China's fiscal revenue rose 3.2 percent year-on-year in June as the country's economy bounced back from the coronavirus shock, marking the first expansion this year, the finance ministry said Friday.

June's data reversed the 10-percent-drop of fiscal revenue in May. During the January to May period, China's fiscal revenue contracted 13.6 percent, official data showed.

In the first half of the year, the country's fiscal revenue stood at 9.62 trillion yuan (about 1.37 trillion U.S. dollars), down 10.8 percent year-on-year.

Tax revenue came in at 8.2 trillion yuan in the first six months, a decrease of 11.3 percent year-on-year. Revenue from value-added tax, the largest fiscal revenue source in the country, dropped 19.1 percent year-on-year.

Meanwhile, the country's fiscal spending fell 5.8 percent from a year earlier to 11.64 trillion yuan.

Multiple factors contributed to the drop in fiscal revenue for the first-half year. For example, the tax revenue was reduced due to the COVID-19 pandemic which hit companies, so the country launched tax cuts policy to bolster business and production. Also, the high base of the tax revenue during the same period last year also led to a reduction in tax revenue this year, said ministry official Liu Jinyun.

In the face of the COVID-19 this year, Liu said the ministry has rolled out targeted measures to help business weather through the difficult period, such as tax reduction or exemption, export rebate and extension of income tax payment.

As of Thursday, China has issued 720 billion yuan in special treasury bonds, accounting for 72 percent of the scheduled issuance of one trillion yuan, said Liu.

China's economic growth in the second quarter rebounded 3.2 percent, compared with a steep slump of 6.8 percent in the first quarter, showing steady recovery under the support of orderly resumption of work and production, and policy measures.

(Cover: Chinese currency RMB. /Xinhua)