China’s fiscal revenues grew 13.7 percent year on year to 1.04 trillion yuan (165.10 billion U.S. dollars) in October, the Ministry of Finance (MOF) said Wednesday.
The country’s central fiscal revenues rose 8.9 percent year on year to 511.9 billion yuan last month, according to the ministry.
In September, the country’s fiscal revenues grew 11.9 percent year on year while the central fiscal revenues dropped 2.4 percent.
The ministry attributed the higher growth rates last month to more tax revenues brought in by stabilizing economic growth.
This has been illustrated by latest economic indicators.
The industrial added-value output growth accelerated to 9.6 percent year on year in October, from 9.2 percent in September and 8.6 percent in August. Retail sales of consumer goods rose 14.5 percent from a year ago in October, compared with 14.1 percent in September and 13.2 percent in August.
Customs data released Saturday showed China’s exports in October posted the strongest monthly growth since May while imports remained weak.
During the first ten months, the country’s fiscal revenues grew by 11.2 percent from a year earlier to 10.1 trillion yuan. However, the growth rate was down 16.9 percentage points compared with the same period last year, the ministry said.
From January to October, tax revenues nationwide rose 9 percent year on year to 8.7 trillion yuan. The growth rate was down 17.6 percentage points from a year earlier, according to the ministry.
The easing growth was affected by declining corporate income and producer prices, as well as structural tax reductions, the (MOF) said.
The country’s fiscal expenditures totaled 9.3 trillion yuan in the first ten months, up 19.6 percent from a year earlier, according to the ministry.