China’s fiscal revenue growth quickens

Beijing, Dec 14 (IANS) China’s fiscal revenue rose 11.4 percent year-on-year in November, quickening from an 8.7 percent rise seen in October, the finance ministry said on Monday.

The revenue stood at 1.1 trillion yuan ($173.2 billion), boosted by a rise in revenue collected from securities transactions and higher consumption tax revenue, according to a statement on the ministry website.

Revenue from stamp duty on securities transactions more than doubled from last November, while consumption tax surged 21.4 percent due to higher consumption tax rates for refined oil and cigarettes, Xinhua news agency quoted the statement as saying.

Fiscal revenue in the first 11 months reached 14 trillion yuan, up 8 percent from one year earlier, it said.

During this period, central government fiscal revenue expanded 6.5 percent year on year while local government revenue increased 9.3 percent.

Fiscal expenditure soared by 25.9 percent last month while combined spending in the first 11 months expanded 18.9 percent to 15 trillion yuan.

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