Xinhua | October 28, 2024
China's fiscal revenue dipped 2.2 percent year on year in the first three quarters of 2024, data from the Ministry of Finance showed on Friday.
A breakdown of the data shows that the country's tax revenue decreased 5.3 percent from the year prior, while its non-tax revenue increased 13.5 percent.
During the first nine months of the year, the central government collected 7.17 trillion yuan (about 1.01 trillion U.S. dollars) in fiscal revenue, down 5.5 percent year on year, while local governments collected 9.13 trillion yuan, up 0.6 percent, according to the ministry.
The country's fiscal expenditure expanded 2 percent year on year during the January-September period.
The central government's fiscal expenditure rose 8.4 percent year on year, compared to a 1 percent increase in expenditure by local governments, according to the data.