China's general public budget revenue dropped 2.6 percent year on year to nearly 14.78 trillion yuan (around 2.10 trillion U.S. dollars) in the first eight months of 2024, according to the data released by the Ministry of Finance on Friday.
Excluding the special factors like tax reduction policies, the revenue increased around 1 percent year on year, said the ministry.
The central government collected around 6.54 trillion yuan in revenue, down 6.2 percent year on year, while local governments saw revenue edge up 0.4 percent to over 8.24 trillion yuan.
Specifically, the domestic value-added tax (VAT) exceeded 4.59 trillion yuan, down 4.9 percent year on year in the eight months, while the excise tax exceeded 1.13 trillion yuan, up 4.2 percent year on year.
The corporate income tax approached 3.14 trillion yuan, a year-on-year decrease of 5 percent, while the individual income tax reached 968.5 billion yuan, a year-on-year decrease of 5.2 percent.
The VAT and excise tax on imports exceeded 1.26 trillion yuan, up 1.8 percent year on year, while tariffs reached 163.4 billion yuan, down 2.7 percent year on year.
China's general public budget spending expanded 1.5 percent year on year to nearly 17.39 trillion yuan in the eight months, according to the Ministry of Finance said Monday.
Specifically, various sectors registered growth in the spending, including that in social security and employment, which increased 3.3 percent year on year to exceed 2.82 trillion yuan.
The spending in education exceeded 2.56 trillion yuan, up 0.5 percent year on year, while nearly 1.50 trillion yuan in agriculture, forestry and water conservancy, up 5.4 percent year on year, and about 1.30 trillion yuan in urban and rural communities.
General public budget revenue refers to income for government finance through participation in the distribution of social products. It is the financial guarantee to ensure the functioning of government.
General public budget spending refers to the allocation of funds raised by the national fiscal authorities to meet the needs of economic construction and various undertakings.
China's general public budget revenue down 2.6 pct in Jan-Aug
China's general public budget revenue down 2.6 pct in Jan-Aug
