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China's Fiscal Revenue Declines in Jan.-July

Date: 2020-08-24
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China's fiscal revenue in the first seven months of the year came in at 11.47 trillion yuan (1.66 trillion U.S. dollars), down 8.7 percent year on year, official data showed Wednesday.

Tax revenue in the January-July period fell 8.8 percent from a year earlier to reach 9.85 trillion yuan. Revenue from value-added tax, the largest fiscal revenue source in the country, fell 17 percent year on year, according to data released by the Ministry of Finance.

A breakdown showed the central government collected nearly 5.36 trillion yuan in fiscal revenue during the seven-month period, down 11.3 percent year on year, while local governments saw fiscal revenue drop by 6.2 percent to nearly 6.12 trillion yuan.

Wednesday's data also showed the country's fiscal spending fell 3.2 percent from a year earlier to 13.35 trillion yuan during the period. 

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