Cen­tral govern­ment in­creases spend­ing

China Daily (Canada) - - NEWSCAPSULE -

China moved to stim­u­late the econ­omy in May through more govern­ment spend­ing.

Fis­cal spend­ing jumped 24.6 per­cent year-on-year in May to 1.3 tril­lion yuan ($208 bil­lion), ac­cord­ing to data from the Min­istry of Fi­nance. The surge was in sharp con­trast to the 9.6 per­cent rise in the first four months.

In the first five months, fis­cal rev­enue climbed 8.8 per­cent while fis­cal ex­pen­di­tures rose 12.9 per­cent from a year ear­lier, the min­istry said. Cen­tral govern­ment spend­ing rose 15.8 per­cent in May, while lo­cal govern­ment ex­pen­di­ture soared 26.9 per­cent, the min­istry said on its web­site.

Dur­ing the first five months, there was dou­ble-digit growth in spend­ing on agri­cul­ture de­vel­op­ment and projects to raise liv­ing stan­dards, ac­cord­ing to the data.

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