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China Daily | Updated: 2015-04-22 08:36
Governments and policies
Tax revenue grows by 3.4% in first 3 months
China collected 2.71 trillion yuan ($442.7 billion) in taxes in the first quarter of the year, a rise of 3.4 percent year-on-year, but the growth rate was slower than the 9.9 percent in the same period of last year, the State Administration of Taxation said in a statement. The authority attributed the slower pace of growth partly to the economic slowdown. China's economy grew 7 percent in the first quarter, the lowest growth rate since 2009. Tax collected from the tertiary industry, the segment of the economy that provides services to its consumers, grew by 3.9 percent.
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