China's fiscal revenue falls in H1

By Xinhua
Published : 14 Jul 2022 07:39 PM

China's fiscal revenue dropped 10.2 percent year on year during the first half (H1) of this year, official data showed Thursday.

The country's fiscal revenue amounted to about 10.52 trillion yuan (about 1.6 trillion U.S. dollars) during the period, according to the Ministry of Finance.

Excluding the impact of value-added tax credit refunds, fiscal revenue grew 3.3 percent from a year earlier.

The central government and local governments collected nearly 4.77 trillion yuan and nearly 5.76 trillion yuan in fiscal revenue, down 12.7 percent and 7.9 percent, respectively.

Tax revenue came in at nearly 8.56 trillion yuan in the January-June period, down 14.8 percent year on year.

Fiscal spending rose 5.9 percent year on year to 12.89 trillion yuan in the first half, according to the ministry.