China's fiscal revenue sustains growth in first 4 months

BEIJING - China's fiscal revenue has maintained steady growth momentum in the first four months of 2023, official data showed on Thursday.

The country's fiscal revenue expanded 11.9 percent year-on-year to nearly 8.32 trillion yuan ($1.19 trillion) during the period, according to the Ministry of Finance.

The increase was partly driven by the country's continued economic recovery, the ministry said.

Excluding the impact of factors like value-added tax credit refunds, fiscal revenue grew 4 percent from a year earlier.

During the period, the central government collected around 3.76 trillion yuan in fiscal revenue, up 8.6 percent, and local governments collected over 4.56 trillion yuan, surging 14.8 percent.

Tax revenue came in at nearly 7.04 trillion yuan in the January-April period, up 12.9 percent year-on-year.

Fiscal spending rose 6.8 percent year-on-year to hit around 8.64 trillion yuan during the period.

The data showed that the country had maintained the intensity of necessary spending, increasing fiscal input in weak links and key areas of economic and social development, according to the ministry.