China’s fiscal revenue up 3.2 per cent in June

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China’s fiscal revenue up 3.2 per cent in June
Xi jinping, China President

China’s fiscal revenue up 3.2 per cent in June

China’s fiscal revenue rose by 3.2 per cent year-on-year in June, marking the first expansion this year, official data showed on Friday.

In the first half of 2020, the country’s fiscal revenue came in at 9.62 trillion yuan (about 1.37 trillion U.S. dollars), down by 10.8 per cent year-on-year, according to data released by the Ministry of Finance.

Tax revenue totaled 8.2 trillion yuan down 11.3 per cent year-on-year in the first six months, revenue from value-added tax – the largest fiscal revenue source in the country – fell by 19.1 per cent year-on-year.

A breakdown showed that the central government collected nearly 4.43 trillion yuan in fiscal revenue during the six-month period, down by 14 per cent year-on-year, while local governments saw fiscal revenue dropped by 7.9 per cent to 5.18 trillion yuan.

Friday’s data also showed that the country’s fiscal spending fell 5.8 per cent from a year earlier to 11.64 trillion yuan.

China’s economy bounced back to growth in the second quarter (Q2) this year as the country gradually resumed work and production after containing the COVID-19 epidemic.

The country’s gross domestic product expanded by 3.2 per cent year-on-year in Q2, following a 6.8 per cent contraction in Q1, according to data from the National Bureau of Statistics.

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China’s fiscal revenue up 3.2 per cent in June

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