Central government collection slipped 0.8 per cent to around 8.19 trillion yuan, while local authorities posted a 2.1 per cent rise to 10.46 trillion yuan.
Meanwhile, central government spending grew 6.3 per cent, while local government expenditure rose 1.2 per cent, said Chinese media reports.
Fiscal expenditure reached 22.58 trillion yuan, expanding 2 per cent YoY.
Tax receipts remained the main driver, increasing 1.7 per cent to 15.34 trillion yuan. Non-tax income softened, falling 3.1 per cent to 3.31 trillion yuan as fewer one-off administrative charges were collected.
‘Social security and employment’ expenditure surged 9.3 per cent to 3.77 trillion yuan.
ALCHEMPro News Desk (SG)
Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!
marketing@alchempro.com
