China’s Jan-May fiscal revenue growth quickens
FILE PHOTO: A view of the city skyline and Huangpu river, ahead of the annual National People’s Congress (NPC), in Shanghai, China February 24, 2022. Picture taken February 24, 2022. REUTERS/Aly Song/File Photo
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BEIJING (Reuters) — China’s fiscal revenues grew 14.9% in the first five months from a year earlier, quickening from a 11.9% rise in the first four months, data from the finance ministry showed.
Fiscal spending rose 5.8% in the January-May period from a year earlier, slowing from a rise of 6.8% rise in the first four months, the finance ministry said in a statement on Friday.
Fiscal revenue totaled 9.97 trillion yuan ($1.40 trillion)in the first five months while spending totaled 10.48 trillion yuan, the ministry said.
In May, fiscal revenue rose 32.7% from a year earlier, slowing from a 70% jump in April, according to Reuters calculations based on the ministry’s data.
The increase in April-May revenues were mainly lifted by the base effect, as the economy was struggling with widespread COVID-19 lockdowns a year earlier.
($1 = 7.1058 Chinese yuan renminbi)
