BEIJING — China’s fiscal revenue dipped 2.6 percent year-on-year in the first seven months of this year, official data showed Monday.
The pace of decrease eased from a decline of 2.8 percent registered in the first half of the year, according to the Ministry of Finance.
The January-July figure, however, rose 1.2 percent after adjustment by deducting effects from factors such as favorable policies for micro, small and medium enterprises that led to a higher comparative basis last year, and tax reduction measures.
A breakdown of the data showed the country’s tax revenue decreased 5.4 percent from one year earlier, while its non-tax revenue climbed 12 percent during the period.
During the first seven months, the central government collected 5.97 trillion yuan ($839.2 billion) in fiscal revenue, down 6.4 percent year-on-year, while local governments collected 7.59 trillion yuan, up 0.6 percent, according to the ministry.
The country’s fiscal expenditure expanded 2.5 percent year-on-year during the January-July period.
The data came amid the country’s efforts to step up its fiscal policy support and ensure the implementation of established policies, aiming to consolidate its economic recovery.
A finance official said previously that the country would enhance fiscal support for sectors related to the people’s well-being, and ensure the implementation of fiscal and tax policies in areas such as employment, education, elderly care and health care.
The Chinese economy expanded 5 percent year-on-year in the first half of 2024.