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China's Fiscal Revenue up 34% in April

Data Analysis 10:49:47AM May 12, 2010 Source:SMM

BEIJING, May 12 -- China's fiscal revenue in April rose 34.4 percent year on year to 792.6 billion yuan ($116.03 billion), boosted by rising tax revenues and domestic prices, the Ministry of Finance (MOF) announced Tuesday.

The rise was also a result of less consumption tax in the same period last year, said the MOF in a statement on its website.

The government took in 2.76 trillion yuan in revenue in the first four months, up 34.1 percent year on year, said the statement.

The central fiscal revenue topped 1.41 trillion yuan, up 38.9 percent from the same period last year, while local governments raked in over 1.34 trillion yuan, up 29.5 percent year on year.

The nation's consolidated economy had prompted a rapid growth in tax revenues, including sales, import value-added, consumption and vehicle purchase taxes, which were major contributors to the annual increase in the first four months, said the statement.

In the January-April period, China's industrial value-added output grew 19.1 percent year on year, urban fixed asset investment posted a 26.1 percent growth, retail sales were up 18.1 percent, and auto sales surged 61 percent from a year earlier.

The ministry also forecast the fiscal revenue growth rate in May would be lower due to a higher comparison base last May, when fiscal revenue started to rebound as the nation's economy picked up.
 

China's Fiscal Revenue up 34% in April

Data Analysis 10:49:47AM May 12, 2010 Source:SMM

BEIJING, May 12 -- China's fiscal revenue in April rose 34.4 percent year on year to 792.6 billion yuan ($116.03 billion), boosted by rising tax revenues and domestic prices, the Ministry of Finance (MOF) announced Tuesday.

The rise was also a result of less consumption tax in the same period last year, said the MOF in a statement on its website.

The government took in 2.76 trillion yuan in revenue in the first four months, up 34.1 percent year on year, said the statement.

The central fiscal revenue topped 1.41 trillion yuan, up 38.9 percent from the same period last year, while local governments raked in over 1.34 trillion yuan, up 29.5 percent year on year.

The nation's consolidated economy had prompted a rapid growth in tax revenues, including sales, import value-added, consumption and vehicle purchase taxes, which were major contributors to the annual increase in the first four months, said the statement.

In the January-April period, China's industrial value-added output grew 19.1 percent year on year, urban fixed asset investment posted a 26.1 percent growth, retail sales were up 18.1 percent, and auto sales surged 61 percent from a year earlier.

The ministry also forecast the fiscal revenue growth rate in May would be lower due to a higher comparison base last May, when fiscal revenue started to rebound as the nation's economy picked up.