Business
13:59, 18-Apr-2018
China Q1 fiscal revenue and spending tops five trln yuan
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According to China's Finance Ministry, government fiscal revenue and expenditure for the first quarter fixed slightly over five trillion yuan each, which means double-digit year-on-year growth for both.
This year, China continued to carry out positive fiscal policies. Tax revenue rose 17 percent year on year and contributed almost 88 percent of the total.
Meanwhile China spent 11 percent more on livelihood related sectors such as education, culture and healthcare. They also accounted for nearly 74 percent in total spending.
With the economy on a firm footing and fiscal revenue increasing, China lowered its fiscal deficit target to 2.6 percent of GDP for 2018, down by 0.4 percentage points compared with 2017, the first drop since 2013.
Despite a lower deficit-to-GDP ratio, China has raised the budget for this year's general public expenditure by 7.6 percent to 21 trillion yuan, higher than a 6.1-percent rise in budget revenue.