China's fiscal revenue dipped 1.6 percent year on year to nearly 4.39 trillion yuan (about 605.6 billion U.S. dollars) in the first two months of the year, according to data released on Monday by the Ministry of Finance.
The central government collected nearly 1.95 trillion yuan (about 269 billion U.S. dollars) in fiscal revenue in January and February, down 5.8 percent year on year, while local governments collected nearly 2.44 trillion yuan (about 336.6 billion U.S. dollars), up 2 percent year on year.
Tax revenue from the manufacturing of rail, ship and aerospace equipment increased by 36.3 percent from a year ago, while that from the manufacturing of computer and communication equipment grew by 9.5 percent year on year.
In the service sector, China saw a 14.6 percent year-on-year increase in tax revenue from the culture, sports, and entertainment industries in January and February, driven by the expanded scope of trade-ins for consumer goods and robust consumer spending during the Spring Festival holiday.
Tax revenue from information transmission, software and information technology services grew by 19.4 percent over the same period of last year, while scientific research and technical services' tax contributions jumped by 16.9 percent.
China's fiscal expenditure expanded by 3.4 percent year on year to nearly 4.51 trillion yuan in the first two months. The central government's fiscal expenditure rose by 8.6 percent year on year, alongside a 2.7 percent increase in local government spending during the same period.
Public spending on social security and employment grew by 6.7 percent, education spending increased by 7.7 percent, healthcare spending grew by 0.6 percent, transportation spending rose 2.3 percent, housing security outgoings were up 2.3 percent, and government spending on science and technology was up 10.6 percent.
China's fiscal revenue down 1.6 pct in first two months
