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China July fiscal revenue up 10.2%
Updated: 2009-08-12 10:48

China's Ministry of Finance announced Wednesday that the country's fiscal revenue in July rose 10.2 percent year on year to 669.59 billion yuan ($97.96 billion).

The July figure brought the total fiscal revenue in the first seven months to 4.067 trillion yuan, down 0.5 percent year on year, according to a statement from the ministry.

Fiscal revenue had been on the rebound since May, which saw a 4.8 percent annual growth. In the first four months, the figure fell 9.9 percent year on year.

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The statement said the rebound in fiscal revenue growth was mainly because of the improvement in the country's economy, rising business taxes and increased cigarette tax.

However, the figure for the first seven months declined on a year-on-year basis, which, the ministry attributed to weak business profits, tax cuts and rising export rebates amid the economic slowdown.

Fiscal expenditure in July rose 9.3 percent from a year earlier to 498.57 billion yuan. The first seven months saw the fiscal expenditure climb 23.5 percent to 3.389 trillion yuan.

The government unveiled a 4-trillion-yuan stimulus package in November last year to be spent over the next two years to shore up the economy, with 1.18 trillion yuan from the central budget.

From January to July, 110.3 billion yuan was spent on the farming, forestry and fishing sectors, up 59.4 percent year on year, 22.2 billion yuan on environmental protection, up 55.9 percent, and 57.84 billion yuan on transportation, up 50.8 percent.

Fiscal revenue includes taxes as well as administrative fees and other government income, such as fines and income from State-owned assets.

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