China’s fiscal revenue down 2.6 pct in Jan-July

BEIJING, Aug. 26 (Xinhua) — China’s fiscal revenue dipped 2.6 percent year on year in the first seven months of this year, official data showed Monday.
The pace of decrease eased from a decline of 2.8 percent registered in the first half of the year, according to the Ministry of Finance.
The January-July figure, however, rose 1.2 percent after adjustment by deducting effects from factors such as favorable policies for micro, small and medium enterprises that led to a higher comparative basis last year, and tax reduction measures.
A breakdown of the data showed the country’s tax revenue decreased 5.4 percent from one year earlier, while its non-tax revenue climbed 12 percent during the period.
During the first seven months, the central government collected 5.97 trillion yuan (about 839.2 billion U.S. dollars) in fiscal revenue, down 6.4 percent year on year, while local governments collected 7.59 trillion yuan, up 0.6 percent, according to the ministry.
The country’s fiscal expenditure expanded 2.5 percent year on year during the January-July period.
The data came amid the country’s efforts to step up its fiscal policy support and ensure the implementation of established policies, aiming to consolidate its economic recovery.
A finance official said previously that the country would enhance fiscal support for sectors related to the people’s well-being, and ensure the implementation of fiscal and tax policies in areas such as employment, education, elderly care and health care.
The Chinese economy expanded 5 percent year on year in the first half of 2024. ■