Boost for China's public budget revenue

China's general public budget revenue rose 3.5 percent year-on-year to 8.34 trillion yuan ($1.23 trillion) in the first four months of this year, according to data released by the Ministry of Finance on Wednesday.

Tax revenue, a key component of the general public budget revenue, climbed 3.9 percent year-on-year to 6.81 trillion yuan, while non-tax revenue increased 1.6 percent year-on-year to 1.53 trillion yuan, the ministry said.

In the break down, import-related taxes performed strongly. Value-added tax and consumption tax on imported goods rose 11.2 percent year-on-year to 637.5 billion yuan, driven by robust growth in foreign trade imports.

The equity market's active performance was reflected in stamp tax collections. Securities transaction stamp tax surged 74.8 percent year-on-year to 93.5 billion yuan, as trading activity remained elevated.

On the spending side, the ministry noted that general public budget expenditure reached 9.48 trillion yuan during this period, up 1.3 percent year-on-year.

Spending execution reached 31.6 percent of the annual budget target, the fastest pace for the January-April period in five years, signaling that fiscal policy is being front-loaded to support economic stabilization, the ministry added.