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People's Daily Online>>China Business

Slower increase in fiscal revenue

(Shanghai Daily)

13:13, December 12, 2011

China's fiscal revenue rose at a slower pace in November amid a slower economic growth and weakening property and automobile markets.

Its fiscal revenue totaled 645.7 billion yuan (US$102 billion) last month, an annual increase of 10.7 percent, the Ministry of Finance said in a statement yesterday. The pace fell from 16.9 percent in October and September's 17 percent.

During the same month, China's fiscal expenditure rose 7.5 percent annually to 1.14 trillion yuan, the ministry said.

The revenue contracted due to a series of factors, including a slower economic growth, a revision of the personal income tax scheme and falling taxes from weakening property transactions and auto sales, according to the ministry.

Revenue from personal income tax in November fell 8.2 percent year on year to 32.3 billion yuan, according to the statement as the government raised the personal income tax threshold by 75 percent to 3,500 yuan per month, reducing the number of tax payers by 60 million.

Last month, the ministry said it would raise the payment threshold of value-added and business taxes so that fewer small firms need to pay.

In November, vehicle sales fell 2.4 percent annually with passenger car sales edging up by 0.3 percent, the slowest pace in six months, to 1.34 million vehicles, according to the China Association of Automobile Manufacturers.

The austerity measures to curb property market speculation, including home buying limits and tighter credit, also led to a drop in the residential value for a third month in November, according to Soufun Holdings Ltd.

In the first 11 months, China's fiscal income grew 26.8 percent annually to 9.73 trillion yuan, the statement said. Fiscal spending rose 24.3 percent annually to 8.9 trillion yuan.

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