Fiscal Revenue and Spending
China’s fiscal revenue and expenditure both registered steady growth in the first three quarters of this year on the back of strong economic growth.
Fiscal revenue rose 9.7 percent year on year to 13.41 trillion yuan ($2 trillion) in the first nine months, the Ministry of Finance said on October 16 in a report.
In the same period, fiscal expenditure rose 11.4 percent to 15.19 trillion yuan ($2.29 trillion), with central and local governments implementing the budget expenditure faster than in the same period last year.
“The steady economic growth with sound momentum laid a solid foundation for strong fiscal revenue and expenditure growth,” the report said.
China has pledged a more proactive and effective fiscal policy this year, with the fiscal deficit set at 3 percent of GDP, or 2.38 trillion yuan ($360 billion), up 200 billion yuan ($30 billion) from 2016.
In September alone, fiscal revenue rose 9.2 percent and expenditure increased 1.7 percent.