App

China's fiscal revenue down 14.5% for January-April period
Updated: May 18, 2020 20:06 Xinhua

BEIJING — China's fiscal revenue fell by 14.5 percent year-on-year in the January-April period, extending the previous month's decline as the country continued to contain the COVID-19 epidemic while increasing tax relief to mitigate its impact on the economy.

The pace of decline quickened from a fall of 14.3 percent in the first quarter of the year and a 9.9 percent decrease in the first two months.

The country's fiscal revenue in the first four months of the year amounted to 6.21 trillion yuan (about $875.11 billion), according to data released by the Ministry of Finance on May 18.

Tax revenue totaled 5.31 trillion yuan, down 16.7 percent year-on-year. Revenue from value-added tax, the largest fiscal revenue source in the country, fell 24.4 percent year-on-year in the first four months.

A breakdown showed the central government collected 2.85 trillion yuan in fiscal revenue, down 17.7 percent year-on-year, while local governments saw fiscal revenue drop by 11.5 percent to 3.36 trillion yuan.

The country's economy contracted 6.8 percent year-on-year in the first quarter as a result of the blow dealt by the epidemic to social and economic activities. The government unveiled a slew of measures to revive the economy — especially to small businesses — including offering tax breaks, increasing lending and lowering financing costs.

May 18's data also showed the country's fiscal spending in the first four months fell by 2.7 percent from a year earlier to 7.36 trillion yuan.

Copyright© www.gov.cn | About us | Contact us

Website Identification Code bm01000001 Registration Number: 05070218

All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to www.gov.cn.

Without written authorization from www.gov.cn, such content shall not be republished or used in any form.

Mobile

Desktop

Copyright© www.gov.cn | Contact us

Website Identification Code bm01000001

Registration Number: 05070218