Slow growth continues for China's fiscal revenue
Updated: 2013-06-10 11:09
(Xinhua)
|
||||||||
BEIJING -- China's fiscal revenue continued a trend of slow growth in May due to tempered economic expansion and the country's tax cutting policies, according to official data released on Sunday.
Total fiscal revenue grew 6.2 percent year on year to 1.27 trillion yuan ($204.84 billion) in May, the Ministry of Finance (MOF) said in a statement.
The growth rate was slightly up from the 6.1 percent growth seen in April, data showed.
The central government's fiscal revenue rose by 2.6 percent year on year to 717 billion yuan, the first monthly growth since March but it would be difficult to achieve the full-year target of 7 percent, the statement said.
It added that local governments saw fiscal revenue expand 11.3 percent last month to 557.9 billion yuan.
In the first five months of 2013, the country's fiscal revenue expanded by 6.6 percent from a year earlier to 5.62 trillion yuan. The pace was 6.1 percentage points lower than the same period of last year, the MOF said.
The statement said slow fiscal revenue growth was not only due to the country's slow economic expansion, but also the government's policies of structural tax reductions.
China's gross domestic product (GDP) growth slowed to 7.7 percent in the first quarter from 7.9 percent recorded during the final three months of 2012, National Bureau of Statistics data showed.
Since the beginning of last year, China has adopted a raft of tax-cutting measures, including a pilot program to replace business tax with value-added tax (VAT), to help alleviate burdens for businesses and individuals and serve the country's economic restructuring.
With regard to the increase of local governments' fiscal revenue, Bai Jingming, deputy director of the Research Institute for Fiscal Science under the MOF, said it was driven by sharp increases in housing transactions that drove up local tax revenues.
Fiscal revenue in China includes taxes, administrative fees and other government income, including fines and earnings from state-owned assets.
In 2012, China's fiscal revenue saw an increase of 12.8 percent.
The statement also said the country's fiscal spending climbed 12 percent year on year to 1.03 trillion yuan in May.
- Michelle lays roses at site along Berlin Wall
- Historic space lecture in Tiangong-1 commences
- 'Sopranos' Star James Gandolfini dead at 51
- UN: Number of refugees hits 18-year high
- Slide: Jet exercises from aircraft carrier
- Talks establish fishery hotline
- Foreign buyers eye Chinese drones
- UN chief hails China's peacekeepers
Most Viewed
Editor's Picks
Pumping up power of consumption |
From China with love and care |
From the classroom to the boardroom |
Schools open overseas campus |
Domestic power of new energy |
Clearing the air |
Today's Top News
Shenzhou X astronaut gives lecture today
US told to reassess duties on Chinese paper
Chinese seek greater share of satellite market
Russia rejects Obama's nuke cut proposal
US immigration bill sees Senate breakthrough
Brazilian cities revoke fare hikes
Moody's warns on China's local govt debt
Air quality in major cities drops in May
US Weekly
Geared to go |
The place to be |