Aug. 13, 2012 (China Knowledge) - China's fiscal revenue rose 8.2% YoY to RMB 1.07 trillion in July this year, slowing from a 9.8% growth in June, according to the latest statistics released by the Ministry of Finance
In the first seven months, the country's fiscal revenue grew 11.6% YoY to RMB 7.45 trillion. The growth rate was 18.9 percentage points lower than that in the same period of 2011, due to slowing domestic economy, easing inflation and tax reductions, said the ministry.
The central government's fiscal revenue increased 9.5% from a year earlier to RMB 3.74 trillion during the seven-month period, while local governments' fiscal revenues rose 13.8% to RMB 3.71 trillion, according to the statement.
The country's tax revenue increased 9% YoY to RMB 6.4 trillion in the period, and its non-tax revenue surged 30.2% to RMB 1.05 trillion.
China's fiscal expenditure was RMB 6.34 trillion in the first seven months, up 23.4% YoY. Fiscal expenditure by the central government rose 13.4% YoY to RMB 1.05 trillion, and that by local governments surged 35.8% to RMB 5.29 trillion.