China's fiscal revenue up 9.2% in first ten months

BEIJING — China's fiscal revenue rose 9.2 percent year-on-year to 15 trillion yuan ($2.27 trillion) during the January-October period.

The growth slightly retreated from the growth of 9.7 percent in the first three quarters, but was markedly above the 4.5-percent rate in 2016, according to the Ministry of Finance website.

In October alone, fiscal revenue was up 5.4 percent to 1.62 trillion yuan.

In the first ten months, fiscal spending rose 9.8 percent year-on-year to 16.3 trillion yuan. Expenditure on energy-saving projects rose 28 percent to 408 billion yuan.

Fiscal spending was down by 8 percent in October, which the ministry attributed to the faster spending in the earlier months of this year.

China promised a more proactive and effective fiscal policy in 2017, with the fiscal deficit set at 3 percent of GDP, or 2.4 trillion yuan, up 200 billion yuan from 2016.