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China's fiscal revenue up 14.7% in Q1

Updated: 2012-04-13 16:50


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BEIJING - China's fiscal revenue in the first quarter of the year rose 14.7 percent from the same period a year ago to near 3 trillion yuan ($476.05 billion), the Ministry of Finance said Friday.

The growth, though slightly higher than the 13.1-percent rise in the January-February period, contrasts a 33.1-percent jump in the same period last year.

The decelerating growth was mainly attributed to a slowdown in the national economy, which marked the lowest growth in 11 quarters in the first three months, the ministry said.

In March alone, the country's fiscal revenue reached 905.8 billion yuan, up 18.7 percent year-on-year, it said.

Tax revenue nationwide climbed 10.3 percent year-on-year to 2.59 trillion yuan in the first three months, compared with a 32.4-percent increase in the same period of last year.

Revenue from the value-added tax, a major part of total tax revenue, rose 5.4 percent in the January-March period from a year ago to 660.2 billion yuan, the ministry said.

The ministry also said fiscal expenditure in the first three months climbed 33.6 percent year-on-year to 2.41 trillion yuan.


China's fiscal revenue up 14.7% in Q1