China's fiscal revenue up 16.3% in first 9 months

By Ovunc Kutlu

ANKARA (AA) - China's fiscal revenue rose 16.3% in the first nine months of 2021, state-owned news outlet Xinhua reported late Friday.

The country's fiscal revenue amounted to 16.4 trillion yuan ($2.56 trillion) during the period, according to Finance Ministry data, it said.

The government's tax revenue totaled 14.07 trillion yuan in the January-September period – up 18.4% year-on-year.

Revenue from value-added tax, the largest source of fiscal revenue in China, soared 17.4% from the same period of last year when it stood at 5.01 trillion yuan.

While the central government's fiscal revenue soared 17.1% to 7.65 trillion yuan, local government revenue jumped 15.6% to 8.75 trillion yuan.

China's fiscal spending, on the other hand, grew 2.3% to 17.93 trillion yuan in the first nine months, the report said.

Fiscal spending on education climbed 5.2%, while health and medical care spending rose 2.3%, according to the ministry.