China fiscal revenue rises 5.8% in March

BEIJING - China's fiscal revenue rose 5.8 percent year on year to reach 1.07 trillion yuan ($174 billion) in March, the Ministry of Finance announced on Thursday.

Although the pace slightly quickened from the 3.2 percent gain seen in January-February, it remained within a low-growth range, said the ministry website.

Last month, the central government collected 390 billion yuan in fiscal revenue, up 3.2 percent year on year, while local governments saw fiscal revenue expand 7.4 percent to 680 billion yuan.

Real estate business tax went down 10.5 percent year on year, and deed tax decreased 28.7 percent to 33.4 billion yuan.

Meanwhile, the national fiscal spending expanded 4.4 percent from a year ago to 1.4 trillion yuan, with spending on transportation up 43.3 percent.

In the face of slowing revenue, the ministry said it will strengthen budget management and activate unused funds to support key social projects.

China's economy grew 7 percent year on year in the first quarter, the lowest quarterly growth rate since 2009.

Premier Li Keqiang, speaking at the opening of the annual parliamentary session, stressed that proactive fiscal policy and prudent monetary policy would continue in 2015.

China plans to raise its budget deficit to 2.3 percent of its gross domestic product (GDP) for 2015, up from last year's target of 2.1 percent.