China’s fiscal revenue up 25.5% in January-April

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China’s fiscal revenue surged 25.5 percent year-on-year in the first four months of 2021, official data showed on May 21.

According to data released by the Ministry of Finance, the country’s fiscal revenue topped 7.8 trillion yuan (about $1.21 trillion) during the period.

Tax revenue came in at nearly 6.75 trillion yuan in the first four months, up 27.1 percent year-on-year.

Revenue from value-added tax, the largest source of fiscal revenue in the country, jumped 24.7 percent from a year earlier, while stamp tax revenue saw an increase of 49.6 percent.

A breakdown showed the central government and local governments collected 3.67 trillion yuan and 4.14 trillion yuan in fiscal revenue, respectively, with a year-on-year rise of 28.5 percent and 23 percent.

The data also showed that China’s fiscal spending went up 3.8 percent year-on-year to 7.64 trillion yuan in the January-April period.

Fiscal spending for education rose 12.4 percent, while that for social security and employment went up 6.3 percent, and health and medical care 5.8 percent, according to the ministry.