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Fiscal revenue dips 13.6% to $86b in April

(Xinhua)
Updated: 2009-05-14 23:14

BEIJING-- China's Ministry of Finance (MOF) said Thursday that fiscal revenue fell 13.6 percent from a year earlier to 589.72 billion yuan (US$86.47 billion) in April.

Related readings:  China warns enterprises against fiscal risks  1Q fiscal revenue down 8.3% as spending goes on  China's February fiscal revenue down 1.2%  Wen: China's fiscal deficit within control  China budgets $139b fiscal deficit in crisis fight

January-April fiscal revenue fell 9.9 percent to 2.05 trillion yuan, the ministry said.

Fiscal revenue includes taxes as well as administrative fees and other government income, such as fines and income from government-owned assets.

Business profits shrank as economic growth slowed, the MOF said, and tax cuts intended to spur the economy and the financial markets reduced government revenues.

January-April fiscal expenditures surged 31.7 percent to 1.79 trillion yuan, the ministry said.

China unveiled a 4-trillion-yuan stimulus package in November to be spent over in next two years, with 1.18 trillion yuan from the central government.

Fiscal revenue exceeded 6.13 trillion yuan in 2008, up 19.5 percent.