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China's fiscal revenue growth quickens

Staff writer ▼ | December 15, 2015
China's fiscal revenue rose 11.4 percent year on year in November, quickening from an 8.7-percent rise seen in October, the Ministry of Finance said.
China banking
Asia   Ministry of Finance:
The revenue stood at 1.1 trillion yuan ($173.2 billion), boosted by a rise in revenue collected from securities transactions and higher consumption tax revenue.

Revenue from stamp duty on securities transactions more than doubled from last November, while consumption tax surged 21.4 percent due to higher consumption tax rates for refined oil and cigarettes, it said.

Fiscal revenue in the first 11 months reached 14 trillion yuan, up 8 percent from one year earlier, it said.

During this period, central government fiscal revenue expanded 6.5 percent year on year while local government revenue increased 9.3 percent.

Fiscal expenditure soared by 25.9 percent last month while combined spending in the first 11 months expanded 18.9 percent to 15 trillion yuan.