China's fiscal revenue jumps 11.9% YoY in Jan-Mar 2023

When excluding elements such as value-added tax credit refunds, fiscal revenue still noted a 4 per cent increase compared to the previous year. A detailed breakdown revealed that the central government amassed about 3.76 trillion yuan in fiscal revenue, marking an 8.6 per cent rise. In contrast, local governments saw a more significant surge of 14.8 per cent, raking in over 4.56 trillion yuan.

In terms of tax revenue, the January-April period brought in close to 7.04 trillion yuan, reflecting a 12.9 per cent YoY uptick. Concurrently, fiscal spending also saw an increase, climbing 6.8 per cent YoY to approximately 8.64 trillion yuan.

ALCHEMPro News Desk (NB)