Jan. 25, 2012 (China Knowledge) - China's fiscal revenue increased by RMB2.06 trillion or 24.8% year on year to RMB 10.37 trillion last year, according to the latest statistics released by the Ministry of Finance
China's fiscal revenue growth experienced a downward trend last year, rising 33.1% in the first quarter, 29.6% in the second quarter, 25.9% in the third quarter and 10.0% in the fourth quarter.
The ministry said that the growth in fiscal revenue was due to domestic economic growth, rising inflation and improving corporate profitability.
In 2011, the central government's fiscal revenue increased 20.8% from two years ago to RMB 5.13 trillion, while local governments' fiscal revenues rose 29.1% to RMB 5.2 trillion, said the statement.
The country's tax revenue increased 22.6% year on year to RMB 8.97 trillion during the period, and its non-tax revenue surged 41.7% to RMB 1.401 trillion.
China's fiscal expenditure was RMB 10.89 trillion last year, up 21.2% year on year. Fiscal expenditure by the central government rose 3.3% year on year to RMB 1.65 trillion, and that by local governments surged 25.1% to RMB 9.24 trillion.
The country recorded a fiscal deficit of RMB 519 billion last year, which accounted for 1.1% of the country's total.