China's fiscal spending remains strong in first two months

Xinhua
19 Mar 2023, 15:44 GMT+10

BEIJING, March 19 (Xinhua) -- China's fiscal revenue dropped 1.2 percent year on year in the first two months of 2023, while its fiscal spending expanded 7 percent year on year, according to the Ministry of Finance.

The ministry said the data showed that the intensity of fiscal spending had remained strong, and spending in key areas such as people's livelihood had been well ensured.

Spending on social security and employment climbed 9.8 percent year on year, while spending on science and technology rose 3.9 percent.

Of the total fiscal revenue, the central government collected about 2.18 trillion yuan (315.5 billion U.S. dollars) in revenue, down 4.5 percent year on year, while local governments collected 2.39 trillion yuan in revenue, up 2 percent year on year.

Tax revenue in the first two months went down 3.4 percent year on year. Revenue from value-added tax climbed 6.3 percent, while revenue from consumption tax dropped 18.4 percent.

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