China's Fiscal Revenue Rises 25.7% in Jan-July

BEIJING, Aug. 12 -- China's fiscal revenue totaled 5.11 trillion yuan ($750 billion) in the first seven months, up 25.7 percent from a year earlier, the Ministry of Finance announced Wednesday.

In July alone, the fiscal revenue rose 16.2 percent from a year earlier, the ministry said.

The monthly growth rate in July rebounded from 14.7 percent in June, but was still slower than May's 20.5 percent.

Of the total, the January-July central fiscal revenue stood at 2.7 trillion yuan, while local governments collected about 2.42 trillion yuan, both up 25.7 percent year on year, according to the MOF statement.

The ministry attributed July's slower growth to a relatively high comparison base over the same period last year, when China's economy began recovering from the global economic downturn.

The MOF estimates that the country's fiscal revenue growth will continue to slow in the coming months due to a rising comparison base last year and a slowing economy.