China's fiscal revenue up 3.2 pct in Jan.-Aug.

CNC
Added On September 19, 2019

Official data show that China's fiscal revenue increased 3.2 percent year on year to around about 1.94 trillion U.S. dollars in the first eight months of this year.
 
According to the Ministry of Finance (MOF), the central government collected nearly one trillion U.S. dollars during the period, up 3.5 percent year on year, while local governments saw fiscal revenue up 2.8 percent to about one trillion U.S. dollars.
 
Revenue from domestic value-added tax in the period increased 4.7 percent from one year earlier, while that from domestic consumption tax surged 18.5 percent.
 
Meanwhile, revenue from individual income tax plummeted some 30 percent year on year in the period.
 
According to the ministry, revenue from value-added tax and consumption tax on imported goods dropped 6.9 percent, while that from tariffs declined 3.3 percent.
 
The data also showed China's fiscal spending expanded 8.8 percent year on year during the same period.
 
The ministry said China will maintain a proactive fiscal policy stance in 2019, with a higher deficit-to-GDP ratio to leave policy space to address potential risks.