LINE

    Text:AAAPrint
    Economy

    China fiscal revenue remains low, spending quickens

    1
    2015-05-15 08:51Xinhua Editor: Gu Liping

    Growth in China's fiscal revenue remained at a low level in April, while that in expenditure quickened sharply, underscoring government efforts to combat downward pressure on the economy.

    In the first four months of 2015, fiscal revenue gained 5.1 percent to hit 4.99 trillion yuan. The growth was 6.3 percentage points lower than the rise seen in the same period last year.

    The ministry attributed the tempering to lower global commodity prices that triggered a fall in import value, combined with slowing industrial activity.

    Last month, the central government collected 628.5 billion yuan in fiscal revenue, up 8.1 percent year on year, while local governments saw fiscal revenue expand 8.2 percent to 721.7 billion yuan.

    Affected by the sluggish property market, real estate business tax went down 11.9 percent year on year, and deed tax decreased 12.8 percent to 27.8 billion yuan.

    In the same month, national fiscal spending expanded 33.2 percent from a year ago to 1.25 trillion yuan, with spending on transportation surging 57.8 percent.

    The slower fiscal revenue growth came as China's year-on-year economic growth in the first quarter came in at 7 percent, the lowest quarterly growth rate since 2009.

    The finance ministry last month urged local authorities to advance fiscal and tax reforms as it worries that slowing revenue would have negatively impact on achieving the 2015 development target.

    The ministry asked local authorities to deepen fiscal reform, cut red tape and spend unused fiscal funds.

    They were also told to speed up local government debt issuance, improve management of fiscal funds and accelerate expenditure.

    Premier Li Keqiang, speaking at the opening of the annual parliamentary session, stressed that a proactive fiscal policy and prudent monetary policy would continue in 2015 in a bid to hit the growth target of around 7 percent for the year.

    China plans to raise its budget deficit to 2.3 percent of its GDP for 2015, up from last year's target of 2.1 percent.

    Related news

    MorePhoto

    Most popular in 24h

    MoreTop news

    MoreVideo

    News
    Politics
    Business
    Society
    Culture
    Military
    Sci-tech
    Entertainment
    Sports
    Odd
    Features
    Biz
    Economy
    Travel
    Travel News
    Travel Types
    Events
    Food
    Hotel
    Bar & Club
    Architecture
    Gallery
    Photo
    CNS Photo
    Video
    Video
    Learning Chinese
    Learn About China
    Social Chinese
    Business Chinese
    Buzz Words
    Bilingual
    Resources
    ECNS Wire
    Special Coverage
    Infographics
    Voices
    LINE
    Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
    Copyright ©1999-2018 Chinanews.com. All rights reserved.
    Reproduction in whole or in part without permission is prohibited.
    主站蜘蛛池模板: 威信县| 绥化市| 洞头县| 沈阳市| 建德市| 涞源县| 砀山县| 阳东县| 布尔津县| 普兰店市| 大邑县| 南漳县| 乳山市| 全南县| 弋阳县| 黄山市| 镇宁| 民丰县| 江川县| 万年县| 法库县| 大足县| 吉林市| 金川县| 景德镇市| 邮箱| 天等县| 新绛县| 永平县| 蕉岭县| 寻甸| 鄂尔多斯市| 玉门市| 荆州市| 三原县| 台中市| 榆社县| 朔州市| 乌拉特中旗| 开封县| 宜丰县|