China September fiscal revenue rises 12.1%

Updated:Fri, Oct 15, 2010 20:25 PM   By Bernd Chang

China's fiscal revenue stood at 628.72 billion yuan (94.66 billion U.S. dollars) in September, up 12.1 percent from a year earlier, the Ministry of Finance announced Friday.

 

BEIJING, Oct. 15 (Xinhua) -- For the first nine months this year, fiscal revenues rose 22.4 percent from the same period last year to 6.3 trillion yuan, the ministry said in a statement on its website.

From January to September, central fiscal revenues were up 20.7 percent from a year earlier to 3.32 trillion yuan, while local governments collected about 2.98 trillion yuan, up 24.2 percent year on year, it said.

Meanwhile, national fiscal spending was up 28.8 percent year on year to stand at 846.9 billion yuan in September. For the first nine months, nationwide expenditures totaled 5.45 trillion yuan, an annual increase of 20.6 percent, according to the statement.

The ministry attributed the revenue growth in the first nine months to China's relatively rapid economic recovery.

However, China has seen a slowdown in fiscal revenue growth on a quarterly basis, as the annual growth of revenue for the third quarter this year was 12.2 percent, compared with the 22.7 percent for the second quarter and 34 percent for the first, said the statement.

The September revenue growth rate of 12.1 percent rebounded from 7.3 percent for August, but was slower than 16.2 percent in July, 19.6 percent in June and 20.5 percent in May.

The ministry expected the declining trend of revenue growth to continue in the fourth quarter due to a relatively slower economic growth and high comparison basis for the same period last year.

 

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