FX.co ★ China Fiscal Revenues Edge Up 0.1% in Jan–July

China's fiscal revenue experienced a slight increase of 0.1% on a year-on-year basis, reaching over CNY 13.58 trillion (approximately USD 1.9 trillion) in the first seven months of this year, as reported by the Ministry of Finance on Tuesday. This growth was primarily driven by an increase in local government revenue, which rose by 1.8% year-on-year to exceed CNY 7.73 trillion. In comparison, the central government's fiscal revenue amounted to over CNY 5.85 trillion, marking a 2% decline from the previous year. Non-tax revenue experienced a 2% year-on-year rise, totaling CNY 2.49 trillion, while national tax revenue saw a slight dip of 0.3%, coming in at CNY 11.09 trillion. Meanwhile, fiscal expenditure grew by 3.4% year-on-year, reaching nearly CNY 16.1 trillion for the period, with central government spending up by 8.8% and local government expenditures increasing by 2.5%. During this seven-month span, expenditures on social security and employment exceeded CNY 1.76 trillion.