China's fiscal revenue tops 18.55 trillion yuan in first 11 months

China's fiscal revenue amounted to approximately 18.55 trillion yuan (about US$2.66 trillion) during the first 11 months of 2022, official data showed Tuesday.

The figure represents a drop of 3 percent from the same period last year, according to the Ministry of Finance.

Excluding the impact of value-added tax credit refunds, fiscal revenue grew 6.1 percent from a year earlier.

The central government collected about 8.58 trillion yuan in fiscal revenue, down 2.9 percent, and local governments collected nearly 9.98 trillion yuan, down 3 percent.

Tax revenue came in at over 15.28 trillion yuan in the January-November period, down 7.1 percent year on year.

Fiscal spending rose 6.2 percent year on year to hit around 22.73 trillion yuan during the period, according to the ministry.