BEIJING, Jun 16 (ABC): China’s fiscal revenue declined 10.1% during the first five months of this year, compared to the same period of last year, according to the Finance Ministry, the country’s state-owned news agency Xinhua reported Thursday.
The fiscal revenue totaled around 8.67 trillion yuan ($1.29 trillion) in the January-March period of 2022. The central and local governments amassed 4.05 trillion yuan ($0.6 trillion) and 4.62 trillion yuan ($0.69 trillion) in fiscal revenue, respectively, down 11.4% and 8.9% year-on-year.
The tax revenue totaled 7.25 trillion yuan ($1.08 trillion) in the first five months — 13.6% down from the same period of last year.
The fiscal spending, on the other hand, rose to 9.91 trillion yuan ($1.48 trillion) for a 5.9% increase during that period.