China's fiscal revenue up 13.6% in Q1

BEIJING - China's fiscal revenue rose 13.6 percent year on year in the first quarter, the Ministry of Finance (MOF) said in a statement Monday.

The stable growth was mainly driven by a faster increase in tax revenue, as businesses posted better profits amid solid economic growth, according to the MOF.

Tax revenue accounted for 87.7 percent of fiscal revenue during the January-March period, up 2.5 percentage points from the year-earlier level.

The MOF cited an increase in factory activity, improving services, robust consumption and steady foreign trade.