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Jan-Feb government revenue dropped 11.4%
By Wang Xu (chinadaily.com.cn)
Updated: 2009-03-13 16:11

The government's revenue dropped 11.4 percent in the first two months from a year earlier, a result of declining corporate profits and recent tax cuts.

The government's revenue was 1.02 trillion yuan in the first two months, according to a statement on the finance ministry's website.

The Ministry of Finance said the decline shows that the economic slowdown has hurt corporate profits. Meanwhile, the government's recent move to reduce taxes, including the stamp tax for stock transaction, also dented the State coffer.


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