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China's fiscal revenue up 9.8% in Jun

Jul. 16, 2012 (China Knowledge) - China's fiscal revenue rose 9.8% YoY to RMB 1.10 trillion in June this year, according to the latest statistics released by the Ministry of Finance.
In the first half year, the country's fiscal revenue grew 12.2% YoY to RMB 6.38 trillion. The growth rate was 19 percentage points lower than that in the same period of 2011, due to slowing domestic economy and tax reductions, said the ministry. The fiscal revenue grew 14.7% in the first quarter but only grew 10% in the second quarter.

The central government's fiscal revenue increased 10% from a year earlier to RMB 3.18 trillion during the six-month period, while local governments' fiscal revenues rose 14.4% to RMB 3.20 trillion, according to the statement.

The country's tax revenue increased 9.8% YoY to RMB 5.49 trillion in the first half, and its non-tax revenue surged 29.4% to RMB 886.3 billion.

Statistics showed that value-added tax, domestic goods and services tax and business tax was RMB 1.34 trillion, RMB 420.3 billion and RMB 783.8 billion in H1, up 8.1%, 11.7% and 9.6% YoY, respectively.

China's fiscal expenditure was RMB 5.39 trillion in the first six months, up 21.3% YoY. Fiscal expenditure by the central government rose 9% YoY to RMB 885.8 billion, and that by local governments surged 24% to RMB 4.50 trillion.

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