China's fiscal revenue growth quickens as economy recovers
Posted: Thu Jul 14, 2022 9:01 am
China's fiscal revenue growth quickens as economy recovers
China's fiscal revenue growth accelerated in January-June from the first five months, the finance ministry said on Thursday, as the economy showed signs of a slow recovery in June after earlier lockdown-induced disruptions.
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Fiscal revenues in the first half rose 3.3 per cent from a year earlier, excluding the impact of value-added tax (VAT) credit rebates, quicker than a 2.9 per cent rise in January-May, Xue Xiaoqian, an official at the finance ministry said during a press conference in Beijing.
Fiscal revenue in June alone grew 5.3 per cent from a year earlier after adjusting for VAT credit rebates.
Xue said China's fiscal revenues were expected to steadily rebound in the second half of this year as the economy improves.
Revenues from government land sales shrank 40.01 per cent in June alone, according to Reuters' calculations based on official data, widening from a 24.03 per cent slump in May amid a property market downturn.
Fiscal revenues totalled 10.52 trillion yuan ($1.56 trillion) in the first half, in addition to 1.84 trillion yuan of VAT credit rebates.
Fiscal spending reached 12.89 trillion yuan in the first half, up 5.9 per cent from a year earlier.
China's fiscal revenue growth accelerated in January-June from the first five months, the finance ministry said on Thursday, as the economy showed signs of a slow recovery in June after earlier lockdown-induced disruptions.
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Fiscal revenues in the first half rose 3.3 per cent from a year earlier, excluding the impact of value-added tax (VAT) credit rebates, quicker than a 2.9 per cent rise in January-May, Xue Xiaoqian, an official at the finance ministry said during a press conference in Beijing.
Fiscal revenue in June alone grew 5.3 per cent from a year earlier after adjusting for VAT credit rebates.
Xue said China's fiscal revenues were expected to steadily rebound in the second half of this year as the economy improves.
Revenues from government land sales shrank 40.01 per cent in June alone, according to Reuters' calculations based on official data, widening from a 24.03 per cent slump in May amid a property market downturn.
Fiscal revenues totalled 10.52 trillion yuan ($1.56 trillion) in the first half, in addition to 1.84 trillion yuan of VAT credit rebates.
Fiscal spending reached 12.89 trillion yuan in the first half, up 5.9 per cent from a year earlier.