BEIJING, 19th November, 2024 (WAM) -- China's fiscal revenue increased 5.5 % year-on-year (YoY) in October, data from the Ministry of Finance showed Monday.
According to a breakdown of the data, the country's tax revenue edged up 1.8 % from a year earlier, Xinhua news agency reported.
The monthly fiscal revenue continued the growth trajectory, reflecting stronger economic recovery momentum, said Yang Zhiyong, head of the Chinese Academy of Fiscal Sciences.
In the first ten months of the year, China's fiscal revenue dipped 1.3 % YoY.
In the first ten months, the central government collected about 8.25 trillion yuan (about 1.15 trillion U.S. dollars) in fiscal revenue, down 3.9 % YoY, while local governments collected around 10.25 trillion yuan, up 0.9%, according to the ministry.
The country's fiscal expenditure expanded 2.7% YoY during the same period.
Specifically, the central government's fiscal expenditure rose 7.9% YoY, compared to a 1.8% increase in expenditure by local governments, according to the data.