China's fiscal revenue up 3.8 pct in January-October period

Source: Xinhua| 2019-11-19 22:44:21|Editor: yan
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BEIJING, Nov. 19 (Xinhua) -- China's fiscal revenue increased 3.8 percent year on year to around 16.77 trillion yuan (about 2.39 trillion U.S. dollars) in the first 10 months of 2019, data showed Tuesday.

The central government collected about 8.07 trillion yuan in revenue during the period, up 4.4 percent year on year, while local governments saw revenue up 3.3 percent to about 8.7 trillion yuan, according to data given by the Ministry of Finance (MOF).

Specifically, revenue from domestic value-added tax in the period increased 3.2 percent from one year earlier to about 5.43 trillion yuan, while that from domestic consumption tax surged 18.7 percent to 1.21 trillion yuan.

Meanwhile, revenue from individual income tax decreased 28.6 percent year on year to 877.6 billion yuan in the period. Revenue from value-added tax and consumption tax on imported goods dropped 9.2 percent to 1.33 trillion yuan, while that from tariffs declined 3.6 percent, according to the ministry.

China's fiscal spending expanded 8.7 percent year on year to around 19.06 trillion yuan during the January-October period, the MOF data showed.

The central government spent a total of 2.76 trillion yuan in the first 10 months, up 9 percent from the same period last year, while local governments' spending grew 8.7 percent year on year to 16.3 trillion yuan.

Expenditure on energy conservation and environmental protection boasted the fastest growth in the period, up 15.2 percent year on year, the ministry said.

China will maintain a proactive fiscal policy stance in 2019, with a higher deficit-to-GDP ratio to leave policy space to address potential risks.