China's fiscal revenue expands 6.2% in 2018

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China's fiscal revenue ascended 6.2 percent year-on-year to 18.3352 trillion yuan (2.6935 trillion U.S. dollars) in 2018, beating the projection of 6.1 percent with additional 17.5 billion yuan, according to the Ministry of Finance (MOF).

Expenditures in the country's general public budget went up by 8.7 percent during the same period, standing at 22.0906 trillion yuan (3.2487 trillion U.S. dollars) with an 8.3 percent gain in tax revenue.

As of the end of 2018, the central government's debt amounted to 14.96 trillion yuan, and the Chinese government's overall debt-to-GDP ratio is 37 percent.

MOF officials credited the success for the smooth movement of the national economy.

Minister of Finance Liu Kun revealed earlier in January that an array of measures for tax cuts and fee deductions will be rolled out in the New Year to prop up the national economy to certain extent dragged down by looming uncertainties over the global economy.

Liu noted fiscal expenditures is set to be on the rise in light of actual demands while speeding up the issuance of "special-purpose" local government bonds, as a way to bolster major projects in the pipeline and address weak links in the real economy.

"We will beef up the efficiency for the use and allocation of financial fund via optimizing the structures of government expenditure. We must put an end to unnecessary expenditures," added Liu.

Proactive fiscal policy is no match for flooding the economy with rivers of cash. Counter-cyclic adjustments will be conducted to steady the aggregate demand and erase economic fluctuations. It also merits attention to the bottom line of debt risk that will not be violated, according to Liu.

In 2017, the second largest economy's fiscal revenue reached 17.2567 trillion yuan, an increment of 7.4 percent as compared to the previous year, among which tax revenue made up for 14.4 trillion yuan with a surge of 10.7 percent on a yearly basis.