Briefly

Fiscal revenue ex refunds up 2.6% in July

China's fiscal revenue expanded by 2.6 percent year-on-year in July after deducting the decrease in revenue due to tax refunds, marking the second consecutive month of positive growth as the Chinese economy recovers, the Ministry of Finance said on Wednesday. Taking the decrease in revenue due to tax refunds into consideration, national general public budget revenue dropped by 4.1 percent year-on-year in July. During the first seven months of the year, the country's fiscal revenue and expenditure came in at 12.5 trillion yuan ($1.84 trillion) and 14.68 trillion yuan, respectively.

Qingdao to build new submarine tunnel

Qingdao in East China's Shandong province will build the world's largest submarine tunnel, which will be 17.38 kilometers long, marking a new milestone in China's engineering construction. The Jiaozhou Bay Second Tunnel, to be partly built by China Railway No 4 Engineering Group Co Ltd, will link the city's main urban areas with its West Coast New District. The tunnel will be constructed through drilling and blasting, and withstand the highest water pressure for its shields and deepest burial depth for blasts.

China Daily