China's fiscal revenue touches $343 bn
China's fiscal revenue grew 30.6 per cent year-on-year to 2.6 trillion yuan($343 billion) in the first half of the year, putting the world's fourth largest economy well on the track of breaking last year's record high of nearly 4 trillion yuan.
By PTI |
BEIJING: China's fiscal revenue grew 30.6 per cent year-on-year to 2.6 trillion yuan($343 billion) in the first half of the year, putting the world's fourth largest economy well on the track of breaking last year's record high of nearly 4 trillion yuan.
Statistics released by the Ministry of Finance revealed that the figure accounts for 59.3 per cent of the year's revenue budget, with 1.45 trillion yuan belonging to the central government, up 32.6 per cent year-on-year, and 1.16 trillion yuan was belonging to local governments, up 28.1 per cent year-on-year.
China's fiscal expenditure stood at 1.8 trillion yuan in the first six months, representing a 22.7 per cent rise from the same period last year and making up 38.5 per cent of the year's national budget, media reported.
The local governments spent the majority, or 1.37 trillion yuan, up 27.5 per cent, while the Chinese central government spent 422.9 billion yuan, an increase of 9.5 per cent year on year.
Finance Minister Jin Renqing attributed the rapid growth in fiscal revenue partly to rapid increases in income taxes and import duties on the back of the fast-growing national economy, which enjoyed a 11.5 per cent growth in the first half.
Statistics released by the Ministry of Finance revealed that the figure accounts for 59.3 per cent of the year's revenue budget, with 1.45 trillion yuan belonging to the central government, up 32.6 per cent year-on-year, and 1.16 trillion yuan was belonging to local governments, up 28.1 per cent year-on-year.
China's fiscal expenditure stood at 1.8 trillion yuan in the first six months, representing a 22.7 per cent rise from the same period last year and making up 38.5 per cent of the year's national budget, media reported.
The local governments spent the majority, or 1.37 trillion yuan, up 27.5 per cent, while the Chinese central government spent 422.9 billion yuan, an increase of 9.5 per cent year on year.
Finance Minister Jin Renqing attributed the rapid growth in fiscal revenue partly to rapid increases in income taxes and import duties on the back of the fast-growing national economy, which enjoyed a 11.5 per cent growth in the first half.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
