China's fiscal revenue up 20% in first seven months

BEIJING -- China's fiscal revenue saw a year-on-year increase of 20 percent in the first seven months of 2021, official data showed on Thursday.

According to data released by the Ministry of Finance, the country's fiscal revenue reached over 13.77 trillion yuan ($2.12 trillion) during the period.

Tax revenue came in at over 11.91 trillion yuan in the January-July period, up 20.9 percent year-on-year.

Revenue from value-added tax, the largest source of fiscal revenue in the country, jumped 20.3 percent from a year earlier, while stamp tax revenue saw an increase of 37 percent.

The central government and local governments collected nearly 6.47 trillion yuan and 7.3 trillion yuan in fiscal revenue, respectively, with a year-on-year rise of 20.7 percent and 19.5 percent.

Thursday's data also showed that China's fiscal spending went up 3.3 percent year-on-year to 13.79 trillion yuan in the seven-month period.

Fiscal spending on education rose 9 percent year-on-year, while that on social security and employment went up 2.4 percent, and expenditure on health and medical care rose 3.1 percent, according to the ministry.