Fis­cal Rev­enue and Spend­ing

Beijing Review - - This Week Economy -

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.

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