Back here in China, the country's proactive fiscal policy and tax cuts are taking effect. Fresh numbers from the Ministry of Finance show that growth in government revenues slowed in the first three quarters of this year. Our Michelle van den Bergh explains.

China's fiscal revenue reached 14.6 trillion Yuan in the first three quarters, up 8.7 percent year on year. The growth rate in Q1, Q2 and Q3 were 13.6%、8% and 4.2% respectively.

DU QIANG, DEPUTY DIRECTOR OF NATIONAL TREASURY DEPARTMENT MINISTRY OF FINANCE "In the first three quarters the general public income grew but showed a slowing trend, with China determined to push for tax cut to benefit people. Fiscal and monetary policies would be coordinated effectively to further deepen structural reforms and make sure major economic indicators fall in a positive range for the year. While we also need to be cautious the fiscal revenue growth in the coming months may slow further amid uncertainties and challenges."

During the first three quarters, Chinese local governments issued 1.35 trillion yuan of special bonds which are repaid by returns on projects rather than local government coffers. The issuing of these special bonds aims to reduce debt default risks.

HAO LEI, DEPUTY DIRECTOR OF BUDGET MINISTRY OF FINANCE "Apart from facilitating the issuing of these special bonds , the ministry also guides the local governments to better use the capital raised, like expanding their infrastructure construction, boosting domestic demand and attracting more investments."

The ministry says that the tax cut plan may cause fiscal revenue to decline in the short term, but in the long run, it will not only ease the burden of companies, but also create more jobs and boost economic growth.