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China's fiscal revenue growth further slows to 4.2% in Aug

Sep. 12, 2012 (China Knowledge) - China's fiscal revenue rose 4.2% YoY to RMB 786.3 billion in August this year, slowing from an 8.2% growth in July, due to a 6.7% decline in central government revenue last month, according to the latest statistics released by the Ministry of Finance.
In the first eight months, the country's fiscal revenue grew 10.8% YoY to RMB 8.23 trillion. The growth rate was 20.1 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 7.8% from a year earlier to RMB 4.11 trillion during the eight-month period, while local governments' fiscal revenues rose 14.1% to RMB 4.12 trillion, according to the statement.

The country's tax revenue increased 8.9% YoY to RMB 7.06 trillion in the period, and its non-tax revenue surged 24.4% to RMB 1.17 trillion.

China's fiscal expenditure was RMB 7.24 trillion in the first eight months, up 21.8% YoY. Fiscal expenditure by the central government rose 14.4% YoY to RMB 1.21 trillion, and that by local governments surged 23.4% to RMB 6.03 trillion.

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