China's Jan-Feb fiscal revenue rises 11.1%

BEIJING

- China's fiscal revenue climbed 11.1 percent year on year in the first two months of 2014 to reach 2.49 trillion yuan ($408.2 billion), the Ministry of Finance said on Thursday.

Central government revenue reached 1.18 trillion yuan, up 9.2 percent year on year. Local government revenue stood at 1.32 trillion yuan, up 12.9 percent from the same period last year.

Of the total, revenues from domestic value-added tax gained 8.9 percent to 524 billion yuan, while those from domestic consumption tax increased 6.3 percent to 197.8 billion yuan, the ministry said.

Revenue from income tax for enterprises and individuals rose 12.4 percent and 30.7 percent year on year to reach 478.1 billion yuan and 177.2 billion yuan respectively.

The country's fiscal expenditures in the first two months rose 6 percent from one year earlier to 1.7 trillion yuan, the ministry said.

Chinese finance minister's to-do list

No hasty tax reforms