China's fiscal spending records near-zero growth in July
Updated: 2016-08-13 09:53
(Xinhua)
|
|||||||||
BEIJING - China's fiscal spending decelerated drastically to near-zero growth in July while the country's fiscal revenue rose faster, official data showed on Friday.
Fiscal expenditures edged up 0.3 percent year on year to 1.28 trillion yuan ($192 billion) last month, compared with a 19.9-percent increase in June, according to figures from the Ministry of Finance (MOF).
The ministry attributed the slowdown to the high base in the same period last year and fast spending in the previous months of this year.
In the first seven months of 2016, outlays climbed 13 percent from a year earlier to 10.19 trillion yuan.
Fiscal revenue rose 3.3 percent year on year to 1.48 trillion yuan in July, up from 1.7 percent in June.
The combined revenue for the first seven months grew 6.5 percent to 10.03 trillion yuan.
Despite the growth, the MOF expects more difficulties in increasing revenue in the coming months due to persisting downward pressure in the economy.
China's fixed-asset investment, industrial output and retail sales all slowed down in July from June, latest data showed, pointing to remaining uncertainties in the world's second largest economy.
The country's ongoing supply-side reforms, which feature tax cuts to lower costs for businesses, also puts pressure on revenue growth.
As a result of tax reform measures, the combined revenue from business taxes and value-added taxes fell 10.9 percent year on year in July, according to the MOF.
Related Stories
China's government procurement exceeds 2t yuan in 2015 2016-08-12 17:28
China's FDI dips in July 2016-08-12 16:46
China's industrial output loses steam in July 2016-08-12 15:54
Sharing economy offers chances for growth 2016-08-11 08:40
China poised to play crucial role at Hangzhou meeting: says Argentine expert 2016-08-10 14:00
Today's Top News
Chinese investment in European football
Myanmar's Suu Kyi to visit Beijing
Ukraine denies attempted troop invasion of Crimea
Solidarity called to firefighters facing wildfires
Eurostar train staff to strike for seven days: UK union
Trump's gun rights comments ignite firestorm
China consumer prices up 1.8% in July
Video introduces G20 city Hangzhou to Europe
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
Hollywood snaps up rock star's dog film |
Chinese people welcome dispossessed |
The can-do generation to the fore |
Riding the wave |
Leisure giants buoy cruise market |
She followed her heart |