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China's fiscal spending remains strong in first two months

Xinhua | Updated: 2023-03-19 14:33

File photo shows a clerk counts RMB bank notes in a bank in Nantong, East China's Jiangsu province. [Photo/Xinhua]

BEIJING -- China's fiscal revenue dropped 1.2 percent year-on-year in the first two months of 2023, while its fiscal spending expanded 7 percent year-on-year, according to the Ministry of Finance.

The ministry said the data showed that the intensity of fiscal spending had remained strong, and spending in key areas such as people's livelihood had been well ensured.

Spending on social security and employment climbed 9.8 percent year-on-year, while spending on science and technology rose 3.9 percent.

Of the total fiscal revenue, the central government collected about 2.18 trillion yuan ($315.5 billion) in revenue, down 4.5 percent year-on-year, while local governments collected 2.39 trillion yuan in revenue, up 2 percent year-on-year.

Tax revenue in the first two months went down 3.4 percent year-on-year. Revenue from value-added tax climbed 6.3 percent, while revenue from consumption tax dropped 18.4 percent.

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