China's fiscal revenue up 14.9% in Jan-May

BEIJING - China's fiscal revenue expanded 14.9 percent year-on-year in the first five months of 2023, showed official data Friday.

The country's fiscal revenue amounted to nearly 9.97 trillion yuan ($1.4 trillion) during the period, said the Ministry of Finance.

The central government collected approximately 4.59 trillion yuan in fiscal revenue, up 13.1 percent year-on-year, while local governments collected approximately 5.38 trillion yuan, up 16.5 percent from a year earlier.

Tax revenue came in at about 8.48 trillion yuan in the January-May period, up 17 percent year-on-year.

Fiscal spending rose 5.8 percent year-on-year to hit 10.48 trillion yuan during the period, according to the ministry.