Fiscal Revenue Tops Expenditure in 1st Quarter

Fiscal Revenue Tops Expenditure in 1st Quarter

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Chinese Finance Minister Xiang Huaicheng said Thursday that the state's fiscal revenue kept a rapid growth momentum in the first quarter this year, with income being 84.902 billion yuan (US$10.23 billion) more than expenditure.

China scored a fiscal revenue of 368.201 billion yuan in the three months, up 80.359 billion yuan, or 27.9 percent, on a year-on-year basis, Xiang said at a press conference sponsored by the Information Office of the State Council Thursday morning.

The national expenditure in the three months under review reached 283.299 billion yuan, an increase of 45.656 billion yuan, or 19.2 percent, from a year earlier.

More Spent on Social Security

The Chinese government will continue to spend more on social security in the future, Xiang Huaicheng said at the press conference.

China's total expenditure on social security last year was 45 billion yuan (US$5.4 billion), according to the minister.