China's fiscal revenue down 14.5 percent in Jan.-Apr.
Updated 21:12, 18-May-2020


China's fiscal revenue continued to decline in the first four months of the year under the influence of COVID-19, official data showed Monday.

The country's fiscal revenue shrank 14.5 percent year-on-year to 6.21 trillion yuan (about 875.11 billion U.S. dollars) during the January-April period, data released by the Ministry of Finance showed.

The pace of decline quickened from a fall of 14.3 percent in the first quarter of the year and a 9.9 percent decrease in the first two months.

Tax revenue totaled 5.31 trillion yuan, down 16.7 percent year-on-year. Revenue from value-added tax, the largest fiscal revenue source in the country, fell 24.4 percent year-on-year in the first four months.

A breakdown showed the central government collected 2.85 trillion yuan in fiscal revenue, down 17.7 percent year-on-year, while local governments saw fiscal revenue drop by 11.5 percent to 3.36 trillion yuan.

The country's economy shrank 6.8 percent year-on-year in the first quarter, the first contraction in decades due to the pandemic. The government unveiled a slew of measures to shore up the economy, especially small businesses, including tax cuts and financial supports.

(With input from Xinhua)