China's fiscal revenue up 5.5% in October

This photo taken from Jingshan Hill on Aug. 12, 2024 shows the skyscrapers of the central business district (CBD) on a sunny day in Beijing, capital of China. (Xinhua/Li Xin)

China's fiscal revenue increased 5.5 percent year on year in October, data from the Ministry of Finance showed Monday.

According to a breakdown of the data, the country's tax revenue edged up 1.8 percent from a year earlier.

The monthly fiscal revenue continued the growth trajectory, reflecting stronger economic recovery momentum, said Yang Zhiyong, head of the Chinese Academy of Fiscal Sciences.

In the first ten months of the year, China's fiscal revenue dipped 1.3 percent year on year.

In the first ten months, the central government collected about 8.25 trillion yuan (about 1.15 trillion U.S. dollars) in fiscal revenue, down 3.9 percent year on year, while local governments collected around 10.25 trillion yuan, up 0.9 percent, according to the ministry.

The country's fiscal expenditure expanded 2.7 percent year on year during the same period.

Specifically, the central government's fiscal expenditure rose 7.9 percent year on year, compared to a 1.8 percent increase in expenditure by local governments, according to the data.