BEIJING, Nov. 16 -- China's fiscal revenue amounted to approximately 17.34 trillion yuan (about 2.46 trillion U.S. dollars) during the first 10 months of 2022, official data showed on Wednesday.

The figure represents a drop of 4.5 percent from the same period of last year, according to the Ministry of Finance.

Excluding the impact of value-added tax credit refunds, fiscal revenue grew 5.1 percent from a year earlier.

The central government collected about 8 trillion yuan in fiscal revenue, down 5.5 percent, and local governments collected 9.34 trillion yuan, down 3.6 percent.

Tax revenue came in at nearly 14.26 trillion yuan in the January-October period, down 8.9 percent year on year.

Fiscal spending rose 6.4 percent year on year to hit around 20.63 trillion yuan during the period, according to the ministry.