China's general public budget revenue down 2.7% in Jan-April

BEIJING - China's general public budget revenue dropped 2.7 percent year-on-year to 8.09 trillion yuan ($1.14 trillion) in the first four months of 2024, according to the Ministry of Finance.

The central government collected 3.53 trillion yuan in revenue, down 6.2 percent year-on-year, while local governments saw revenue edge up 0.1 percent to 4.57 trillion yuan.

Tax revenue totaled 6.69 trillion yuan during the January-April period, down 4.9 percent year-on-year.

Data from the ministry also shows that general public budget spending expanded 3.5 percent year-on-year to 8.95 trillion yuan during the period.

General public budget revenue refers to income for government finance through participation in the distribution of social products. It is the financial guarantee to ensure the functioning of government.