China fiscal revenue growth accelerates in Oct

BEIJING -- China's fiscal revenue rose 9.4 percent year-on-year in October, quickening from a 6.3-percent rise seen in September, the Ministry of Finance said on Friday.

The revenue stood at 1.33 trillion yuan ($216.2 billion), the ministry said in a statement.

In October, central government revenue jumped 11.3 percent year on year, accelerating from an expansion of 5.9 percent the previous month, boosted by a rise in revenue collected from financial institutions and higher corporate income tax revenue.

Local government revenue rose 7.6 percent from the same period last year, slightly faster than September but slower compared with the same period last year.

The ministry attributed the situation to the bearish property sector.

In the first ten months, fiscal revenue went up 8.2 percent to 12 trillion yuan, according to the ministry.

During this period, central government fiscal revenue expanded 6.6 percent year on year, while local government revenue increased 9.8 percent.

The ministry expects governments at various levels to have difficulties in boosting fiscal revenue in the last two months of the year and some local governments may experience a drop in fiscal revenue growth.

The ministry also said that national fiscal expenditures dropped 5.7 percent to 991.0 billion yuan in October.

In the first ten months, national spending rose 11.3 percent to 11.4 trillion yuan.