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China’s fiscal revenue down 3.1% in Oct

Updated: Nov 13,2018 7:54 PM     Xinhua

BEIJING — China’s fiscal revenue growth entered negative territory for the first time this year with a 3.1-percent year-on-year decline in October, official data showed on Nov 13.

The country’s fiscal revenue stood at 1.57 trillion yuan (about $226 billion) last month, according to the Ministry of Finance (MOF).

The central government collected 768.4 billion yuan in fiscal revenue last month, down 7.1 percent year-on-year, while local governments saw fiscal revenue rise 1 percent to 804.3 billion yuan.

In the first 10 months of the year, fiscal revenue went up 7.4 percent year-on-year to 16.1 trillion yuan, MOF data showed.

The data released on Nov 13 also showed China’s fiscal spending expanded 8.2 percent year-on-year to 1.2 trillion yuan in October.

Fiscal spending in the January-October period rose 7.6 percent to 17.5 trillion yuan, accounting for 83.6 percent of the planned budget for the year.