China’s fiscal revenue up 16.3 per cent in first nine months

China’s fiscal revenue logged a year-on-year increase of 16.3 per cent in the first nine months of the year, official data showed Friday.

The country’s fiscal revenue amounted to 16.4 trillion yuan (about 2.56 trillion US dollars) during the period, according to data from the Ministry of Finance.

Tax revenue came in at 14.07 trillion yuan in the January-September period, up 18.4 per cent, year on year.

Revenue from value-added tax, the largest source of fiscal revenue in the country, jumped 17.4 per cent from a year earlier to 5.01 trillion yuan.

The central government and local governments collected 7.65 trillion yuan and 8.75 trillion yuan in fiscal revenue, respectively, with a year-on-year rise of 17.1 per cent and 15.6 per cent.

Friday’s data also showed that China’s fiscal spending went up 2.3 per cent, year on year, to 17.93 trillion yuan in the nine months.

Fiscal spending on education rose 5.2 per cent year on year, while health and medical care spending grew by 2.3 per cent, said the ministry.