China’s Fiscal Revenue Down 6.6 Percent Year on Year

Beijing, October 26 (QNA) – China’s fiscal revenue dropped 6.6 percent year on year during the first nine months of 2022, official data showed on Tuesday.

The country’s fiscal revenue amounted to approximately 15.3 trillion yuan (about 2.13 trillion US dollars) during this period, according to data from the Chinese Ministry of Finance.

The fiscal revenue grew 4.1 percent from a year earlier, and the central government collected about 6.99 trillion yuan in fiscal revenue, down 8.6 percent, and local governments collected 8.32 trillion yuan, down 4.9 percent.

Tax revenue came in at nearly 12.44 trillion yuan in the January-September period, down 11.6 percent year on year.

Fiscal spending rose 6.2 percent year on year to hit around 19.04 trillion yuan during the period, according to the ministry. (QNA)