China’s fiscal revenue expanded 14.9 percent year on year in the first five months of 2023, showed official data Friday. The country’s fiscal revenue amounted to nearly 9.97 trillion yuan (about 1.4 trillion U.S. dollars) during the period, said the Ministry of Finance.
The central government collected approximately 4.59 trillion yuan in fiscal revenue, up 13.1 percent year on year, while local governments collected approximately 5.38 trillion yuan, up 16.5 percent from a year earlier. Tax revenue came in at about 8.48 trillion yuan in the January-May period, up 17 percent year on year. Fiscal spending rose 5.8 percent year on year to hit 10.48 trillion yuan during the period, according to the ministry.— Xinhua
