Economy

China's fiscal revenue rises 34% in May

(Xinhua)
Updated: 2011-06-10 17:07

BEIJING - Chinese Ministry of Finance said on Friday that the country's fiscal revenue rose 34 percent year-on-year to reach 1.06 trillion yuan ($163.6 billion) in May, boosted by the settlement of last year's corporate income taxes.

May's growth rate accelerated more quickly than that of April by nearly 7 percent, but was still down from the 36 percent increase posted for the first two months of this year, when surging imports boosted fiscal revenues, the MOF said in a statement on its website.

Excluding contributions by last year's corporate income tax settlement, May's fiscal revenue grew by 25 percent year-on-year, lower than April's 27.2 percent and March's 26.7 percent.

Fiscal revenue growth is expected to slow down even further over the coming months, MOF said.

In May, the central government collected 618.64 billion yuan, and local governments gathered the remaining 442.59 billion, according to the MOF's statement.

The May data brought China's fiscal revenue for the first five months of this year to 4.68 trillion yuan, up 32 percent from a year earlier, it said.

Fiscal revenue in China includes taxes, administrative fees and other sources of government income, such as fines and income from state-owned assets.