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China's fiscal revenue up 13.1% in May

Jun. 12, 2012 (China Knowledge) – China's fiscal revenue rose 13.1% YoY to RMB 1.2 trillion in May this year, according to the latest statistics released by the Ministry of Finance.

The central government's fiscal revenue increased 13% from a year earlier to RMB 699.1 billion in May, while local governments' fiscal revenues rose 13.3% YoY to RMB 501.4 billion, according to the statement.

The country's tax revenue increased 13.7% YoY to RMB 1.05 trillion last month including RMB 214.2 billion in value-added tax, RMB 60 billion in domestic goods and services tax and RMB 101.3 billion in business tax, up 9.7%, 6.7% and 5.3%, respectively.

In the first five month of this year, the country's fiscal revenue grew 12.7% YoY to RMB 5.28 trillion consists of RMB 2.71 trillion from the central government and RMB 2.56 trillion from the local governments. The growth rate was 19.3 percentage points lower than that in the same period of 2011.

Last month, China's fiscal expenditure rose 10.8% YoY to RMB 916.5 billion including RMB 745.8 billion from the local governments, up 9.9% than a year earlier.

During the period from January to May this year, China's fiscal expenditure amounted to RMB 4.12 trillion, 22.4% more than in the same period of 2011. Fiscal expenditure by the central government rose 10.9% YoY to RMB 698.5 billion, and that by local governments surged 25.1% to RMB 3.42 trillion.

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