China's fiscal revenue falls in first 9 months

BEIJING - China's fiscal revenue dropped 6.6 percent year-on-year during the first nine months of 2022, official data showed on Tuesday.

The country's fiscal revenue amounted to approximately 15.3 trillion yuan ($2.13 trillion) during this period, according to the Ministry of Finance.

Excluding the impact of value-added tax credit refunds, fiscal revenue grew 4.1 percent from a year earlier.

The central government collected about 6.99 trillion yuan in fiscal revenue, down 8.6 percent, and local governments collected 8.32 trillion yuan, down 4.9 percent.

Tax revenue came in at nearly 12.44 trillion yuan in the January-September period, down 11.6 percent year-on-year.

Fiscal spending rose 6.2 percent year-on-year to hit around 19.04 trillion yuan during the period, according to the ministry.