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China fiscal revenue up 6.3% in first two months
来源： 时间：2016-04-20
China's fiscal revenue rose 6.3 percent year on year to 2.74 trillion yuan ($421.3billion) in the first two months of 2016, data from the Ministry of Finance showed onWednesday.
The data came after China's fiscal revenue logged its slowest pace since 1988 last year asthe broader economy slowed.
In breakdown, the central government collected 1.18 trillion yuan in fiscal revenue, up 1.6percent year on year, while local governments saw fiscal revenue expand 10 percent to 1.56trillion yuan.
Thanks to robust property transactions in major cities, real estate business taxes went up20.2 percent year on year to 116 billion yuan. Resource taxes plunged 24.8 percent due tosluggish crude oil and coal prices.
During the January-February period, fiscal spending expanded 12 percent to 2.12 trillionyuan, with spending on the affordable housing program surging 30.7 percent.
To cushion the blow from sagging revenue growth and balance the need for a proactive fiscalpolicy to support growth, China plans to increase its deficit-to-GDP ratio to 3 percent this yearfrom 2.3 percent last year.
The rise of 0.7 percent in the ratio, based upon China's GDP, would provide the governmentabout 470 billion yuan more to spend, projected mainly to cover tax and fee reductions forenterprises.
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