Business

Fiscal revenue of China up 24.2pc in first 5 months


Bangladeshpost
Published : 18 Jun 2021 12:06 AM | Updated : 18 Jun 2021 12:06 AM

Xinhua, Beijing

China's fiscal revenue jumped 24.2 percent year on year in the first five months of 2021, official data showed Thursday.

According to data released by the Ministry of Finance, the country's fiscal revenue reached nearly 9.65 trillion yuan (about 1.5 trillion U.S. dollars) during the reporting period.

Tax revenue came in at nearly 8.38 trillion yuan in the January-May period, up 25.5 percent year on year.

Revenue from value-added tax, the largest source of fiscal revenue in the country, jumped 24 percent from a year earlier, while stamp tax revenue saw an increase of 42.9 percent.

The central government and local governments collected 4.57 trillion yuan and 5.07 trillion yuan in fiscal revenue, respectively, with a year-on-year rise of 27 percent and 21.7 percent.

Thursday's data also showed that China's fiscal spending went up 3.6 percent year on year to 9.36 trillion yuan in the five-month period.

Fiscal spending on education rose 12.1 percent year on year, while that on social security and employment went up 6.6 percent, and health and medical care 4.7 percent, according to the ministry.