China's fiscal revenue down 2.2% in first three quarters

BEIJING - China's fiscal revenue dipped 2.2 percent year-on-year in the first three quarters of 2024, data from the Ministry of Finance showed on Friday.

A breakdown of the data shows that the country's tax revenue decreased 5.3 percent from the year prior, while its non-tax revenue increased 13.5 percent.

During the first nine months of the year, the central government collected 7.17 trillion yuan ($1.01 trillion) in fiscal revenue, down 5.5 percent year-on-year, while local governments collected 9.13 trillion yuan, up 0.6 percent, according to the ministry.

The country's fiscal expenditure expanded 2 percent year-on-year during the January-September period.

The central government's fiscal expenditure rose 8.4 percent year-on-year, compared to a 1 percent increase in expenditure by local governments, according to the data.