BEIJING : China's fiscal revenues grew 14.9 per cent in the first five months from a year earlier, quickening from a 11.9 per cent rise in the first four months, data from the finance ministry showed.
Fiscal spending rose 5.8 per cent in the January-May period from a year earlier, slowing from a rise of 6.8 per cent rise in the first four months, the finance ministry said in a statement on Friday. Fiscal revenue totaled 9.97 trillion yuan in the first five months while spending totaled 10.48 trillion yuan, the ministry said.
In May, fiscal revenue rose 32.7 per cent from a year earlier, slowing from a 70 per cent jump in April, according to Reuters calculations based on the ministry's data. The increase in April-May revenues were mainly lifted by the base effect, as the economy was struggling with widespread COVID-19 lockdowns a year earlier.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China's Jan-May property investment, sales fall at faster paceBEIJING : Property investment in China fell at a faster pace in January-May, dropping 7.2 per cent from the same period a year earlier, official data showed on Thursday, adding to concerns about the outlook for the world's second-biggest economy. The figure compared with a 6.2 per cent annual decline in J
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
China's economy slows further in May as weak demand dragsBEIJING : China's economy stumbled in May, data showed on Thursday, with industrial output and retail sales growth both missing forecasts, adding to expectations that Beijing will have to quickly ramp up stimulus to shore up a shaky pandemic recovery.A first-quarter economic rebound has lost momentum in t
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
J.P.Morgan cuts China's full year growth forecast after poor May dataJ.P.Morgan trimmed China's economic growth forecast for 2023 after the country's May industrial output and retail sales growth missed forecasts.Economists led by Haibin Zhu said on Thursday they now expect China's economy to grow 5.5 per cent this year against an earlier estimate of 5.9 per cent growth.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »