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China Fiscal Revenue Growth Slows to 11.9Pct, Central Revenue Fell

10-19 13:51 Caijing
Central fiscal revenue fell 2.4 percent to 366.4 billion yuan, while revenue collected by local governments rose 26.8 percent to 459.4 billion yuan

China's fiscal revenue growth slowed to 11.9 percent in September continuing a downward trend this year, the Ministry of Finance said Thursday, citing slowing industrial output and tax reductions.

China's fiscal revenue in the month stood at 825.8 billion yuan ($131.08 billion), up 11.9 percent from a year ago. Central fiscal revenue fell 2.4 percent to 366.4 billion yuan, while revenue collected by local governments rose 26.8 percent to 459.4 billion yuan ,according to a statement published on the ministry's website.

Growth of the country's fiscal revenues slowed to 8.1 percent in the third quarter, from Q2's 10 percent and Q1's 14.7 percent. Q3's growth marked a decrease of 18.6 percent from a year ago, ending a fast expanding era when growth hit 20-30 percent.

The ministry finance blamed easing economic expansion for the decline. With falling industrial output, slowing price growth and tax structural reforms, fiscal revenue growth "dropped substantially" in the first three months, it said.

China's economy has slowed for the seventh straight quarter, growing 7.4 percent year-on-year in the third quarter, the National Bureau of Statistics announced Thursday.

In the first three quarters, tax revenues nationwide rose 8.6 percent year-on-year to 7.74 trillion yuan, the statement said.

 

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