(MENAFN- The Peninsula) Bloombergas
Beijing: China's fiscal revenue dropped 9.2 percent year on year during the first seven months of 2022.
The country's fiscal revenue amounted to approximately 12.5 trillion yuan (about USD 1.84 trillion) during the period, according to the Chinese Ministry of Finance.
Excluding the impact of value-added tax credit refunds, fiscal revenue grew 3.2 percent from a year earlier.
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The central government collected about 5.74 trillion yuan in fiscal revenue, down 11.2 percent, and local governments collected 6.75 trillion yuan, down 7.6 percent.
Fiscal spending rose 6.4 percent year on year to hit 14.68 trillion yuan during the period, according to the ministry.
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