Tax cuts working

While pundits are trying hard to read signs of an early recovery from a slowed decline in fiscal revenue, some tax cuts have already worked their magic in boosting domestic consumption.

If Chinese policymakers are to step up efforts to fight the economic downturn, more tax cuts for consumers will be a good start.

Statistics from the Ministry of Finance showed that the country's fiscal revenue fell 8.3 percent year-on-year to 1.46 trillion yuan ($214 billion) in the first quarter, while tax revenue shrank 10.3 percent to 1.3 trillion yuan ($190 billion).