China's fiscal revenue up 3.2% in June, first expansion this year

Xinhua
China's fiscal revenue rose 3.2 percent year on year in June, marking the first expansion this year, official data showed on Friday.
Xinhua

China's fiscal revenue rose 3.2 percent year on year in June, marking the first expansion this year, official data showed Friday.

In the first half of 2020, the country's fiscal revenue came in at 9.62 trillion yuan (US$1.37 trillion), down 10.8 percent year on year, according to data released by the Ministry of Finance.

Tax revenue totaled 8.2 trillion yuan, down 11.3 percent year on year in the first six months. Revenue from value-added tax, the largest fiscal revenue source in the country, fell 19.1 percent year on year.

A breakdown showed the central government collected nearly 4.43 trillion yuan in fiscal revenue during the six-month period, down 14 percent year on year, while local governments saw fiscal revenue drop by 7.9 percent to 5.18 trillion yuan.

Friday's data also showed the country's fiscal spending fell 5.8 percent from a year earlier to 11.64 trillion yuan.

China's economy bounced back to growth in the second quarter (Q2) this year as the country gradually resumed work and production after effectively containing the COVID-19 epidemic.

The country's gross domestic product expanded by 3.2 percent year on year in Q2, following a 6.8 percent contraction in Q1, according to data from the National Bureau of Statistics.

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