China's fiscal revenue up in Q1

BEIJING -- China's fiscal revenue increased 0.5 percent year-on-year in the first quarter of 2023, official data showed on Tuesday.

The country's fiscal revenue amounted to more than 6.23 trillion yuan ($905 billion) during the period, according to the Ministry of Finance.

It is expected to continue its growth momentum in the future as the country's overall economic recovery will provide support, the ministry said.

China's gross domestic product grew 4.5 percent year-on-year in the first quarter to near 28.5 trillion yuan.

The central government collected approximately 2.76 trillion yuan in fiscal revenue, down 4.7 percent year-on-year, while local governments collected approximately 3.47 trillion yuan, up 5 percent from a year earlier.

Tax revenue came in at about 5.17 trillion yuan in the January-March period, down 1.4 percent year-on-year.

Fiscal spending rose 6.8 percent year-on-year to hit 6.79 trillion yuan during the period, according to the ministry.