Tag Archives: China Fiscal Revenue

China’s fiscal revenue growth plummets, spending leaps

09/21/2015 北欧绿色邮报网 Leave a comment

BEIJING, Sept. 15 (Xinhua) — China’s fiscal revenue rose much slower in August as the economy continued to plateau, while expenditure growth picked up over more proactive fiscal policies, official data showed on Tuesday.
Fiscal revenue increased 6.2 percent year on year to 967.1 billion yuan (152 billion U.S. dollars) in August, compared with a 12.5-percent rise in July, according to figures from the Ministry of Finance.
Revenue in the first eight months reached 10.35 trillion yuan, up 7.4 percent year on year.
Meanwhile, fiscal spending in August jumped 25.9 percent to 1.28 trillion yuan, a faster growth than 24.1 percent in July. Combined spending in the first eight months expanded 14.8 percent to 10.29 trillion yuan.
The ministry attributed the slower revenue growth to falling producer prices and slumping imports, which reflected flagging domestic demand and led to lower income from taxes on companies and tariffs.
Structural tax reductions and fee cuts, aimed at supporting economic growth, also kept a lid on fiscal revenue growth.
Revenue from value-added taxes dropped 4.7 percent year on year in August, while that from corporate income taxes declined 15.4 percent and that from tariffs slipped 15.5 percent.
China’s producer price index, a measure of costs for goods at the factory gate, fell 5.9 percent year on year in August, widening from the 5.4-percent drop seen a month earlier and the lowest level since the end of 2009.
The country’s imports slumped 14.3 percent year on year in August, compared with July’s decrease of 8.6 percent.
China will continue to face great fiscal pressure for the rest of this year, the ministry said.
The government plans to raise the country’s budget deficit to 2.3 percent of GDP for 2015, up from last year’s target of 2.1 percent.
China’s economy posted 7-percent growth year on year in the second quarter of 2015, unchanged from the first quarter, the lowest quarterly growth rate since 2009. Enditem

Business, China

China’s fiscal revenue rises 13.9 pct in June

07/19/2015 北欧绿色邮报网 Leave a comment

BEIJING, July 15 (Greenpost) — China’s fiscal revenue rose 13.9 percent year on year to 1.53 trillion yuan (251.39 billion U.S. dollars) in June, the Ministry of Finance announced on Wednesday.

Combined fiscal revenue in the first six months hit 7.96 trillion yuan, a year-on-year increase of 6.6 percent. The growth was 4.1 percentage points lower than the rise seen in the same period last year. Several factors have caused slower growth, the ministry said, including lower global commodity prices that triggered a fall in import value, slowing industrial activity, a reduction in business tax collected from a sluggish property sector, as well as the government’s efforts to cut taxes and fees to relieve the burden on businesses.
The ministry said it will strengthen budget management and keep cutting taxes and fees in the July-December period.
Fiscal spending in June hit 1.88 trillion yuan, up 13.9 percent year on year. Total fiscal spending in the first half of the year amounted to 7.73 trillion yuan, up 11.8 percent year on year, with spending on social security and employment up 20.9 percent to 1.04 trillion yuan.
Premier Li Keqiang, speaking at the opening of the annual parliamentary session in March, stressed that a proactive fiscal policy and prudent monetary policy would continue in 2015.
China plans to raise its budget deficit to 2.3 percent of its GDP for 2015, up from last year’s target of 2.1 percent.
China’s economy posted 7-percent growth year on year in the second quarter of 2015, unchanged from the first quarter, the lowest quarterly growth rate since 2009. EnditemSource XinhuaEditor Xuefei Chen Axelsson