Business / Economy

Nov fiscal revenue up 21.9% year-on-year

By Wei Tian ( Updated: 2012-12-11 15:34

The income of the Chinese government rose 21.9 percent in November to 787.1 billion yuan ($126 billion), the Ministry of Finance said on Tuesday.

Revenue of value-added tax picked up 16.2 percent because of a warming up of the industrial sectors and a lower base last year. Meanwhile, business tax revenue rose 28.6 percent largely due to an increasing number of transactions in the housing market.

Non-tax revenue rose 27 percent to 23.6 billion yuan.

This year's fiscal revenue was up 11.9 percent in the first 11 months. The growth rate was 14.9 percentage points lower than that of the previous year due to the slowing economy and shrinking company profits, but the figure has shown signs of recovery in the fourth quarter.

Meanwhile, government expenditure in November was up 6.7 percent to 1.21 trillion yuan, which put the total spending by November this year at 10.49 trillion yuan, up 17.9 percent from the same period in 2011.

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