China's Fiscal Revenue Drops 2.2 To The Third Quarter Of 2024 Because Taxes Are Burst

BEIJING - China's fiscal revenue fell 2.2% on an annual basis (year on year/yoy) in the January-September 2024 period or until the third quarter of 2024.

According to data from China's Ministry of Finance, Sunday, October 27, China's tax revenue fell 5.3% from the same period the previous year, while non-tax revenue components increased by 13.5%.

In the first nine months of 2024, the central government collected 7.17 trillion yuan (1 yuan amounting to Rp 2,192) or around US$ 1.01 trillion fiscal income, down 5.5% (yoy). Meanwhile, local governments collected 9.13 trillion yuan, an increase of 0.6%.

China's fiscal spending also increased by 2% (yoy) during the first three quarters of 2024.

Central government fiscal spending rose 8.4% (yoy), while local government spending increased 1%, based on data from China's Ministry of Finance.