China fiscal revenue growth picks up in Oct

BEIJING - China's fiscal revenue growth further accelerated in October as the economy stabilizes, the Ministry of Finance (MOF) said on Wednesday.

Fiscal revenue rose 16.2 percent year on year in October to 1.21 trillion yuan ($197 billion), according to an MOF statement. Revenue growth picked up from 13.4 percent in September and 9.2 percent in August.

In the first ten months, the country's fiscal revenue expanded 9.4 percent from a year ago to 11.05 trillion yuan. The pace was 0.8 percentage points higher than that of the first nine months, but 1.8 percentage points lower year on year.

Amid a warming economy and improving trade, the central government collected a fiscal revenue of 598.5 billion yuan in October, up 16.9 percent year on year.

Local governments saw fiscal revenue up 15.5 percent year on year to 615.1 billion yuan.

Fiscal revenue in China includes taxes, administrative fees and other government income, including fines and earnings from State-owned assets.

The MOF also said the country's fiscal spending climbed 10 percent year on year to 10.20 trillion yuan in the first ten months.

Central government spending added 4.1 percent while that of local government went up 11.2 percent year on year.

China's economy showed more stabilizing signs in October after the gross domestic product growth picked up to 7.8 percent in the third quarter.

Consumer price index grew 3.2 percent year on year, up from 3.1 percent in September, official data showed on Saturday, adding to proof of an improving economy.

The country's industrial production also grew faster in October, with industrial value-added output expanding 10.3 percent year on year, 0.1 percentage points higher than that of September.

The Communist Party of China Central Committee has recently promised fiscal reform.