China's fiscal revenues rise

Last Updated: Tue, Dec 11, 2012 09:50 hrs

Beijing, Dec 11 (IANS) China's fiscal revenues grew 21.9 percent year-on-year to 787.1 billion yuan ($125.12 billion) in November, the finance ministry said Tuesday.

The growth rate was higher than the 13.7-percent rate recorded in October, according to the finance ministry data.

The ministry said the sharp increase was mainly caused by a lower comparison base last year. On a month-on-month basis, fiscal revenues in November were down 257.3 billion yuan, reported Xinhua.

Last month, incomes for central government grew by 17.9 percent year-on-year to 367.2 billion yuan, while that of local governments was up 25.6 percent to 419.9 billion yuan.

Tax revenues, the main source of the government's income, rose 21.1 percent from a year earlier to 676 billion yuan last month.

During the first 11 months, fiscal revenues totalled 10.89 trillion yuan, a rise of 11.9 percent year-on-year. But the rate was down from the 26.8-percent growth in the same period of last year, the ministry said.

It attributed the lower growth rate to the economic slowdown, declines in corporate profits, eased consumer inflation and government structural tax reduction efforts.

In November, government fiscal expenditure rose 6.7 percent from a year earlier to 1.22 trillion yuan, sending the total spending in the first 11 months to 10.49 trillion yuan, according to the ministry.

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