according to a statement on the ministry’s website.

“There will be great pressure on the government revenue to grow in the last two months,” the ministry said, citing a slowing economy, structural tax reduction and fee cuts.

Revenue in the first 10 months reached 12.88 trillion yuan, up 7.7 percent year on year.

Revenue from value-added tax rose 2.3 percent in October, while corporate income tax was down by 3.9 percent due to drops in industrial profits.

Business turnover tax rose 11 percent, partly due to strong housing sales in some regions. Consumption tax surged 17.2 percent year on year.

Fiscal expenditure soared by 36.1 percent as authorities took a proactive fiscal policy to support growth. Combined spending in the first 10 months expanded 18.1 percent to 13.42 trillion yuan.

In the third quarter, China’s economy expanded by 6.9 percent year on year, the lowest quarterly growth in six years.