BEIJING, May 18 (Xinhua) — China’s budget revenue fell 4.8 percent year on year in the first four months of this year, newly released data showed.
The country’s budget revenue reached about 7.43 trillion yuan (about 1.1 trillion U.S. dollars) during this period, according to the Ministry of Finance.
Excluding the impact of the reimbursement of outstanding value added tax, budgetary receipts nevertheless increased by 5% over one year.
The central government and local governments collected 3.46 trillion yuan and 3.97 trillion yuan in budget revenue, down 5.7 percent and 3.9 percent, respectively.
Budget revenue was 6.23 trillion yuan from January to April, down 7.6 percent year on year.
Fiscal spending rose 5.9 percent year on year to 8.09 trillion yuan in the first four months.
China began issuing large-scale outstanding value-added tax refunds in April, the total of which reached about 800 billion yuan last month.
In 2022, tax refunds and reductions may reach some 2.5 trillion yuan. End
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