Nov. 15, 2012 (China Knowledge) - China's fiscal revenue rose 13.7% YoY to RMB 1.04 trillion in October this year, according to the latest statistics released by the Ministry of Finance
In the first ten months, the country's fiscal revenue grew 11.2% YoY to RMB 10.1 trillion. The growth rate was 16.9 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 7.1% from a year earlier to RMB 4.99 trillion during the ten-month period, while local governments' fiscal revenues rose 15.6% to RMB 5.11 trillion, according to the statement.
From January to October, the country's tax revenue increased 9% YoY to RMB 8.68 trillion.
China's fiscal expenditure was RMB 9.27 trillion in the first ten months, up 19.6% YoY. Fiscal expenditure by the central government rose 17% YoY to RMB 1.55 trillion, and that by local governments surged 20.1% to RMB 7.73 trillion.