China's stamp tax revenue soars in Q1

BEIJING -- China's stamp tax revenue rose 69.3 percent year-on-year to 130.1 billion yuan (about $20 billion) in the first quarter of the year, official data showed Wednesday.

Stock trading stamp tax revenue surged 94.2 percent from a year ago to 88 billion yuan, according to the Ministry of Finance. This marks active trading in the country's booming capital market.

The country's fiscal revenue surged 24.2 percent year-on-year to exceed 5.71 trillion yuan over the same period, while fiscal spending totaled nearly 5.87 trillion yuan, up 6.2 percent from the previous year, data from the ministry showed.