China's fiscal revenue increased 5.5 percent year on year in October, data from the Ministry of Finance showed Monday.
From January to October, the total revenue in national general public budget reached 18.4981 trillion yuan (about 2.55 trillion U.S. dollars), maintaining stable growth after excluding the impact of special factors.
"In October, the fiscal revenue showed positive changes, especially in tax revenue. The tax revenue edged up 1.8 percent from a year earlier, the first rise since this year," said Yang Zhiyong, head of the Chinese Academy of Fiscal Sciences.
In the first ten months, the central government collected about 8.25 trillion yuan (about 1.15 trillion U.S. dollars) in fiscal revenue, down 3.9 percent year on year, while local governments collected around 10.25 trillion yuan, up 0.9 percent, according to the ministry.
"The fiscal situation is a result of economic operation. On the whole, the growth of both the tax revenue and sales of land-use rights picked up year over year from January to October, reflecting that our economic operation is stabilizing," said Luo Zhiheng, chief economist of Yuekai Securities.
The country's fiscal expenditure expanded 2.7 percent year on year in the first ten months.
Specifically, the central government's fiscal expenditure rose 7.9 percent year on year, compared to a 1.8 percent increase in expenditure by local governments, according to the data.
From January to October, the expenditure in national general public budget stood at 22.1465 trillion yuan(about 3.06 trillion U.S. dollars). In break down, the expenditure in social security and employment rose by 5.1 percent; agriculture, forestry and water resources up by 10.4 percent, urban and rural communities up by 6.6 percent, and housing support system up by 2.5 percent.
"The general public budget expenditure registered fast recovery year on year. This reflects our fiscal policy’s positive counter-cyclical adjustment function. As for the expenditure structure, it mainly focuses on areas of ensuring people's livelihoods and shoring up weak spots," said Luo.
China's fiscal revenue up 5.5 pct in Oct
China's fiscal revenue up 5.5 pct in Oct
