Chinese govt reports revenue increase

The Chinese government's budgetary revenue was up 18.4 percent year-on-year in the first eight months, indicating the resilience of economic recovery, according to the Ministry of Finance on Friday.

The total general public budgetary revenue reached 15 trillion yuan ($2.32 trillion) by the end of August. Tax revenue was 12.96 trillion yuan , up 19.8 percent from a year earlier. The rise of fiscal income was a result of steady economic growth, a lower base in 2020 and fast increase of factory gate prices, the ministry said.

The revenue from individual income tax rose 23 percent year-on-year in the January-to-August period, thanks to the growth of household income. It also indicates the rise of income from equity investments and stock dividends, a spokesman from the finance ministry said.

But recent COVID-19 infections and floods in some provinces have decelerated the growth of fiscal income in August, down to 2.7 percent from 11.1 percent in July, according to the spokesman.